Business topics

1. Building a career. Education and career. The process of recruitment:

CV and a letter of application, attending a job interview
Building a career can be more rewarding than simply focusing on your current job.
A successful career means something different to everyone. For many, a successful
career combines financial stability with their passions or something they enjoy. It's
important that there is a good balance between these two factors to achieve
happiness. Some people know exactly what they want, while others struggle to
figure it out.
Depending on the height of achievement that one is seeking to accomplish, the
echelon of education might be practical, but the most important thing to realize is
that some level of education is vital to future success. In essence, completing
high levels of education shows that one has an obligation and enthusiasm to
study and apply the gotten information in their various areas of specialization.
Learning how to build a career can allow you to achieve your personal goals whilst
pursuing a profession that you love.

The recruitment process is a generally mysterious, confusing, and perhaps a bit

ominous, term. Hearing it often fills us with uneasiness, maybe even dread,
because going through it can be - let’s admit it - quite nerve-wracking. 
Having found an appropriate position, it’s needed to make an application, sending
in his CV (curriculum vitae, i.e. the ‘story’ of his working life) and a covering
letter explaining why he wanted the job and why he was the right person for it.

Job interviews are conducted in order to identify qualified and ambitious

candidates. To successfully pass the interview, you need to be ready to give quality
answers to the interviewer's questions. If you are asked to tell a little about
yourself, this is opportunity to show your communication skills by speaking clearly
and concisely in an organized manner. It is important to appear friendly. If you are
asked about your strengths, you should answer this question based on the type of
job you are applying for. The wrong answer is a generic answer saying you are
organized and friendly. Of course, you will be asked about your weaknesses. For
this answer, you should display a weakness that can be seen as a strength. When
you are asked "Where do you see yourself in five years?" The type of answer you
want to give is an ambitious answer that shows you really love your career. Being
descriptive and shooting for a big goal is something interviewers want to hear.
Question "What do you know about our company?"- this is a typical job interview
question, asked to find out how much company research you have conducted. This
question should be prepared in advance. Another question that is often asked at the
job interview: "Are you good at dealing with change?" Dealing with change is
common in the work place. A simple yes will not be sufficient to impress the
interviewer. You got to communicate that you are really good at dealing with
change. Often people are confused if you ask them how do they work under
pressure. Working well under pressure is a good trait to have. However, I think if
you answer that you work the same with pressure and without pressure, the
interviewer will be more impressed. A question that you will definitely be asked at
the interview: "How do you make important decisions?" There are many ways to
answer this question. You can give an answer that includes not being afraid of
asking your manager. Then you can say that even the best worker needs mentoring,
and you always want to improve.
 2. Information technology in business: pros and cons

There is no question about it: Technology has revolutionized every part of

business operations and how they are conducted in the 21st century. From sales
support to easier fulfillment methods, business owners now reap many benefits
from various software, hardware and online capabilities, all of which technology
has provided. When considering implementing new technology into your
business, consider the pros and cons before you jump in.

Pro: Streamline Activities and Automation

Technology has helped businesses streamline their processes. This enables

businesses to move quicker, resulting in lower costs. An example of a streamlined
process is using a Customer Relationship Management (CRM) tool, which helps
a sales team see clearly when and what topics they spoke about to a prospect. It
automates future correspondence and notes when a prospect becomes a client.
Once the prospect is a client, notifications are sent to fulfillment centers and the
client is able to track fulfillment until delivery. This saves every one time, energy
and frustration trying to find an order that may be stuck in a mail hub.

One part of this technology will integrate the phone systems with the CRM
software so that when a client calls, his account is automatically pulled up with a
history of notes. This enhances the client experience because he no longer needs
to explain every detail to the representative.

Con: Losses or Nefarious Activity

While bad guys will target businesses whether there is technology or not, online
systems seem to be an invitation for hackers to attack. Small businesses owners
tend to utilize outdated software, without updating the proper version or patch to
fight against hackers. When this occurs, the business is susceptible to malware,
ransomware or viruses that could hijack online operations, hold data hostage and
even funnel sales transactions to an account overseas.

Even with the most updated protections such as firewalls and appropriate
software, a business is still subject to the potential loss of data. If the hard drive
crashes and the information isn't backed up, the business is left trying to rebuild a
database, rather than conducting sales.

