Page 71 - Introduction to Business

CHAPTER 1 What Is Business? 45

Portfolio Projects

Exploring Your Own Case in Point 3. What is the market structure of the industry in
Throughout this text you will find many examples of which your company operates? How did you come
real companies to help illustrate how the concepts you to that conclusion? How has information technol-
are learning about are applied in real business situa- ogy impacted your company?
tions. In particular, we will follow three companies— 4. Who is the target audience of your company? How
Sony, McDonald’s, and DaimlerChrysler—in detail would you break down your company’s consumers
through the Case in Point boxed features. The Portfolio based on demographics?
Project at the end of every chapter takes that Case in
Point concept to the next step by helping you explore a Starting Your Own Business
company of your own choosing and enhancing your
understanding of basic business principles. Many students who take an introductory business
The objective of this project is to enable you to con- course do so because they are thinking about starting
duct an independent comprehensive analysis of a large their own business. Many instructors use a business
company (e.g., a Fortune 500 company). Select a com- planning project as a way to help students understand
pany that you admire, a company that intrigues you, or the interrelatedness of all the topics that are covered
a company that you always wanted to know more during the course. An essential first step to starting a
about. Select a company that is publicly traded (such as new enterprise is developing a business plan. The busi-
one listed on the New York Stock Exchange), so that var- ness plan reflects the goals, strategies, and daily opera-
ious types of information (financial and otherwise) are tions of the firm. Business plans are comprised of a
readily available. You should be able to obtain informa- number of components. Following the organization of
tion from web searches and from your library. Library your text, these broad components could include: the
sources include The International Directory of Company nature of contemporary business (Chapters 1–4), which
Histories (Chicago: St. James Press), company annual covers issues related to the macro- and microeconomic
reports, and reports from rating agencies such as Stan- environments in which your business will operate; man-
dard & Poor’s, Moody’s, and Value Line. By answering agement (Chapters 5–7), which delves into firm-level
questions at the end of each chapter, you should be able organizational issues; marketing (Chapters 8–10), which
to understand your company better. Each chapter addresses the selling of goods and services; accounting
focuses on a specific topic and the end-of-chapter ques- (Chapters 11–12), which emphasizes the importance of
tions will encourage you to analyze how that particular bookkeeping in a firm; finance (Chapters 13–15), which
topic relates to your company. You will follow your com- identifies the various funding options available to firms;
pany through every chapter of the book, and by the and operations and information technology (Chapters
time you have completed Chapter 18, you will have 16–18), which explores the role of information technol-
learned almost everything about your chosen company! ogy in facilitating day-to-day business operations.
(Hint: Be sure to keep a bibliography of all the sources The Portfolio Project at the end of every chapter
you use —both print and electronic. This bibliography includes questions on Starting Your Own Business.
will provide useful resources as you answer questions in These questions are intended to provide you with the
later chapters. Also, your instructor may require a com- opportunity to compile your own business plan. In
plete bibliography as part of this assignment.) addition, Chapter 4 is devoted to addressing issues
After reading this chapter you should be prepared related to small businesses and entrepreneurship. Fur-
to answer some basic questions related to the type and thermore, you can find web-based information on how
nature of company that you have chosen to follow. to compose a business plan by connecting to the Small
Business Administration’s website (www.sba.gov) and
1. Determine when and where your company was clicking on “Starting Your Business.”
established and its line of business. What are the
Before you begin this project, think about a busi-
major products and services provided by your
ness that you would like to start. Perhaps you have an
company?
idea for a completely new product or service; or maybe
2. Is your company a private, public, or state-owned you have thought of a way to improve on an existing
firm? How is business performance measured in one. Whatever your business idea might be, these exer-
your company? Is your company a for-profit or cises will help you think it through in detail. Perhaps
not-for-profit company? you too could be an entrepreneur!

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