SPEAKING TOPICS FOR LINGUA EXAM (ECONOMY) PRESENTATIONS =some methods to prepare before giving presentation -why are

e you presenting? -what's the purpose? -to whom? -how? -when and where? -Define your audience -Decide upon appropriate approach -Anticipate their response -Determine how much they already know -Ask yourself if the proposal is in their interest -Sell benefits - not features -Make sure you have tailored the structure of your presentation to your audience -What is your purpose? -Take the audience through the decision-making process -How should you structure your presentation? -define purpose -gather content and presentation ideas -structure the subject matter -develop how to present it -practice -plan, experience, control the environment -'dress rehearsal' if warranted -prepare equipment -prepare materials and props -Speech preparation should use what I like to call the 9 P's: Prior Proper Preparation Prevents Poor Performance of the Person Putting on the Presentation. =the importance of preparing before giving a business presentation -A well organized presentation -rule of three, intro, close and middle -You have 4 - 7 seconds in which to make a positive impact and good opening impression -Dont stay too long on the same subject -Will be able to grab your listeners' attention...then hold it -Handle the fear => Don't look that nervous

-Build trust -Prepare your material -Memorize the first minute of your presentation -Focus on your audience - not on yourself -Be flexible and adaptive during your presentation -Think! Plan ahead to avoid problems -Draw a hypothetical scenario -must create a strong introduction and a strong close. -must tell people what you're going to speak about and what your purpose is. -"Tell'em what you're gonna tell'em. Tell'em. Then tell'em what you told'em." -avoid errors to 95% =qualities of a good presenter. How to develop them. -not everyone is a good orator by birth, one can surely develop good communication skills on his/her own. -experience -Presentations skills - anyone can give a good presentation, or perform public speaking to a professional and impressive standard. it simply takes a little preparation and practice. -public speaking skills - confidence knowledgeable about your topic and have something to say something about it, and prepared for unexpected circumtaces -capability -authority -sense of humour -control -firmness -Respect -credibility -Good preparation -being relaxed =one situation when I had to deliver a presentation(details) -oral powerpoint presentation -Relax -I had a solid practiced opening -smile. - be confident -Introduce yourself -tell them what your going to tell them.

-Tell them why your telling them it; why it's important, and why it's you that's telling them. -Tell them how long your going to take -tell them when they can ask questions -Pause -Close positively and firmly =A good presentation that I witnessed(what was special about it) + Empathetic listening +Active listening +Giving feedback +Good presenting is about entertaining as well as conveying information we were enjoying ourselves and feeling relaxed. + Stories +Pictures, cartoons and video-clips +Diagrams +Sound-clips +Statistics +Games and exercises Other presentation - Reading from a script -Ignoring time constraints -Going off on tangents -Not knowing your audience -no interaction with the audience -Presenting without passion -absence of introduction and conclusion =whether the audience is important & to what extent(masura) - Think in terms of how much information your audience needs, not how much information you can provide. - they dont need all of these details, give them a high level overview. -will help you determine how and what to write -if your language is different from audiences language=>the speech will be useless -audience affects your style: message, argument, word choice, types or lengths of sentences, tone. =the importance of knowing your audience before giving business presentation -speak your audience's language

-You'll need to address your listeners at the level of their existing knowledge. -Know the needs of your audience and match your contents to their needs. -If, for example, your audience already has expertise in a given area, don't waste their time with unnecessary background. -posibility to target your business presentation to the likely needs of an audience -scenarios within to meet the anticipated needs of the audience. -how many details do they need, or how generally should your speech be -Consider how much interest your listeners have in your topic. -How much do they care? -how your listeners will react. These can include their experience, education, job or professional background, age, gender, ethnic background, cultural differences, and more. -suitable tone, context and language PROFESSIONAL COMMUNICATION =qualities of a good communicator -Being a good Listener - The ability to make eye contact while speaking -to appear attentive while the other person is talking, -not to interupt, -speak in complete sentences, -talk in a clear voice at the appropriate volume,and not sound bored, arrogant or monotone, -not changing the topic too flippantly, -seem focused on the content of the conversation , - get to the point without dragging it out too long and think before you speak; -Clarity- communicate clearly whether it in writing, speaking or gesturing. -Organization- organize what they say into concise statements that are easy to understand by the listeners. -Sincerity -Be aware of why you are listening - assists you to gain a better understanding. -Focus your attention - don't do two things at once. -Look directly at the client - eye contact is crucial when speaking and listening. -Take note of body language, voice intonation and inflection. -Allow the client to explain their situation and avoid interrupting them. -Speak slowly and carefully to avoid misunderstandings and reduce anxiety, stress or uncertainty. -Use both common and scientific names for plants and sound out your words or vowels - particularly when spelling complicated words, such as botanical or scientific names.

-Ask open-ended or clarifying questions to ensure the listener understands what's being said and avoid asking such questions as, "Do you understand?" or "Is that clear?" -Confirm important information - for example, repeat telephone numbers, times and dates, and spell out people's names. -Write down the key points - don't reply on your memory. -Appreciate the other person's point of view and take note of meaning and feelings. -Stay calm and impartial - don't get upset, angry or drawn into emotional responses. =am I a good presenter? why? - Because I spend enough time collecting and confirming information in order to speak with confidence and knowledge. -I organize the main points in the most appropriate order for the topic. I avoid writing complete sentences -I practice for a friend or a family member and get their feedback on my presentation skills. -I am trying to deal with my stress. 5 -I dress well for the presentation (a formal outfit) -I keep eye contact. -I Speak clearly. -I try to engage my audience. I pose a question to see how much they know about the subject I am about to discuss. - Being a good Listener =whether one can learn how to become a good communicator -He have to Develop Communication Skills: - Ability to listen well. -Ability to comprehend written and spoken language. -Ability to think clearly. -Ability to express ideas clearly in words. -Ability to write clearly and competently. -Ability to interpret nonverbal cues. -Ability to respect the other party and win the other party's confidence. -Good memory. -not everyone is a good orator by birth, one can surely develop good communication skills on his/her own. -Modulate Your Voice, in case it is highly pitched or very sharp. Having a low and soft voice is a prerequisite to developing good communication skills.

-Do Not Talk Too Fast because people tend to perceive you as a nervous being, unsure of yourself. -Use Dynamics-Avoid a monotone is your voice. -Speak Clearly-Be clear about what you say. -Concentrate On Your Pitch-Speak in a low volume, when you are in a closed space, and louder than normal, when you are in a crowded place or addressing a large group -Use Appropriate Words- take care of the place, situation and people whom he/she is addressing -Maintain Eye Contact -Make Use Of Gestures to convey your meaning. This non-verbal communication is essential to be a good communicator. It would help you a great deal in putting across your thoughts in an effective manner. Along with gestures, make use of facial expressions as well. Ensure that the tone of your voice matches every emotion people see on your face. =the importance of learning how to communicate effectively in the business environment. -In todays business environment, effective communication internally as well as with customers and suppliers of an organization will result in gaining competitive advantage. A small but important message, ineffectively communicated, can lead to a dissatisfied key customer, an unacceptable delay in crucial supplies or even a lost contract directly impacting the companys bottom line. -Effective communication allows for your business environment to function efficiently. -Business communication helps to control behavior, motivate workers, review employee performances and troubleshoot problems. -The key to effective business communication relies on avoiding communication obstacles. -Effective communication involves picking the appropriate channels of communication to send your message. -There are seven essential elements to successful business communication: Structure (an opening- the communication is about; a body- the 'heart' of your message, a close- you sum up your communication, remind your audience of your key points, and leave them with a clear understanding of what you want them to do next.) Clarity (Be clear about the messaqe you want to deliver, as giving a confused message to your audience only ends up with them being confused and your message being ignored) Consistency