Pro: Helps Workforce

Technology has created a larger mobile workforce than has ever been imagined.
Wireless internet access and cloud storage enable mobile workers to access
 company programs, resources and information from anywhere. Many workers
function with a smartphone and a few downloaded apps, which helps protect
business information and which also streamline numerous processes.

Even the non-mobile workers are aided by technology. Clients are able to access
information from the internet; are able to correspond quickly via email and also
are able to send large files for signature via e-signature technology. This is a
time-saver and it also globalizes many operations.

Con: Distractions Affect Productivity

With so much technology available, it is easy to get distracted by it. Business

leaders need to set policies to prevent employees from taking advantage of
technology at work. Many employees are allowed to "bring your own device" for
business use, but they can become distracted by personal texts, games and social
media. Having internet access on company computers can lead to the same time-
wasting habits. An employee might legitimately conduct research as part of his
job, but then he might become distracted and find himself wasting an hour on
unnecessary "research."

Employees can also get distracted by checking email too frequently while waiting
for a response they're expecting. This removes them from the task at hand, if even
momentarily, which reduces productivity. Help employees develop good
technology work habits, which maximizes job satisfaction and productivity.
3. Financial fraud and other types of unethical behavior. Give examples.
Ethics in business

Fraud – the crime of obtaining money from someone by tricking them.

Victor Lustig sold the Eiffel Tower twice. 
Insider trading – the crime of buying or selling shares in a company using
information that is available only to people working within the company. the
American CEO who sold her company shares only days before the share
price crashed and said that it was ‘an unfortunate coincidence’. 
Bribery – the crime of giving money or presents to someone so that they will
help you by doing something dishonest or illegal. For instance, paying
government officials to avoid red tape, music companies have been paying
radio DJs to play their music since nineteen fifties. 
Corruption– dishonest or illegal behavior by officials or people in positions
of power, especially when they accept money in exchange for doing things
for someone. The mayor from a small town in Italy used his position and
influence to get local contractors to build him this enormous castle in the
mountains. 
Embezzlement – the theft of money that people trust you to look after as part
of your work. Korean scientist, a top researcher who had been using
government research funds to pay for luxury hotels, restaurants and even a
round-the-world cruise for his wife. 
Nepotism – the practice of using your power and influence to give jobs to
people in your family instead of people who deserve to have them. An HR
Director who managed to hire and promote several of her brothers and
sisters to important positions in the same multinational. 
Conspiracy – the legal offence of planning a serious crime. For example, the
story of marketing executives who were so desperate to succeed that they
planted bombs into their competitors’ factories. 
Money-laundering – to hide the origin of money obtained from illegal
activities by putting it into legal businesses. The offshore banks (are not in
your own country but in a country where the law is different) which process
large transactions for drug dealers.
 4. Quality management. Quality from various viewpoints. Built-in
obsolescence.

Quality management is the act of overseeing different activities and tasks within
an organization to ensure that products and services offered, as well as the means
used to provide them, are consistent. It helps to achieve and maintain a desired
level of quality within the organization.
 Quality management consists of four key components, which include the
following:
 Quality Planning – The process of identifying the quality standards relevant
to the project and deciding how to meet them.
 Quality Improvement – The purposeful change of a process to improve the
confidence or reliability of the outcome.
 Quality Control – The continuing effort to uphold a process’s integrity and
reliability in achieving an outcome.
 Quality Assurance – The systematic or planned actions necessary to offer
sufficient reliability so that a particular service or product will meet the
specified requirements.
The aim of quality management is to ensure that all the
organization’s stakeholderswork together to improve the company’s processes,
products, services, and culture to achieve the long-term success that stems from
customer satisfaction.
The process of quality management involves a collection of guidelines that are
developed by a team to ensure that the products and services that they produce are
of the right standards or fit for a specified purpose.
The process starts when the organization sets quality targets to be met and which
are agreed upon with the customer.
The organization then defines how the targets will be measured. It takes the actions
that are required to measure quality. It then identifies any quality issues that arise
and initiates improvements.
The final step involves reporting the overall level of the quality achieved.
The process ensures that the products and services produced by the team match the
customers’ expectations.

