Introduction to business

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Introduction to business

Personal Finance

Personal finance defines all financial decisions of an individual to help control funds and plan for a better future.

Accounting

Collects and organizes informational financial data. Accounting helps individuals be aware of there current financial situations and make decisions for there future.

bookkeeping

Managerial accounting

This type of accounting is only for insiders. This contains strategic information that should not be seen by competitors.

financial accounting

-Income statement -Balance sheet -Cash flow

bookkeepers are responsible for all the given information that is collected and taken into consideration.

Marketing

Good marketing consists of planning, price, promotion, and distribution to satisfy consumers needs and wants. The two Fundamental Roles of marketing is to sell what a business makes and to manage a business’s brands.

roles of marketing

-research -Development -sales -Distribution -Advertising -promotion

Branding

An impotent step in marketing is creating a good image for the brand. Businesses spend hundreds of thousands of dollars to create a good image for there brand. The brand would need to start off by creating a brand and a logo. the next step would be to come up with a catchy slogan for the brand. Most brands pick a colour to represent there brand.

Leadership

Laissez-Faire

Someone who is Laissez-Faire is a person who goes not get involved into the group or what is going on. This person only does work or gives there advice when they must. This person has to be forced to add to the group or else they will not. This person depends on others and you will never find them taking charge. this member would really have to value the job and enjoy what they're doing for this to be effective.

Democratic

A Democratic person believes in team work. This type of person finds it very important to get others thoughts and opinions on things before making any final decisions. This type of leader is effective when everyone is interested on what is going on. This is ineffective when the group is lazy or unmotivated. This also does not work out when the group does not get along.

Autocratic

The "boss" role, Tells others what to do. Someone who is Autocratic is someone who makes all the rules and is in charge. The positive traits of someone who is Autocratic is that they take lead and initiative, everything always gets done. Negative traits of someone who is Autocratic is when it comes to collaborative work. Because this is the role of independence, An autocratic person would find it difficult to work in groups because they like to be in charge.