Medium Relevancy Primacy/Recency Psychological Rule of 72 =the means of written/oral communication --Oral communication -implies communication through mouth. -It includes individuals conversing with each other, be it direct conversation or telephonic conversation. -Speeches, presentations, discussions are all forms of oral communication. -Oral communication is generally recommended when the communication matter is of temporary kind or where a direct interaction is required. - Face to face communication (meetings, lectures, conferences, interviews, etc.) is significant so as to build a rapport and trust. Advantages of Oral Communication: +There is high level of understanding and transparency in oral communication as it is interpersonal. +There is no element of rigidity in oral communication. There is flexibility for allowing changes in the decisions previously taken. +The feedback is spontaneous in case of oral communication. Thus, decisions can be made quickly without any delay. +Oral communication is not only time saving, but it also saves upon money and efforts. +Oral communication is best in case of problem resolution. The conflicts, disputes and many issues/differences can be put to an end by talking them over. +Oral communication is an essential for teamwork and group energy. +Oral communication promotes a receptive and encouraging morale among organizational employees. +Oral communication can be best used to transfer private and confidential information/matter. Disadvantages/Limitations of Oral Communication: -Relying only on oral communication may not be sufficient as business communication is formal and very organized. -Oral communication is less authentic than written communication as they are informal and not as organized as written communication. -Oral communication is time-saving as far as daily interactions are concerned, but in case of meetings, long speeches consume lot of time and are unproductive at times. -Oral communications are not easy to maintain and thus they are unsteady.

-There may be misunderstandings as the information is not complete and may lack essentials. -It requires attentiveness and great receptivity on part of the receivers/audience. -Oral communication (such as speeches) is not frequently used as legal records except in investigation work. --Written communication -Effective written communication is essential for preparing worthy promotional materials for business development. -Speech came before writing. But writing is more unique and formal than speech. -Effective writing involves careful choice of words, their organization in correct order in sentences formation as well as cohesive composition of sentences. - Also, writing is more valid and reliable than speech. -But while speech is spontaneous, writing causes delay and takes time as feedback is not immediate. Advantages of Written Communication: +Written communication helps in laying down apparent principles, policies and rules for running of an organization. +It is a permanent means of communication. Thus, it is useful where record maintenance is required. +It assists in proper delegation of responsibilities. While in case of oral communication, it is impossible to fix and delegate responsibilities on the grounds of speech as it can be taken back by the speaker or he may refuse to acknowledge. +Written communication is more precise and explicit. +Effective written communication develops and enhances an organizations image. +It provides ready records and references. +Legal defenses can depend upon written communication as it provides valid records. Disadvantages of Written Communication: -Written communication does not save upon the costs. It costs huge in terms of stationery and the manpower employed in writing/typing and delivering letters. -Also, if the receivers of the written message are separated by distance and if they need to clear their doubts, the response is not spontaneous. -Written communication is time-consuming as the feedback is not immediate. The encoding and sending of message takes time.

-Effective written communication requires great skills and competencies in language and vocabulary use. Poor writing skills and quality have a negative impact on organizations reputation. -Too much paper work and e-mails burden is involved. =how to communicate effectively through writing within an organization - An e-mail, memo, letter, or formal report each has its own special requirements, but fundamental principles apply to all business writing: planning before writing, using correct grammar, knowing your audience, understanding the purpose of your writing, striking the right tone, and revising and editing. - Never use a long word where a short one will do. -If it is possible to cut a word out, always cut it out. -Never use the passive where you can use the active verbs-The man was bitten by the dog. (passive)The dog bit the man. (active).The active is better because its shorter and more forceful. -Never use a foreign phrase, a scientific word, or a jargon word if you can think of an everyday English equivalent-remain accessible to the average reader. -Keep it simple- Stick to the point to get the business dealt with. -Use bullet points- make it easier for others to read. -Write in the Third Person-it have to be formal and objective. Remove the personal, subjective point of view from all business writing. Always write in the objective 3rd person. Reread your documents and remove all I or me statements. INFORMATION TECHNOLOGY =difference between e-business & e-commerce - E-business is broader in scope and e-commerce is just an aspect or a subset of it. -E-commerce only covers business transactions such as buying and selling of goods and services over the internet. -E-commerce essentially involves monetary trade while in e-business, money transactions are not necessary. -E-business involves marketing, product design, consumer service evaluation, and more. - The e prefix means electronic which connotes any activity or transaction done without any physical exchanges or contact. The dealings are done electronically or digitally, a thing made possible with the leaps and bounds development of digital communications. -E-business can be considered as an umbrella term and e-commerce is a small

part of the broader term. In other words, e-commerce is just a subset of ebusiness. -The term e-commerce usually refers to monetary transactions that mainly include the buying or selling or products or services. However, other business functions like marketing, customer education, customer support, getting raw materials etc come under the term of e-business as they all are business functions. -To sell online is e-commerce but to bring and retain customers and educate them online about the product or service is e-business. =+&- of e-business for companies/customers +With the use of e-commerce you can promote your product globally. +Reduces Time and money spent +Gives a competitive advantages +Removes Location and availability restrictions +Heightens customer service +Elderly and disabled people do not have to leave their home. +One big advantage of e-business is the low startup costs needed to begin business operations. Many small companies today simply start via the Internet, expanding into traditional brick and mortar stores once they have increased their working capital. +E-business allows companies to expand into new markets, both nationally and internationally. +Doing business online also offers you the ability to track customer behaviors in a convenient and consistent platform (website logs and online tracking tools). - Security - there are still some people who don't think it is save to buy on-line therefore as their isn't a high-street shop will loss their custom. -You may not receive what you believe you have purchased. -Things such as viruses could mean losing the site or affecting your customers computers while on your website. -If you book a holiday, the 'company' also knows when you are out. -The same as other types of businesses, e-businesses take a significant amount of time to become successful. -There are certain sectors that will be off limits to e-businesses for the most part (examples are grocery stores and other food and drink industries) - these businesses must ensure that their website stays up and functional; this is the equivalent to a physical store staying open. If an Internet business goes offline due to technical issues, it can cost them profit; therefore, it's essential to either have the technical skills or have someone in your company that possesses the technical skills to keep the company functional at all times. -A major disadvantage of e-business is the increased levels of competition.

Because individuals and traditional businesses may enter the e-business marketplace, sellers must find a competitive advantage over more competitors than usual. =how to minimize the of e-business for customers and companies. -Consumers buy from the firm that they believe offers the highest value for money. They compare the actual value they receive in consuming the product to the value expected, and this affects their satisfaction and repurchase behavior -eBusiness can potentially have a significant effect on the speed of delivery of a service. -Availability of a product or service measures the extent to which a consumer can buy it when he wants to. -Access to information educates customers to help them make better decisions and assists transactions through a network of retailers committed to delivering quality service and savings -Predictability is one of many key performance indicators that are vital to achieving customer satisfaction. When customers expect a delivery of a product on a certain date, and receive it later or earlier than they expected, it creates dissatisfaction -eBusiness applications sometimes overestimate customers computer ability [17]. Thus, when designing a site, it is important to take into consideration the information the customers will need in order to complete a transaction. =the importance of training staff to use intranets effectively - In many cases, intranets are under-used as staff are simply unaware of ways the intranet can help them or what is actually on the intranet. Training staff in the use of the intranet will increase awareness and as a result, increase use. -Intranet is extremely useful for communication and collaboration between the employees for successful functioning of any business organization. -Using Intranet technology allows to distribute valuable information among the employees in a fast and efficient manner. Intranet saves time by interactivity, i.e employees can access information at a relevant times that suit them, rather than sending and waiting for email and email replies. -Employees working on projects can collaborate easily, ensuring better and faster results. -All the documents of the company can be published through the Intranet using web pages, as compared to spending money on printing documents. The information can be accessed from the respective workstations of the employees. Intranet results in reduced costs for corporate training, administrative and operational purposes.