In economics and industrial design, planned obsolescence (also called built-in

obsolescence or premature obsolescence) is a policy of planning or designing
a product with an artificially limited useful life or a purposely frail design, so that
it becomes obsolete after a certain pre-determined period of time upon which it
decrementally functions or suddenly ceases to function, or might be perceived
as unfashionable. The rationale behind this strategy is to generate long-term sales
volume by reducing the time between repeat purchases (referred to as "shortening
the replacement cycle"). It is the deliberate shortening of a lifespan of a product to
force people to purchase functional replacements.
 5. Efficient teamwork. Teambuilding activities. Leadership in teamwork

Teamwork means to work together with several people to achieve a goal that is
common to all. We can say that teamwork is crucial for the functioning of an
organisation. Without teamwork an organisation or company won’t be able to
achieve its goals on time and this can lead to loss of energy and manpower. Every
organisation or company has a division of many teams which perform specific
tasks and without it the functioning of the organisation or company may get
disrupted which will ultimately hinder the achievement of success and the goals set
by them. This can affect the organisation or company and even the people working
there. Every organisation or firm has a different hierarchy of teamwork too where
the workload is evenly divided. This helps in maintaining the work balance and
also equality among the members. Every team has a team leader or an expert that
guides the whole team with their prior knowledge or experience. Humans are
social beings and we are surrounded by one another in every stage of our life
whether it is in home, school or office. All of us have certain goals and
responsibilities we aim to achieve. All of this makes us part of the team. When we
are assigned some work, then with proper coordination and planning we can
always achieve the goal easily.
Team-building activities are games, meetings or events designed to motivate
members of a group to get to know and respect one another. Often, businesses use
team-building activities as a way to build trust and communication among people
who regularly work together professionally. 
Even though they look like games, team-building activities are thoughtfully
designed to encourage people to work as a team in the workplace.
Team-building activities can take a variety of forms depending on your goals.
Some events are designed to foster relationship building while other activities are
made to develop a specific skill in a fun way. Consider the five main types of
team-building — meeting kickoff, communication, problem-solving, creative
thinking and employee bonding. 

 Why are teamwork and leadership important? Together they provide clarity for
your team and directly impact your company vision.
Cultivating an environment of teamwork starts by building trust and rapport; by
being the kind of leader that teams want to follow.
 6. Managing people and projects. Performance appraisal. Constructive
criticism and recognizing merit.
Project management is defined as the application of knowledge, skills, methods,
and key processes in the attainment of specific goals. It is an important aspect in
any organization’s attainment of goals and objectives. Its main features include
deliverables, a budget, a team, and a timeline. There are several factors that
managers should consider when managing projects. These include ethics,
international factors, and cross-cultural influences. The success of a project is
highly dependent on how well managers approach the aforementioned factors,
which is influenced by their knowledge, skills, and experiences. The major
components of project management include risk management, budget
management, provider management, communication maintenance with involved
stakeholders, and the monitoring of progress based on the plan.
Performance appraisal refers to a formal management system that is used by
organizations in the evaluation of individual employee performance. Performance
appraisal can be defined as the systematic, impartial and periodic rating of the
employees’ on the basis of their present and potential excellence in their job.
Alternatively performance appraisal can also be defined as the quantitative and
qualitative aspect of evaluating the employees’ behavior.
In most cases, it is the employees’ immediate supervisors who are charged with the
responsibility of preparing the appraisal form used in evaluating the employees’
performance. The appraisal form usually contains a number of questions that
assesses the employee performance on different dimensions.
When giving constructive criticism, it's important to make sure you're presenting a
balanced perspective, whether your feedback is ultimately positive or negative.
This is more obvious when it comes to negative feedback - while you shouldn't
have to feel like you must paint a picture that's different from the reality of the
situation, especially if you have major concerns about the work or behaviors being
discussed, it's helpful to be able to point out some positives in that person's attitude
or output. For example, if a specific project doesn't meet your expectations, you
could frame the conversation by saying how you've been impressed with the
individual's work in the past, which is why you know that this deliverable could be
improved. Again, you want to be truthful - don't mislead someone into thinking
their performance is better than it actually is - but giving someone a few positives
to help motivate them can go a long way.
 7. Selling more. Sales and marketing. Techniques and methods that can
help to increase sales. Social media marketing.

