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Principles of business

Lecture 1-2 Modern meaning of business. Principles of business. Business and economy? Are they the same things or have some differences? What differences? Business and property? How are related these two things? Can business develop without property?

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Principles of business

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  1. Lecture 1-2 Modern meaning of business Principles of business

  2. Business and economy? Are they the same things or have some differences? What differences? Business and property? How are related these two things? Can business develop without property? Entrepreneurs and employees? Are they the same? Or different? You prefer to be entrepreneur or employee? Pre-test

  3. Income – is only one real goal of any business

  4. Deal – manufacturing, trade, promotion, sale Relationships between people, between participants of deal Business

  5. Exchange (result of activities) Promotion of own interests (supremacy of own interests) Compromise Independence Risk Special skills (negotiation, managerial decision making, creativity…) Business

  6. Economy is more broad Economy includes macro-level Economy considers patterns (law) of market functioning Business and economy?

  7. Fundamental base of business Property right (possession) – to be owner, to use, to dispose (sale, give in rent, give, present …) Main goal of business is to increase a property, to appropriate a new property by legal way Property

  8. Self increasing values Not only money ! Capital turnover (Money – Goods – Money = Investment – Manufacturing – Sale) Fixed capital Working (circulating) capital Capital

  9. What is your fixed capital? What is your working capital? You have to compensate fixed capital cost. How to do it? What is more important in Your business (for your income increasing) – fixed capital or working capital? Why? Group 1 – Small guest house Group 2 - Travel agency Group 3 – Tour – operation company Group 4 – Tourist guide company Case study - 1

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