-Intranet allows employees to view documents in various rich format applications as well as video and audio. -Intranet helps in maintaining good communication between different departments and also facilitates an immediate updation of operations. =+&- of using internet +Faster Communication. Now, you can communicate in a fraction of second with a person who is sitting in the other part of the world +Information Resources. Any kind of information on any topic under the sun is available on the Internet. +Entertainment. Downloading games or just surfing the celebrity websites are some of the uses people have discovered. +Social Networking. One cannot imagine an online life without Facebook or Twitter. Social networking has become so popular amongst youth that it might one day replace physical networking. +Online Services. With numerous online services you can now perform all your transactions online. You can book tickets for a movie, transfer funds, pay utility bills, taxes etc., right from your home. +e-commerce. The concept of e-commerce is used for any type of commercial maneuvering or business deals that involves the transfer of information across the globe via Internet. It has become a phenomenon associated with any kind of shopping, business deal etc. -Theft of Personal Information If you use the Internet for online banking, social networking or other services, you may risk a theft to your personal information such as name, address, credit card number etc -Spamming refers to sending unwanted e-mails in bulk, which provide no purpose and needlessly obstruct the entire system. Such illegal activities can be very frustrating for you as it makes your Internet slower and less reliable. -Virus Threat. Internet users are often plagued by virus attacks on their systems. Virus programs are inconspicuous and may get activated if you click a seemingly harmless link. -Pornography. Internet allows you to access and download millions of pornographic photos, videos and other X-rated stuff. Such unrestricted access to porn can be detrimental for children and teenagers. -Social Disconnect. Thanks to Internet, people now only meet on social networks. Even children prefer to play online games rather than going out and mingling with other kids. =the importance of extending your business through the internet +One of the newest and easiest ways to grow your business is by using the internet.

+ The potential to increase revenue and profits. + More equity accumulation. + The ability to bring more people on board, including family and friends. + The feeling of success. +by using the internet you can make your product or service available to just about anyone, anywhere, at any time. +it is less expensive and not as risky as expanding your business in the real world. +It's also pretty easy. +You won't need the people power you would need to grow your business in the real world, which means less management on your end, +you won't have to spend money on employee wages or new office space. - More financial risk as overhead increases. - Loss of control as additional people are brought on board. - More time on your part spent managing and working at the business. =how IT influences business nowadays -Information technology is advancing rapidly and has already changed the way many companies do business. -With new computers and mobile devices offering a higher level of communication, businesses are improving their marketing and networking skills, staying in touch with the competition and their own customers, and making improvements in the way they conduct research and development. -Information technology has made methods of communication faster and more efficient, a key component to any successful business. -The internet has given birth to many new forms of communication technology, such as email and social networking websites. -The internet has also equipped businesses with new marketing tools, like online advertising and company websites. -Used correctly, the internet can be very beneficial for business communication. -Some businesses strictly operate on the e-commerce model. -Company websites and online advertising can be a great way for a business to expand its marketplace and reach new potential customers. -For managers, internet-based communication technology, like email, helps to keep employees informed on company matters. COMPANY STRUCTURES =what type of organization I would like to work for -I would like to work in an organization which will provide me ample opportunity to grow professionally, and help me in enriching my knowledge to a point where I can utilise these skills to the betterment of the organization.

-This company keeps its people informed about its long-term vision as well as day today realities. -In this company peoples personal lives are respected. They know that if you work late, you may be in late the next day. -This company pays its employees a fair wage. Not a ridiculous one, but one that will allow the company to continue its ongoing profitability and thereby offer its employees job security. =+&- of hierarchical pyramid structures -Communications between the employees and other staff could get lost! -Jealousy between employees when one gets promoted. -Employees may not agree on the changes within the company and unwisely express that. -Departments can make decisions which benefit them rather than the business as a whole especially if there is Inter-departmental rivalry. -The organisation can be bureaucratic and respond slowly to changing customer needs and the market within which the organisation operates. -Communication across various sections can be poor especially horizontal communication. -Poor Flexibility. Hierarchical structures tend to adapt slowly to changing needs. -The success of an organization often depends on the quality of internal communication within it. As hierarchical organizational structures tend to channel communication vertically, interdepartmental or inter-agency communication suffers. +There are specialists managers and the hierarchical environment encourages the effective use of specialist managers. +Employees very loyal to their department within the organisation. +Authority and responsibility and clearly defined +Clearly defined promotion path. +Employees at a lower rank know who the boss is +lower ranks can get promoted. +Employees know exactly what position they are in and also know what job they have to do. +In an hierarchical structure, members know to whom they report and who reports to them. +Most people want to advance in their careers. Hierarchical structures offer very clear, if not always easy, advancement paths.

=How to maximize the advantages of pyramid company structures from the employees viewpoint -introduce changes in: -Communications between the employees and other staff could get lost! -Jealousy between employees when one gets promoted. -Employees may not agree on the changes within the company and unwisely express that. -Departments can make decisions which benefit them rather than the business as a whole especially if there is Inter-departmental rivalry. -The organisation can be bureaucratic and respond slowly to changing customer needs and the market within which the organisation operates. -Communication across various sections can be poor especially horizontal communication. -Poor Flexibility. Hierarchical structures tend to adapt slowly to changing needs. -The success of an organization often depends on the quality of internal communication within it. As hierarchical organizational structures tend to channel communication vertically, interdepartmental or inter-agency communication suffers. =+&- of flat management structures +More/Greater communication between management and workers. +Better team spirit. +Less bureaucracy and easier decision making. +Fewer levels of management which includes benefits such as lower costs as managers are generally paid more than worker. +Large organizations have multi-level organization structures, small organizations have flat structures. +More Accurate Messaging +Greater Empowerment. Flatter organizations create a greater sense of equality among employees. Employees, therefore, feel a greater sense of ownership and commitment to their work and a sense of empowerment that means they can move forward with ideas and actions without having to go through a chain of approvals with leaders above them. +Flat Organisation is less costly because it has only few managers. +It creates fewer levels of management. +Quick decisions and actions can be taken because it has only a few levels of management. +Fast and clear communication is possible among these few levels of management. +Subordinates are free from close and strict supervision and control.

+It is more suitable for routine and standardised activities. +Superiors may not be too dominating because of large numbers of subordinates. -There are chances of loose control because there are many subordinates under one manager. -The discipline in the organisation may be bad due to loose control. -The relations between the superiors and subordinates may be bad. Close and informal relations may not be possible. -There may be problems of team work because there are many subordinates under one manager. -Flat organisation structure may create problems of coordinationbetween various subordinates. -Efficient and experienced superiors are required to manage a large number of subordinates. -It may not be suitable for complex activities. -The quality of performance may be bad. -Function of each department/person could be blurred and merge into the job roles of others. -Workers may have more than one manager/boss. -May limit/hinder the growth of the organisation. -Structure limited to small organisations such as partnerships, co-operatives and some private limited companies. =the importance of knowing +&- of flat management structures -it will help to take advantage of the advantages, and to ameliorate the disadvantages. =the way in which staff motivation may differ in large multinationals & small companies - Motivating employees in a small business can sometimes be a little more difficult than motivating employees in a large business (there is generally less money to go into motivating employees). -Making work fun can help motivate employees in a small business. An employer can make work fun for their employees. They can either focus on making the workplace fun, creating bonds between the employees, or they can to both. --a regular potluck lunch once a month can be a fun thing that employees look forward to each month. --And celebrating birthdays with a little party each month can also make employees feel special and make the work place a fun place to be.