Today, social media platforms are an important part of your overall marketing
strategy. More than ever, brands are using social media to connect with their
audience and promote their product. Using SMM to effectively promote your
business and reach your target audience has become a crucial part of successful
digital marketing strategies. SMM stands for Social Media Marketing and just like
it sounds, this is a way to promote products and services through social media
platforms like Facebook, Instagram, Snapchat, Tiktok, Twitter and so on.
According to Statistics, users spend 153 minutes daily on social media in 2020.
Compare this with only 90 minutes spent on social media back in 2012. This
means that it is worth a shot to use SMM to promote your business. There are
some steps, by following those you can achieve great results. First of all, it is of
paramount importance to determine your goals in social media. Along with
defining the precise goals of your business, you need to define the exact audience
that you’re targeting. Another idea is to get to know the target audience of your
competitors. Analyze their activity, which competitors’ content gets the most
positive reactions, or leaves the audience indifferent. The way you address your
potential customers is important. The copywriting you choose for your website,
emails, and social media influence how your audience perceives your business.
Choose how you want your brand’s writing to appear on social media: as if you are
talking to your old buddy or your school principal, using an emoji or not, sending
short posts or serious longreads, and make sure to stick to these rules in all your
posts. Another tip is to create a content plan, it is important to separate content into
at least three groups: a group for promotional content, one for entertaining content,
and another for informative content and decide on the time and frequency of the
posts. By following such rules, you can drastically increase your clout score,
which shows the influence among the audience in the net.
 8. New business. Raising finance for a new business. A business plan and
its sections. Successful start-ups
Starting a new business is the best way to gain freedom. Although this statement is
disputable, it has sense.

Why do people decide to become entrepreneurs? They are longing for

independence. New business helps one manage his time in the way he wants. He
can produce the goods and services he likes. Finally, he is able to try to be
responsible and creative.

New businesses are very important for the economy of every state. Small
entrepreneurs contribute into the state budget a lot. It is possible to say that the
complex of small and middle firms provides the country with the same profit as big
business does. In simple words, a prosperous state cannot survive without small
business. It is impossible to defeat poverty without small business. Thus, if you
have any genuine and uncommon ideas concerning the production of useful goods
and services, establish your own small firm.

There are a number of ways of raising finance for a business. Raising finance in a
business is need for
many reasons such as starting up a business, day-to-day trading and expanding
business
opportunities. The type of finance chosen depends on the nature of the business.
Large
organisations are able to use a wider variety of finance sources than are smaller
ones. A small
business can also borrow from families and friends. In contrast, companies raise
finance by issuing
shares. Large companies often have thousands of different shareholders. There are
two common
forms of raising finance which we can make key distinctions between.
There are a number of ways of raising finance for a business. Raising finance in a
business is need for
many reasons such as starting up a business, day-to-day trading and expanding
business
opportunities. The type of finance chosen depends on the nature of the business.
Large
organisations are able to use a wider variety of finance sources than are smaller
ones. A small
business can also borrow from families and friends. In contrast, companies raise
finance by issuing
shares. Large companies often have thousands of different shareholders. There are
two common
forms of raising finance which we can make key distinctions between.
There are a number of ways of raising finance for a business. Raising finance in a
business is need for
many reasons such as starting up a business, day-to-day trading and expanding
business
opportunities. The type of finance chosen depends on the nature of the business.
Large
organisations are able to use a wider variety of finance sources than are smaller
ones. A small
business can also borrow from families and friends. In contrast, companies raise
finance by issuing
shares. Large companies often have thousands of different shareholders. There are
two common
forms of raising finance which we can make key distinctions between.
There are a number of ways of raising finance for a business. Raising finance in a
business is need for many reasons such as starting up a business, day-to-day
trading and expanding business opportunities. The type of finance chosen depends
on the nature of the business. Large organisations are able to use a wider variety of
finance sources than are smaller ones. A small business can also borrow from
families and friends. In contrast, companies raise finance by issuing shares. Large
companies often have thousands of different shareholders.

A business plan is a document that defines in detail a company's objectives

and how it plans to achieve its goals. A business plan lays out a written road
map for the firm from marketing, financial, and operational standpoints. Both
startups and established companies use business plans.

Below are some of the common and key parts of a business plan.

 Executive summary: This section outlines the company and includes

the mission statement along with any information about the company's
leadership, employees, operations, and location.
 Products and services: Here, the company can outline the products
and services it will offer, and may also include pricing, product lifespan,
and benefits to the consumer. Other factors that may go into this
section include production and manufacturing processes,
any patents the company may have, as well as proprietary technology.
Information about research and development (R&D) can also be
included here.
 Market analysis: A firm needs a good handle on its industry as well as
its target market. This section of the plan will detail a company's
competition and how the company fits in the industry, along with its
relative strengths and weaknesses. It will also describe the expected
consumer demand for a company's products or services and how easy
or difficult it may be to grab market share from incumbents.
 Marketing strategy: This section describes how the company will
attract and keep its customer base and how it intends to reach the
 consumer. A clear distribution channel must be outlined. The section
also spells out advertising and marketing campaign plans and the types
of media those campaigns will use.
 Financial planning: This section should include a company's financial
planning and projections. Financial statements, balance sheets, and
other financial information may be included for established businesses.
New businesses will include targets and estimates for the first few
years plus a description of potential investors.
 Budget: Every company needs to have a budget in place. This section
should include costs related to staffing, development, manufacturing,
marketing, and any other expenses related to the business.

