Human beings right from cradle-to-grave have been facing some kind of problem or the other and they have been trying to find ways to find solutions to these problems. Extending this thought, a business basically is the solution provider to problems. In other words, a business is an activity that involves buying and selling of commodities to satisfy human needs and generating money in this process.
Article Compilation for Business
- The downfall of billion-dollar startup, Fab-Alyson Shontell
- The inside story of Clinkle, a startup that raised $30 million then failed to launch-Alyson Shontell
- What I learnt from starting a travel Company-Jonathan Michael
- How to negotiate with a liar-Leslie K. John
- Give Yourself Permission to Work Fewer Hours-Elizabeth Grace Saunders
- What Great Listeners Actually Do-Jack Zenger and Joseph Folkman
- Why We Can’t Let Luddites Ruin Global Trade-Mark Suster
- The Corrosive Nature of Over-Introducers-Mark Suster
- Why this IIM Program is a must have for future entrepreneurs
- From bang to bust: The Kingfisher story.
Authors to explore in the field of Business
Alyson is Editor-in-Chief of Business Insider US. She joined Business Insider in July 2008 as its sixth employee. She started as a sales planner before joining the editorial team in 2010, where she became a startup reporter and then a senior correspondent. She later served as Business Insider’s Deputy Editor, overseeing the Executive Lifestyle, Technology, Science and Entertainment sections, then was Executive Editor of a spin-off technology website, Tech Insider. (source: Business Insider)
2. Leslie John:
Leslie John is an assistant professor of business administration in the Negotiations, Organizations, and Markets unit. She teaches the Negotiations course in the MBA elective curriculum, as well as in various Executive Education courses.
3. Mark Suster:
Mark Suster is an American entrepreneur, angel investor and investment partner at Upfront Ventures. He is a prominent blogger in the startup venture capital world and mentor at Techstars. (source: wikipedia)
4. Walter Isaacson:
Walter Isaacson is an American writer and journalist. He is the President and CEO of the Aspen Institute, a nonpartisan educational and policy studies organization based in Washington, D.C. He has been the chairman and CEO of Cable News Network (CNN) and the Managing Editor of Time. He has written biographies of Steve Jobs, Benjamin Franklin, Albert Einstein, and Henry Kissinger.(source: wikipedia)
James C Collins is an American business consultant, author, and lecturer on the subject of company sustainability and growth. (source: wikipedia)
Terminology for business
Here is a list of words and their meanings that are often used in the world of business:
Management: A body of members responsible for taking key decisions and running the organization.
Marketing: Technique involved in promoting a commodity or a product
Profit: Surplus. In other words, the amount left after deducting expenses from the income
Telecommuting: Telecommuting is a work set up where an employee can work from a remote location without showing his presence in the office by just staying connected with his team via telecommunication lines
Downsizing: Ramp down of resources to cut costs and maintain business profitability
Outsourcing: Contracting out of resources, activities or processes of an organization to another organization in order to cut costs and make use of available skills
R&D: Research and Development: The activity of careful analysis and examination resulting in a better, innovative and a new solution to solve an existing problem or a process
Headquarters: (usually plural) the place where most of the important operations of an organization are carried.
Market: A place or medium where two different parties, the buyers and sellers interact and exchange facilitating the trading of goods and services.
Bonus: An additional monetary benefit (or other remuneration) given to employees for acknowledging or appreciating their efforts and encouraging good work.
Personnel: Group of people employed in an organization to carry out specific tasks
Quarter: One fourth of anything
Promotion: In terms of career, promotion refers to the act of advancing one’s career to the next level
Asset: Anything that generates money is an asset
Recruitment: The process of hiring new resources for an organization
Sales department: The division of any organization that deals with the selling of products or services
Liability: Anything that deals with the outflow of cash is liability. It is the amount owed by a business or an individual
Presentation: A organized piece of information that is set up for display to an audience.
Meeting: A formal gathering of a group of people to discuss important matters or matters that are of concern
End user: The party that uses the finished product
Party: a person or group of people involved in legal proceedings or an agreement.
Objective: The desired target
Entrepreneur: An entrepreneur is an individual who starts and runs a business being accountable for all the risks that are involved and that follow.
Contract: A contract is an agreement that binds different parties and is enforceable by law
Commercial: Anything that is intended to make gains in terms of money
Venture Capital: It is a form of investing money in small, new or emerging companies that are perceived as having great profit potential
Investment: Putting money into something with the hope that it will generate money in the future in the form of profit
Credit: arrangement in which goods are acquired before any actual payment is done holding a trust that the payment will be done in the future
Opportunity cost: Cost that could be avoided while giving up an alternative and choosing another
Logistics: Logistics involves all the activities undertaken to ensure that the manufactured goods reaches the consumer. Eg: warehousing, transportation etc.
Agreement: A consensus reached between two or more members of a similar or different group
Shareholder: Someone who owns shares of a company’s stock
Stakeholder: Any individual/individuals or institution that affects or is affected by a particular business process, product or goal either on a positive manner or on the negative side