--a day that employees can dress down and not be required to wear the usual business casual or putting a ping pong table or foosball table in the break room can make the work place a fun place to be. --If an employer would like to help strengthen friendships between the coworkers they can help promote activities outside the workplace that the employees can get involved in. -Say thank you is a very small thing that can go a really long way to motivating employees in a small business. -- Employees like to know that they are valued and that the work that they do matters. -Happy employees -- flexible schedules can help employees be happy. --to have employee reviews. --Even the smallest thing of letting an employee decorate their own workplace can help employees be happy and more motivated. -Learn and acknowledge your employees' personal career objectives --Employees need to know what opportunities there are for growth beyond their current role. Upward mobility and future promotions can be more motivating to some employees than money. -Affirm job security through managerial support in every aspect of the employee's job -Create an atmosphere and culture where people want to work -Show employees respect through consistency and empowerment -Redefine job requirements to provide interesting and challenging work for successful employees -Provide mentorship opportunities. --personal growth opportunities are more motivating than money or stock options. -Create a dialogue of feedback with each employee to encourage, challenge, and inform each other -Recognise significant performances, or achievements, publicly -large multinationals: -health care and life insurance, - profit sharing, -employee stock ownership plans -exercise facilities, - subsidized meal plans, -child care availability, -company cars =how to make sure staff stay motivated in large multinationals

-keep investing time and money into all the activities which are able to motivate them. =+&- of home-based working +Being Your Own Boss +This provides flexibility that you might not have working at another job. +having fewer expenses associated with traveling and eating out on the job. You won't have to pay rent and other costs that come with an outside office or building. +having a business at home gives you the opportunity to spend more time with your family. +Freedom and flexibility. You can structure your day to suit your personal needs, whether you want to spend time with the kids, you have a volunteer job, or you want to attend a class. +You have control over when you do your work. +Tax benefits for home based businesses (a number of business deductions that would otherwise not be available to you). +Save money. +Assuming you're not meeting with customers all day long, you won't have to buy expensive "work clothes" or use the dry cleaners as often. +save money on telecommuting costs! No more driving to the office everyday. +Lower start-up costs for home based businesses. + you won't have to rent or lease office space! +Fast growth It is comparatively easy to advertise your products and services to your targeted customers with the help of Internet. By employing basic SEO techniques, you can start getting a number of visitors to your website. It helps your business to grow fast. Moreover online transactions facilitate quick payment. + Quick set-up It is possible to start such a business as soon as your website gets launched. You dont have to wait for long periods or spend huge amount of money for taking out loans. -Possible conflict between your business and personal lives. difficult for both you and your family to adjust to the fact that you must work while you're at home. -Lack of social contact. -Need for self-discipline. It can be difficult to motivate yourself when you're working from home. There are household chores to be done, plenty of distractions (such as the television), and you can be alone for hours. -Pressure (a fair bit more stress). Because you work in the same place you live, you may feel obligated to get "a few chores" done while you're working. You can

very easily become swamped with responsibilities - some people simply end up trying to do too much. - High competition As you present your business online with complete details of your products and services, it becomes quite easier for anyone to copy your business and start competing with you by advertising similar products and services. - Need to be tech savvy You need to have minimum technical knowledge in order to start an online business. As for example, you should have an idea regarding how to write and edit text in HTML, how to add graphics, create labels as well as acquire the technical knowledge of uploading a file in the server. - Unwanted communication - An internet business also opens up unwanted communication. If you post your email in your website and allow the consumers to contact you, then theres a chance of getting a lot of spam emails everyday. -it is easy to get distracted as youre working from home. =the importance of combining home-based & office-based working efficiently -It depends on the case -if office-based job is different from home-based, then you need to know that you have to be careful with each of them. -dont try to catch 2 rabbits at once -arrange the priorities -if office-based job is connected to home-based, then you have to the thing you have started at the office, at home. -this is how your work will be more efficient. BUSINESS ETHICS =definition -Knowing the difference between right and wrong. - the critical, structured examination of how people & institutions should behave in the world of commerce. -The study of proper business policies and practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility and fiduciary responsibilities. -Business ethics are often guided by law, while other times provide a basic framework that businesses may choose to follow in order to gain public acceptance. - implemented in order to ensure that a certain required level of trust exists between consumers and various forms of market participants with businesses.

-written and unwritten codes of principles and values that govern decisions and actions within a company. -In the business world, the organization's culture sets standards for determining the difference between good and bad decision making and behavior. -difference between right and wrong and choosing to do what is right. -describe the actions of individuals within an organization, as well as the organization as a whole. -the moral standards by which people judge behavior. -golden ruledo unto others as you would have them do unto you. - refer to the moral rules and regulations governing the business world. - moral values that guide the way corporations or other business make decisions. =examples of unethical business situations, & the proper way to deal with them - Resorting to dishonesty, trickery or deception. -Distortion of facts to mislead or confuse. -Manipulating people emotionally by exploiting their vulnerabilities. -Greed to amass excessive profit. -Creation of false documents to show increased profits. -Avoiding penalty or compensation for unlawful act. -Lack of transparency and resistance to investigation. -Harming the environment by exceeding the government prescribed norms for pollution. -Invasion of privacy used as leverage, for obtaining personal or professional gains. -Sexual discrimination =whether ethics officers could influence the employees in an organization -Ethics officers ensure that company practices adhere to legal and ethical standards. -duties: -- creating a code of ethics, --establishing penalties for violating ethical codes --educating employees about the organization's ethical principles. --help the company make changes to the code. -An ethics officer needs a good understanding of the laws that apply to the industry and to the company. =how to encourage employees to behave ethically at work

-Communicating the code of ethics, which provides the direction and guidelines for employees ethical behavior. -Employees need to be familiarized with the code of ethics either through a company manual or posters. -Making the managers as role model (managers need to be chosen with care and due consideration). a) Employees will have a guiding force to promote ethical behavior b) Employees tend to emulate their managers and if they are ethical in their behavior, it lends more credibility to the code of ethics c) If managers strictly adhere to ethical standards themselves, employees will feel less reluctant to oppose the guidelines laid out for ethical behavior -Condemning any malpractice or unethical behavior in the initial stages itself is better than allowing it to proliferate to other areas of the organization. -Imposing sanctions on unethical behavior -Rewards for ethical behavior -> the employee will not only continue to adhere to ethical practices but also be an inspiration to his colleagues. RECRUTMENT =popular recruitment methods --Internal Recruitment: -fill the vacancy by promotion of employee. -employee referal -ex employees -External Recruitment:-fill the vacancy by external source. -Job Center -Job Advertisement -Recruitment Agency -Personal Recommendation -campus selection -contractor -consultant -Advertisement -job portals -- Advertisement -Employee Reference -Outside agencies -Job Rotation -Placement agencies -Job portals -Hoardings -References