 
The best business plans aren't generic ones created from easily accessed
templates. A company should entice readers with a plan that demonstrates its
singularity and potential for success.
 9. Accounting. Financial statements of a company: what information is
included, who can be interested in them
Financial statements are written records that convey the business activities
and the financial performance of a company. Financial statements are often
audited by government agencies, accountants, firms, etc. to ensure accuracy
and for tax, financing, or investing purposes. For-profit primary financial
statements include the balance sheet, income statement, statement of cash
flow, and statement of changes in equity. Nonprofit entities use a similar but
different set of financial statements.

Investors and financial analysts rely on financial data to analyze the

performance of a company and make predictions about the future direction of
the company's stock price. One of the most important resources of reliable
and audited financial data is the annual report, which contains the firm's
financial statements.

The financial statements are used by investors, market analysts, and

creditors to evaluate a company's financial health and earnings potential. The
three major financial statement reports are the balance sheet, income
statement, and statement of cash flows.

The balance sheet provides an overview of a company's assets, liabilities,

and shareholders' equity as a snapshot in time. The date at the top of the
balance sheet tells you when the snapshot was taken, which is generally the
end of the reporting period. Below is a breakdown of the items in a balance
sheet.

Unlike the balance sheet, the income statement covers a range of time, which
is a year for annual financial statements and a quarter for quarterly financial
statements. The income statement provides an overview of revenues,
expenses, net income, and earnings per share.

Operating revenue is the revenue earned by selling a company's products or

services. The operating revenue for an auto manufacturer would be realized
through the production and sale of autos. Operating revenue is generated
from the core business activities of a company.Non-operating revenue is the
income earned from non-core business activities. These revenues fall outside
the primary function of the business.

Financial statements are the ticket to external evaluation of a company's

financial performance. The balance sheet reports a company's financial
health through its liquidity and solvency, while the income statement reports a
company's profitability. A statement of cash flow tie these two together by
tracking sources and uses of cash. Together, financial statements
communicate how a company is doing over time and against its competitors.
 10. Fair trade. The main idea of this social movement, its benefits and
drawbacks

Fair Trade is a trading partnership, based on dialogue, transparency and respect,

that seeks greater equity in international trade. It contributes to sustainable
development by offering better trading conditions to, and securing the rights of,
marginalized producers and workers – especially in the South. Fair Trade
Organisations engage actively with consumers, in supporting producers,
awareness-raising and campaigning for changes in the rules and practice of
conventional international trade.
Fair trade promotes fair wages and working conditions for labourers. Advocates
for fair trade want multinational, big companies and governments to further
regulate trade. Besides ensuring workers earn livable wages, fair trade also works
to prevent exploitation of these workers’ rights and lands by the global trading
system. Advocates believe that fair trade will help stop big corporations from
swallowing their competition and creating monopolies.
The Fair Trade movement shares a vision of a world in which justice, equity and
sustainable development are at the heart of trade structures and practices so that
everyone, through their work, can maintain a decent and dignified livelihood and
develop their full human potential.
The movement brings together many actors such as Fair Trade organisations,
labelling initiatives, marketing organisations, national Fair Trade networks, Fair
Trade support organisations, Fair Trade Towns, academic and education
institutions, specialised Fair Trade importers, civil society organisations in both the
North and Global South, places of worship, researchers and volunteers. All these
mentioned, backed by consumers, are engaged actively in supporting producers
and workers, participating in trade, in awareness raising and campaigning for
changes to the rules and practice of conventional international trade. Moreover,
thousands of volunteers are involved in the Fair Trade movement. Their support
can be seen thanks to their active participation in projects and events such as Fair
Trade Fortnight, World Fair Trade Day (second Saturday each May), Fair Trade at
work or just simply by their daily choices in buying Fair Trade products. The Fair
Trade Movement supports and works with both labelled and unlabelled goods.