Business Mind Map

A manufacturer is a company that makes then sells products to another company in bulk.

Retail company's sell a broad range of products made by someone else like Walmart.

A serviced based company provides a service rather then sell a product like Netflix's.

For Profit, a company that tries to maximize profit well still being social responsible.

Non Profit company's can make profit but they use it to help fulfill the company's goal.

Social Responsibility is when a company gives back to the community by donating or even starting a charity.

Ethics are a moral principal that everyone should have, like if you hit someone's car in a parking lot you have an ethical reasonability to wait for them or leave your number.

The Term demand refers to how much of that product, item, commodity, or service consumers are willing and able to purchase at a particular price

The term supply refers to how much of a certain product, item, commodity, or service suppliers are willing to make available at a particular price

An Era is a specific time that had a distinct thing going on.

A Fad is consumer product that rises in popularity really fast stays popular for a while and then goes away like fidget spinners.

The business cycle has 5 states The first is Prosperity where everyone is doing well, the stock market is growing, etc. The next stage is Inflation where every dollar starts to lose purchasing power due to the government printing money. If in inflation becomes really bad we go into a recession witch is the third stage of the business cycle. A recession is where people start to lose jobs everyone starts to spend less money, a recession happens every 10-20 years historically. The 2nd to last stage is a depression, this is the worst stage where most people have been laid off, everyone starts spending the bare amount of money and business who aren't getting any business file bankruptcy. After a depression we go into a recovery sometimes with a brand new currency. Away to avoid being heavily affected by recessions and depressions is to have a lot of real things like silver, art and realastate.

Self fulfillment needs include creative activity's and unlocking your full potential. This represents the highest level of Maslow's Pyramid

Psychological needs include belonging and love needs as well as Esteem needs these include finding an intimate relationship and feeling accomplished. This represents the middle and 2nd highest level of Maslow's Pyramid.

Basic needs these include physiological needs like water and safety needs like security. This represents the bottom 2 levels of Maslow's pyramid.

Needs are things a human needs to survive like food shelter and income

Wants are something a human doesn't need but would improve quality of life

Entrepreneur must have a high risk tolerance, you have to be willing to take that deep dive in order to succeed.

One of the most important traits is confidence even if you fail you treat it is as a learning moment to make your next creation better.

Entrepreneur need to be flexible to keep there product alive in an ever changing market. Company's like Toyota have to constantly improve their product to stay relevant.

Entrepreneur should have a clear vison of what they want to create and take the steps to make it happen.

Entrepreneur are fueled by passion the product or service they make is usually something they care about a lot, Entrepreneur should believe they will change the world.

Entrepreneur are motivated by the desire to become there own boss, escape a bad work environment, personal sense of accomplishment.

Inventions are brand new products that someone originally creates, like Ray Kroc's fast food assembly line.

Innovations are products that are not original but improve on another product.

Humans need motivation to work well so Maslow's Motivators says to motivate people in these 3 ways for the best work.

Existing needs - pay people enough, workplace safety, and set goals

Related Needs - Show Respect, Delegate, and give recognition

Growth Needs offer support, keep people informed, and encourage.

Laissez-faire is a leadership style where everyone makes there own decisions with very litte management.

Democratic leadership is where members of the group participate in the decision making process and the leader makes a decision based of what everyone is saying.

Autocratic leadership is where there is one clear leader at the top and he or she calls all the shots.

Production is the creation of products so for oranges you need, soil, sun orange trees, lath house.

Celebrity Endorsements are when a celeb appears in advertisement with the goal of making the viewer think "if its good enough for them it must be for me as well".

Outdoor ads are advertisements outdoor like a bill board.

Digital ads are adds that you would see before watching a YouTube video.

Print Ads are physical adds that appear on newspapers and magazines.

Accounting is the classifying, recording, summarizing, and analyzing of financial information.

Assets are things that make you money or allow you to sell them to make money, you label assets from most liquid to least.

CASH IS KING!!!!!

Liability's are the things that take money away from you like bills and subscriptions

A balance sheet summarizes the financial position of a company at a specific point in time like a month or year.

A income statement provides an overview of the financial performance of a company.

Promotion is how people hear about the product so advertising, publicity, and sales promotion.

Price is how much the product is sold for so lists price discount payment period.

Placement is the location where the product is sold so market, distribution, transportation.

Product is everything about the product so the features, quality and design.

Competition - Who is the competition and how can we make our product better,

Consumer - What does the customer need, and how can we meet that.

Reasons to have a financial plan are to prioritize your financial goals, save money to reach your goals, focus on the bigger picture, organize your finances, and worry less about money.

Your Finical Plan should cover saving, investing
paying down debt, insurance, taxes, retirement planning, and
estate planning.

More specifically you need to track all types of expenses so fixed expense's being expenses that you pay the same amount every month, income after expenses, variable expenses that change every month, and occasional expenses that happen from time to time.

Debit Cards take money straight from your account removing the risk of large credit debt, how ever you miss out on many of the bonuses from credit cards

Credit Cards can be great to build credit, earn points, feel safe for fraud and easily buy stuff, but if you get trapped in credit card debt it can be very dangerous

when choosing a bank you should compare 3 different banks and look at everything they offer, do they have a location near you, is their website and app good, and customer service.

When Banking you should have several account for different things like RRSP, Chequeing, and savings.

To affectively save money you should save 10% of every pay check and take this away first so you will get used to the other 90% as your income.

Good Money habits include budgeting, live below your means, pay off debt, automate finances, create an emergency fund, growing money by investing in blue-chip stocks and get the right insurance. All of these will help you improve your finical state and achieve your finical goals.

Bad money Habits include racking up credit card debt, shopping when your board, impulse purchasing, and buying stuff for status. All of these can result in putting you debt ruining your credit score.