-Organization Mapping, Project Mapping, Head hunting, various forums, networking sites. =steps of recruitment process -Job Design -Opening Job Position -Collecting Job Resumes -Preselection of Job Resumes -Job Interviews -Job Offer =whether headhunting is an ethical recruitment method (explain)

-There is much legislation surrounding the protection of personal data. -You can obtain personal data (such as address, contact details, email addresses etc) of target candidates in an unethical, involuntary or illegal manner. -When using false identities to gain information about company structures, salaries or client or candidate information. -There is nothing wrong with networking at such events, but introduce yourself as your true person. -By illegally obtaining information that is proprietary to a company (such as an employed database) in order to gain access to information of target candidates working within the affected organisation. -By submitting fictitious or deceptive job descriptions to candidates. - When approaching a candidate that you have previously placed in a position with the Client, unless the candidates has initiated interest in the position. -When approaching an employee of an existing Client unless previously agreed to with that Client. --headhunting should always be done in an ethical manner, bearing in mind the following: While its all right to actively target an employee of one of your competitors, it is unethical to try to decimate that organizations workforce by repeatedly raiding them looking for candidates. If youre going to go headhunting, you need to understand other organizations may do the same to you. Headhunters should never actively solicit candidates from their current clients especially if the candidate in question was placed into that role by the same agency.

Recruiters need to be careful not to oversell the position or make grandiose promises to candidates. Otherwise they could be on the hook for inducement damages in the event of a wrongful dismissal. Headhunters need to be willing to take no for an answer. =how to ensure that headhunting does not affect staff morale - The internal factors of work environment and compensation aren't the only processes that influence employee turnover; -in some cases, headhunting by competitors can play a part in the overall employee turnover situation of the business. -One of the key methods corporate headhunters use to attract recruits from other companies is simply offering a higher base rate of pay. -To remain competitive, a company faced with outside headhunters needs to ensure that their compensation programs are in line with other industry competitors. MANAGEMENT AND CULTURAL DIVERSITY =connection between management & culture -Globalization means movement. -As a consequence, individual people are increasingly facing different influences and ideas from other parts of the world. -people speaking different languages, having different norms and values and adhering to different religions, which leads to new encounters and exchanges but also to confrontations and tensions. =examples(different business in different cultures) -- England -reserved nature -small talk is generally frowned upon. -Try to talk in complete sentences, as the American tendency to talk in run-ons and fragments annoys most British listeners. -When negotiations are in order, it is best to send a senior representative of the company, not a young employee. -Business cards are exchanged at the end of a meeting, so be prepared. -Always be punctual to appointments, and if you must be late, call. --Japan -Be prepared to dress up when doing business in Japan -Always wait to be directed to your seat for a meeting -Always wait for the leader of the meeting to tell you to sit - give a small gift to your host, and if you receive a gift, do not open it in public.

--Spain -The people are outgoing, so business deals almost always happen in a face-toface environment. -Early meetings are focused on building a relationship, so it may take a few meetings for the actual business deal to happen. -All agreements will be made orally first, followed by a written document. -Punctuality is not as important in the Spanish culture, so do not be upset of your host is quite late. -Interruptions are common and accepted during business conversations. --China - is considered impolite to respond with a negative reply. -If the answer is no, say maybe instead. -Small talk is important, specifically as it relates to travel and China. -Use black and white for printed materials in order to avoid the special meanings behind colors in the Chinese culture. -Do bring plenty of business cards, with one side printed in Chinese -Make sure your card has your title and the distinctions of your business, and print it in gold ink, as Chinese culture values this as the color of prosperity and success. --India - visitors are expected to be punctual, but the Indians are rarely on time for appointments. -Appointments should be made a few months in advance if possible. -Small talk is accepted and enjoyed, and the people tend to be open and friendly. . -English is the language of business. -Hierarchy is important in this country, so try to talk to the highest person in the business that you can reach. -The Indian people tend to respond better to male business professionals than women --Italy -Business meetings should not be held in August, when many people are on holiday. -Dress well, including cuff links, jewelry, and watches when acceptable. -Last minute changes to deals are common, but you are expected to stay firm in your original offer. -Patience is valued when doing business in Italy. --Germany -Arrive just slightly early for business meetings, but never late, when conducting business in Germany. -Bring a gift, such as flowers, for the hostess if invited to your associates home.

-Be prepared with wine or quality office equipment when headed to a business meeting, because gifts are expected -Women should not wear perfume or lipstick in order to blend in with German culture. --Brazil -Time is not emphasized, so do not rush through things or make your hosts feel as though you are in a hurry. -Even though the culture is informal, dress is not, so dress to impress. -Make eye contact when communicating, and always eat what is offered to you. =the importance of cultural awareness for managers -will teach his employees to understand different cultural perspectives. -be prepared to act according to their rules. =skills of a manager(whether I have these skills) - Communication (have to communicate with each of your employees, coworkers and customers, own manager or executive). -Listening Skills (Some managers get so impressed with themselves that they spend much more of their time telling people things than they spend listening) -A Commitment to the Truth (the higher you are in the management hierarchy, the less likely you are to be in touch with reality). - Empathy (be able to understand how people feel, why they feel that way, and what you can do to make them feel differently) -Persuasion (try to persuade someone to do something you want done)(convince) -Leadership (specialized form of persuasion focused on getting other people to follow you in the direction you want to go). -Focus (You cant lead in a hundred different directions at once, so setting an effective leadership direction depends on your decision not to lead in the other directions) -Division of Work (the ability to break down large tasks into sub-tasks that can be assigned to individual employees) -Obstacle Removal (Inevitably, problems will occur. Your ability to solve them is critical to the ongoing success of your organization) -Heat Absorption (When upper management complains about certain things that cant be avoided its your job to take the heat). -Uncertainty Removal (shield your employees from the confusion, remove the apparent uncertainty, and lead your employees in a consistent direction until theres a good reason to change that direction)

-Project Management -Administrative and Financial Skills (have to be able to set the budget and then manage to it. =the importance of good prioritizing skills for managers -Prioritization is the essential skill you need to make the very best use of your own efforts and those of your team. -It's a skill that you need to create calmness and space in your life so that you can focus your energy and attention on the things that really matter. -It is particularly important when time is limited and demands are seemingly unlimited. -It helps you to allocate your time where it is most-needed and most wisely spent, freeing you and your team up from less important tasks that can be attended to later. -can bring order to chaos, massively reduce stress, and move towards a successful conclusion. -Prioritizing skills are your ability to see what tasks are more important at each moment and give those tasks more of your attention, energy, and time. You focus on what is important at the expense of lower value activities. =how to develop management skills as a young graduate -- Practice Listening. -When you're in management, everyone talks to you. -total focus on the speaker. -notice body language, the richness of the tone of voice, inflection. --Take at least one conflict management seminar. --experience is the best teacher. --Consistently learning from every opportunity presented is the secret to what great managers know and do. --Get to Know Your Team --Learn How to Delegate --Be Courteous - Don't underestimate the effect of a simple "please", "thank you" or "good job" can have on your employees. --Look for a Mentor within the company who has the skills, experience and institutional knowledge to guide you in your new role. --become a thinker, and develop thinking skills --Asking the right questions --Giving feedback as a coach =how to delegate tasks efficiently as a manager -Trust You must believe in the people you delegate to.

