04.10.2010 notes

B&M Note no. 1                                          4.10.2010

• profit is like food for business companies and they eat the profit to survive
• long run/short run: in the long term you get skillful workers and your products/profit increase.
• finding a business opportunity is finding a good market and a market business which is particular to your skills.
• you have ownership and management of resources what else do you need ? Leadership, Rısk Taking( courage), Creativity, innovation( new things)(sultan ahmet koftecisi: taking a turkish product and putting in a fast food system and sell it).
• if you loose sight of the bigger picture , the smaller picture(your life ) becomes unimportant.
• if you specialize too much and you do not see the connections with the other sides of business.so specializms have to be connected.
• The bigger the organizations, more specilizations you need.
• Inputs-process-outputs(after the output there is a feedback that goes to the input to show wether you are doing it correctly.)
• value added is basically the profit.