Starting a Business: Essential Elements for Success
Business Project Essentials
A business project involves mobilizing material, human, and financial resources, assuming risks, and developing personal skills. It requires planning and aims to develop an economic activity for profit or social benefit.
Key factors for productive economic activity:
- Natural Resources: Raw materials, energy, supplies.
- Labor: Manpower and time dedicated by workers.
- Capital: Goods and financial resources needed for production.
- Organization and Entrepreneurship: Managerial, administrative,
Asset Property Classifications
Mass Property of Assets
Fixed or Non-Current Assets
Intangible Fixed Assets
These are assets that the company needs to produce, but do not have a corporeal materiality, such as a patent or a brand.
Expenditure on R&D
Costs of research are original and planned investigations that seek to discover new knowledge and understanding on scientific or technical grounds. Expenditure on development is the concrete application of achievements in research until commercial production begins.
Goodwill
A set of immaterial
Evolution of Work and Monetary Shifts in the Late 20th Century
Work Culture Evolution
In the late twentieth century, the generalization of a single production model, like the Fordist paradigm, was not feasible due to varying circumstances. Business criteria, influenced by work culture, regional institutions, and union strength, determined the choice of technologies and work organization. Economic integration led to the globalization of labor contracts, deregulation, and market flexibility, resulting in increased inequality and wage polarization.
Monetary and
Read MoreMarketing Fundamentals: Key Concepts
1. Differentiating Factor?
Supporting a design to surpass others, influencing consumer choice economically, practically, or psychologically.
2. Objective Market Research
Analyzing market response to a product.
3. Purpose of Business
Facilitating exchanges between buyers and sellers.
4. Supply and Demand
Bid is the seller’s offering at a specific price. Demand is the buyer’s willingness at a fixed price. Exchange occurs at the balance point.
5. Marketing Defined
Human activity satisfying needs and wants through
Read MoreBudget Management: Planning, Control, and Investment Strategies
Juan Acosta
UNIT I
Overview
An introduction to accounting for management control, the information system that facilitates decision-making within the company.
Advantages and Limitations of Budgetary Control
ADVANTAGES:
- Deepen planning.
- Improve organization.
- Promote coordination.
- Facilitate decision-making.
- Allow full control.
- Seek profit.
LIMITATIONS:
- It is a forecast.
- It is rigid.
- It is restrictive.
- It is only a means.
Forecasting and Control Definitions
Forecast: anticipate, to see, know in advance. This definition
Read MoreUnderstanding Production: Economic Perspectives & Business Operations
Economic Perspectives on Production
Production is the process of combining resources to create goods and services that meet societal demands, aiming for profit. There are three main perspectives:
- Economic: Focuses on meeting needs through the use of production factors.
- Functional-Utilitarian: Views production as adding value and utility.
- Technical: Emphasizes the combination of resources and technology to create products.
Efficiency in Production
Efficiency involves using the least amount of resources
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