-Honesty - You must be honest with them in what your expectations are. -Communication You must clearly articulate what you need done -Match the Right Employee with the Tasks to be Delegated -Delegation takes a careful thinking. -Define Clear Goals and Expectations for the Assigned Tasks -Set-up Controls and Checkpoints -More Insights on Delegation -Defining success requires a determination of what will constitute successful performance on the assigned task. --define the successful outcome of the task, --determine the appropriate processes needed to complete the task. -determining subordinate capabilities. -Many communication problems occur because of the failure to clearly consider and specify the performance standards of the assignment. -Once the task has been delegated, managers need to allow subordinates the freedom to make the choices needed to accomplish the task. -Select the right person -Clearly set your expectations and create a good plan. -Be clear while explaining the task to your employees and avoid confusion. -Motivate your team and explain what they are going to benefit out of the task. -Arrange support programs for the delegates and ensure that they get proper training. -Negotiate points that need to be discussed with the employees. Let them know the importance of the task. -Explain to them the outcome of the job. -Let your delegates know about the available resources and means within which they have to function. -Set clear timelines to do the task. -Ask for reports of work done at every level and provide feedback -Define the task -Select the individual or team -Assess ability and training needs -Explain the reasons -Consider resources required. Discuss and agree what is required to get the job done. Consider people, location, premises, equipment, money, materials, other related activities and services -Agree deadlines -Support and communicate -Feedback on results =the tasks that managers need to perform on a daily basis

-planning -organizing -staffing -leading -controlling -observe, measure and track performance; -give feedback effectively; -conduct a performance appraisal meeting; -and coach to sustain performance throughout the year. -Sets objectives. The manager sets goals for the group, and decides what work needs to be done to meet those goals. -Organizes. The manager divides the work into manageable activities, and selects people to accomplish the tasks that need to be done. -Motivates and communicates. The manager creates a team out of his people, through decisions on pay, placement, promotion, and through his communications with the team. Drucker also referred to this as the integrating function of the manager. -Measures. The manager establishes appropriate targets and yardsticks, and analyzes, appraises and interprets performance. -Develops people. With the rise of the knowledge worker, this task has taken on added importance. In a knowledge economy, people are the companys most important asset, and it is up to the manager to develop that asset. =the importance of delegating tasks - Through delegation, a manager is multiplying himself by dividing/multiplying his work with the subordinates. -Through delegation, a manager is able to divide the work and allocate it to the subordinates. This helps in reducing his work load so that he can work on important areas such as - planning, business analysis etc. -Delegation of authority is the ground on which the superior-subordinate relationship stands. -Delegating frees you up to tackle the truly important aspects of your mission/business/project. -Delegating increases the morale, confidence, and productivity of subordinates. -Delegating saves you time. -allow you to concentrate on more important matters BUSINESS TRAVEL =+&+ Career. Sometimes there is no replacement for face-to-face contact with a customer.

+Sight-seeing. +Travel Rewards. +Personal Budget - you can save on personal budget categories when traveling for work (food, gasoline and electricity being used is paid for by my employer or customer). +seeking new business, winning new business and maintaining business relationships. +New people, new places, new experiences. +nothing n b more effective thn n-person meetings. Lts see wh. +the refreshment and invigoration it can bring to your employees, boosting the morale of your company. +Getting your employees out of the office for a couple days can be an opportunity to re-invest in them and provide the change of scenery and motivation to grow your company. -Business travel costs money -Business travel means unproductive time -Face to face meetings delay schedules (Schedules are delayed because people can't find mutually-agreeable dates -Business travel can be stressful -Long-distance air travel isn't good for you (causes fatigue, memory loss and irritability) -Business travel isn't good for the environment - Time away from the family (including anniversaries/birthdays/events missed) - Bad hotels (I've had a few VERY BAD experiences) - Daily routines (eating, sleeping, etc) get off track/schedule -Incidental expenses (forgotten medications, broken/forgotten accessories, etc) =necessary preparation before going on a business trip - Plan ahead. Reserve your travel accommodations (air travel, hotel, and car reservations) -Set goals. (What would like to accomplish when you arrive at your destination) -Set up appointments. Try to schedule some appointments to meet up with your clients, vendors and other key business contacts. -Set up tasks and deliverables. ( if you are running a conference yourself, ensure that the equipment you will be using such as projection screen, projectors and microphones have been reserved together with the meeting room). -Send information ahead. If you have agenda or power-point presentations for the meetings, send them via email ahead of time. -Pack essential items (bring enough outfit to use)

-Bring tools (laptop, PDA, address books, journals, cell phones, flash drives, disks) -Update contacts (is an opportunity to update your contact lists. -Seek information on the culture (learn about the history, culture and customs. negotiating styles, attitudes towards punctuality, gift-giving customs, and the proper use of names and titles) -Learn protocol and etiquette practices (Study the general protocol and etiquette of the country you're visiting) -Learn the native tongue. -Check travel advisories about safety concerns that may affect travel to a particular country or region (terrorism, natural disasters, political unrest, wars, health emergencies, and outbreaks of violent crimes against tourists) -Protect yourself by getting travel insurance. -Plan to stay connected (A plug or adapter may be needed to charge notebooks, cell phones, and PDAs while overseas) -Change office voice mail intros. - Activate out of office auto-response on email. -Take your ID book (or passport for international travel) and all travel reference vouchers, including flight, car hire and hotel documents. - Enjoy special time with family before you leave. - Ensure that all relevant clients have been informed that you will be away. - Complete all urgent work tasks so that you are not inundated when you return. -Go to the doctor for vaccinations -Learn the proper etiquette -Set up a phone to receive calls internationally -Teach yourself some phrases in the local language =some -problems I might encounter on a business trip & +possible solutions -Airline rules. When youre switching from one airline to the other or, worse yet, one country to the other, the changing rules can often send you for a loop. +Before you leave, check up on airline rules, search for common problems on the internet, and skim through any updates. - Flight cancellations. +you can start making calls, informing your business partners and family of the situation, as well as calling the airline and your travel agent. -Weather changes. +check the weather before you head out. - Too many things can go wrong with files and laptops.

+Always email your entire presentation to yourself; or email work you do in the hotel room to yourself. =how to avoid the pitfalls of business travel - Some people steal wallets and other valuables. + Beware distraction. -Tight schedule can make your travel difficult. +Make your schedule in such a way so that there is scope for you to relax. -some health problems +Meet your doctor before you leave to go through the routine check ups. -loss of documents +Keep the important documents safely and also carry photocopies of the documents and keep them separately. -get lost +carry the map of the destination which can help you a lot in traveling from one place to other. MARKETING =what marketers do? - someone who promotes or exchanges goods or services for money - identification of the goods and services desired by a set of consumers, -they create wants and needs - evaluating the needs of the consumer market as they relate to a given product or set of products - Focus on the Customer - Monitor the Competition - Own the Brand. -Create New Ideas. - Communicate Internally. -Strategic Planning - valuable parts of the advertising and promotion effort for a company. -customers identified as possessing needs the marketer believes can be addressed by its marketing efforts =what market research denotes -Market research is the collection and analysis of information about consumers, competitors and the effectiveness of marketing programs. -The process of gathering, analyzing and interpreting information about: -- a market, --a product or service to be offered for sale in that market, --the past, present and potential customers for the product or service;

-- spending habits, -- location --needs of your business's target market =the market research a company should do before going international - Study the: culture, needs -Customer analysis -Choice modelling -Competitor analysis -Risk analysis -Product research -Advertising the research -Marketing mix modeling =the elements of the marketing mix -4p-price, place, promotion, product =whether you would like to work in sales & be ready to explain =the importance of market research before developing a new product -to know what type of products or services would be profitable to introduce in the market -research enables a company to know if it has been able to satisfy customer needs -you show to the customers that you care -helps you identify opportunities -helps you to define your product -the process of gathering information to learn about something that is not fully known. ADVERTISING =the most popular advertising media used today & their effectiveness - The TV commercial during popular TV events. -TV commercials have a big and strong impact on the consumers. -Direct mail -- Mail sent directly from you to your customers can be highly customized to suit their nature and needs. -E-mail messages -- These can be wonderful means to getting the word out about your business. -Magazines - can be very useful because it already focuses on your market and potential customers

-Newsletters -- This can be powerful means to conveying the nature of your organization and its services. -Newspapers (major) - Newspaper are often quite useful in giving advice about what and how to advertise. -Posters and bulletin boards -- Posters can be very powerful when placed where your customers will actually notice them. -Radio announcements -- A major advantage of radio ads is they are usually cheaper than television ads, and many people still listen to the radio. -Yellow Pages --The Yellow Pages can be very effective advertising if your ads are well-placed in the directory's categories of service =the best way of advertising a new product of your own choice - TV commercials, -Radio ads -Banners on internet websites -Billboards -Offer samples to people -Ads in newspaper =the extent to which advertising can be manipulative -they all aim to keep you from thinking and, instead, make your buying choices based on an emotional response. -also creates an artificial need for unnecessary products and services - Companies rely heavily on their slogans, jingles, and advertisements to make a profit, and the language used in these various forms of media have a huge impact on their effects on the consumer. -some techniques involves the words better and best- a clear claim of superiority.more -The manipulation of language succeeds because people believe they are immune to the advertisements that surround them. =the role of advertising agencies - helps its clients by developing suitable ad campaigns for them -develop attractive slogans, jingles, and body copy for ads. -Creating an advertise on the basis of information gathered about product -Doing research on the company and the product and reactions of the customers. -Planning for type of media to be used, when and where to be used, and for how much time to be used. -Taking the feedbacks from the clients as well as the customers and then deciding the further line of action

=the importance of working with an advertising agency when launching a new product - They are more experimented, -They can make your product popular much faster -They know how to show to the costumers the bright sides of the product -Working with them your product can have more succes =how to choose the right advertising medium for a new product - By finding the pros and cons of every medium -it depends on the target market -it depends on the results you want to earn -depends on how much you are willing to spend - depends on the type of the product - depends on the country (every country have its rules) -Find out what your competitors are spending on media in the same markets -it can be: radio, tv, newspapers, magazines, internet, billboards ACCOUNTING & FINANCE =whether I would make a good accountant and why/=skills that accountant need -Be good with numbers, - be analytical and methodical in your work. - Mathematical aptitude and strong analytical skills top the list of must have attributes for an accountant. -requires strong organizational skills and a talent for scheduling and multitasking. -The ability to track several tasks simultaneously -Accountants are detail oriented. -ability to use spreadsheet and database programs, and familiarity with common accounting software. -interpersonal skills as well as technical expertise. (Communication skills) -usually part of a larger project that requires team work. -Analytical (may have to analyze certain discrepancies on a balance sheet or income statement) -Computer skills (Most of the work will be performed on a computer). -leadership skills (because a lot of work is done in teams, you gave to motivate them) -teamwork skills

=auditor -Analyze Documents -Verify Effectiveness -Report Findings - obtain reasonable assurance that the financial statements presented by management are free of material misstatement that are caused by error or fraud. -evaluate internal controls. -evidence, and then makes a report stating whether or not they believe the financial statements are presented fairly. -investigating administrative and financial practices and developing factual reports. -examining only administrative procedures of an organization. - an examination of a companys financial statements prepared by the directors of the company. -Its purpose is to give the companys owners (also known as members or shareholders) an independent, professional and informed opinion stating to what extent the financial statements: have been prepared according to the Companies Acts, any other relevant legislation and relevant accounting standards; and give a true and fair view of the state of the companys affairs, its profit or loss for the financial year and its assets and liabilities at the end of that year. -independent professional person who is qualified to audit a companys financial statements -seek to understand the companys business; -identify the areas of the financial statements that are most likely to be wrong; -check the accuracy of some transactions, account balances and disclosures; -decide if the companys accounting policies are reasonable; -test that the companys internal controls are effective; -assess the validity of directors estimates and judgements when they prepared the financial statements; -evaluate any significant events that have occurred since the financial statements were prepared; - write to the directors setting out any problems discovered during the audit and advise on how to deal with them; and =some important accounting documents & their role - balance sheet, -various journals, -expense documents, -credit forms,

-Profit and Loss Statement Template is a worksheet to track P&L (profit and loss) -Project Budget Template is a detailed budget form that allows the tracking of all budget expenses and funding. -Business Budget Template to allow businesses to track expense and budget for future revenue and expenditures. -Official Receipts proof that payment was received or that a monetary condition to pursue a transaction was fulfilled. -Sales Invoices -acknowledge a sales transaction and not the receipt of payment. -Credit Card Receipts - is issued aside from the cash receipt generated by the cash register. -Purchase Orders- In a corporate environment, all acquisition and procurements for tangible or intangible goods will form part of the companys assets, whether for reselling purposes or as implements of the business. -Delivery Receipts - serve as evidence that goods ordered from a supplier were received intact and complete. =the difference between an accountant & a financial manager -Accounting is more about reporting the financial information of a particular individual, or business entity. -Financial management encompasses everything that involves finances, assets, and resources. It takes part in financial planning, control, and decision-making. - Fundamentally, Financial Management is a relatively new branch of accounting, and more about business applications, accounting data, and reports. -An accountant works to measure and report an organizations financial status (prepare tax returns and financial filings in accordance with government regulations, provide investment planning and related services) -Financial managers plan and manage an organizations financial strategy ( oversee the implementation of an expansion project or manage an organizations finances to reduce risk) -Financial managers generally supervise the production of reports created by accountants. -Many accountants are self-employed, often working for individuals and companies on a contract basis. However, financial mangers work almost exclusively as an employee of a company, government agency or other organization. -earn a much higher level of compensation as a financial manager than as an accountant. -ACCOUNTING: The methodical, precise recording, reporting, and assessment of the financial deals and transactions of a business.

-FINANCE: The efficient and productive management of assets and liabilities based on existing information. BANKING =some banking services that are popular in our country - Wire Transfers -Direct Deposit -Debit/ATM Card -exchange money -take out a loan -transfer money =the importance of choosing a bank wisely before taking a loan - The interest are different between the banks -Terms and conditions are different - Banks should offer more than just deposit and loan services. They should offer advice and counsel, guidance and support, investment services, and industry expertise. -does not charge high service fees for it. -Choose a bank with good loan officers that will negotiate both term loans and lines of credit with you. -Make sure the bank offers online services. -pay close attention to the fees =different types of banks -Retail banks -Piggy bank -Commercial banks -Investment banks -Central banks -Credit unions -Online banks -Savings and loans =the role of the central bank -manage a nation's currency - setting monetary policy

-responsible for controlling money supply -setting interest rates -control the amount of money in circulation and in print -usually targeting specific goals such as low unemployment and stability in prices - has the capacity to provide financial assistance to the government in times of difficulty (adviser to the governement) -Controller of credit =the role loans play in peoples lives - Helps people to buy things with money they dont have. -After you get a loan your life is more difficult than it was before. - desire to purchase their favorite stuff but they are incapable to purchase due to shortage of money. -such critical circumstances which may occur at any time. -any kind of emergency when you need huge amount of money. -personal requirements like wedding ceremony, purchasing a home etc. -To start a new business you require a huge amount of money. =whether you would like to work in a bank and give details - Yes, I would like to work in a bank because I consider that is a nice respectable place to work at. -I like the paper work and to interact with the people. INSURANCE =the main types of insurance I may/may not need -health -Car -Home -Life -Travel -Agricultural insurance -Alien abduction insurance -Bancassurance -Income protection insurance -Interest rate insurance

=how to choose the right type of insurance for your needs - By knowing what you realy need -By knowing how much you want to pay for the insurance -If you have children -depends on the period of time, you need to be protected -choose an insurance product that matches the type of protection you need. -the level of your tolerance for risk, -your goal of saving and investing, -you should consult a life insurance agent. =the Romanian insurance market & the way I would describe it in a few words - Many options -Unreliable insurers -A lot of scams -competition =the difference between buying life insurance & savings accounts - if you have a savings account you have the possibility to withdraw the money in the moment you need it. -If you have a life insurance your money is blocked, your family will get it in the case of the death. INTERNATIONAL TRADE =importance of export & imports for a country - exports helps increase the income of the country and imports lets the country get what it wants -for a formation of good relationship among the countries of the world for finance purposes,economic stability and production stables -Every country needs raw materials from other countries to produce products that it needs or that is needed by other countries. -Importing products offers an alternative source of supply so there is reduced dependence on local suppliers for products that may have a limited supply. -Exporting products give countries a chance to expand its market outside its territories. -Growth of an economy is directly related to exports. =the reasons for which countries trade

-Trade enables economies to specialise in the export of some resources and earn revenue to pay for imports of other goods. -Increased welfare specialisation (where countries have a comparative advantage) and trade allow countries to gain a higher level of consumption than they would do domestically and this leads to increased welfare and higher living standards. -Diversity of choice trade enables us to access goods and services that we may not be able to produce ourselves. -Political / historical reasons some trade takes place for political and other reasons relating to history and tradition, though this is generally diminishing in importance. -Increased competition increased global competition may help to spur domestic productivity improvements and give domestic firms a better incentive to innovate and improve their products. -Haves and Have Nots (obtain a product or resource not available within its sovereign territory) -Keeping the Peace =argument for & against protectionism & free trade --Protectionism +Infant industries. If sunrise firms producing new-technology goods (eg computers) are to survive against established foreign producers then temporary tariffs or quotas may be needed. + Unfair competition. Foreign firms may receive subsidies or other government benefits. They may be dumping (selling goods abroad at below cost price to capture a market). +Balance of payments. Reducing imports improves the balance of trade. +Strategic industries. To protect the manufacture of essential goods. +Declining industries. To protect declining industries from creating further structural unemployment. -Prevents countries enjoying the full benefits of international specialization and trade. -Invites retaliation from foreign governments. -Protects inefficient home industries from foreign competition. Consumers pay more for inferior produce. -loose jobs -limits of goods and services allowed into the country regardless of the demand of society. -under "protectionism" you end up poorer, with less money for buying other things you want and need.

- protectionist laws that reduce consumer spending power actually end up destroying jobs. -higher prices -higher taxes- pay more taxes on imported goods, but also raise your general taxes as well. --Free trade +Because of trade, many nations are able to increase production of products which results in lower prices for goods in +other countries. +Trade allows for more of a variety among products as well as increased innovation. +Because trade requires specialization, it increases the greatest level of output around the world. +has the potential to increase living standards around the globe by helping to lower prices. -economic inequality among nations where the income gap is already quite large, the outsourcing of jobs, and increased power for the biggest corporations which in turn could put many smaller companies out of business. - outsourcing jobs to other countries will result in hundreds or thousands of people losing their jobs and could potentially devastate our society economically. ENTREPRENEURSHIP =have I ever thought about setting up my own business? =how to design a good business plan before setting up a business -Use a business plan to set concrete goals, responsibilities, and deadlines to guide your business. - Is the plan simple? - Is it easy to understand and to act on? -Are its objectives concrete and measurable? -Use a Clean and Spare Design -Include a Table of Contents and Helpful Headings (Making a business plan an easy-to-read and easy-to-use document) -Choose a Font That is Easy to Read -Include Only Relevant Graphics =what should a business plan include? -Introduction -Mission Statement - it does have to reflect your reasons for starting your business -Describe Your Business (in detail all the aspects) -Short-term and Long-Term Goals

-Potential Customers -Competition Analysis -Financial Analysis -human resources management -Marketing -conclusion =+&- of entrepreneurship +Doing what you love +Recognition and self fulfillment + salary potewntial +people can determine their future by themselves (organize, manage, and calculate the risks of their business by themselves) +Excitement: Due to its high capacity for risk, there is a lot of adventure. +Independence: Some people wish to be their own boss and make all the important decisions him/herself. + Flexibility: Entrepreneurs can schedule their work hours to spend quality time with family or any other reason. +Rational salary: They are not being paid what they're worth and would rather work on their own and earn the money they should be earning for their efforts. +Freedom: Entrepreneurs can work whenever they want, wherever they want, and however they want. -Being responsible for all decisions can be quite stressful and handling such responsibility can be difficult. -people who are entrepreneurs will not have more time to just relax or refreshing. -they have to work for long hours to manage the business. -they can fall down and fail. -Salary: Starting your own business means that you must be willing to give up the security of a regular paycheck. -Benefits: There will undoubtedly be fewer benefits, especially when considering that your business will be just starting off. -Work schedule: The work schedule of an entrepreneur is never predictable; an emergency can come up in a matter of a second and late hours will have to be put in. -Incompetent staff: Often times, you will find yourself working with an employee who "doesn't know the ropes" as well as you do due to lack of experience. -Procedures: Many times during your entrepreneurial life, you will find that many policies do not make sense, nor will they ever make sense.

 MEETINGS =difference between formal/informal meeting --A formal meeting is: -preplanned meeting. -It has a predetermined set of topics -a set of objectives that one wishes to achieve at the end of the meeting. -The members of the meeting are often given a considerable period of notice before the meeting, preferably through formal means such as memos. - the atmosphere in such meetings is generally somber, formal. --Informal meetings -not planned well in advance. -The members are not notified through formal means. -They generally take place in neutral surroundings. =the reasons for wich meetigs are organized - Business -Negociation -Socialization -problem-solving -decision-making -planning -feed forward (status reporting and new information presentations) -feedback (reacting and evaluating ) -combination meetings =how to design a good business plan before setting up a business - Bye taking in consideration every single detail and posible situation. -Making research on the market =some golden rules for effective business meetings - Every meeting is unique. - It has its own objectives. - If there is no identifiable reason for holding the meeting, or if those objectives can be achieved in other ways, ask yourself whether the meeting is necessary. -The agenda for every meeting must be unique. -Meetings are too expensive to hold for no good reason.

-A meeting's success is judged by the actions that result from it. -Make a habit of writing an action list after every meeting you hold. -Managing the meeting is everybodys responsibility. - each participant has a role to play. =the role of the chairperson in a meeting -- make sure that: -all the business is discussed -everyones views are heard -clear decisions are reached -the meeting starts and finishes on time -always be thinking about the meeting overall, not just the topic under discussion. -They carry the authority to keep order and maintain progress in line with the agenda. =how to make meetings work for all employees - Make a confortable atmosphere for everyone -Treat them all the same -Listen each persons opinion =the importance of thorough preparation before business negotiations - Preparation does not stop when the negotiation begins. -the person with the most knowledge, the person who is prepared, will have the upper hand. -know more about the : --subject matter --the person with whom you are negotiating --as much about the person with whom you are negotiating as possible. -Know what you want and dont want