Business Administration for Your Business - BUS102
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- The students could understand Introduction to MBA Basics.
- A willingness to learn and practice
We release New Course "Micro-MBA Program for Everyone" at Udemy.
If you could complete the course, you could get “Certificate of Completion” by Udemy.
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- Producer: Animate U, Japan
- Corporate Writer: Sara Teller, United States
- Corporate Voice Talent: Michael Neeb, Canada
- Corporate Voice Talent: Shayna Keller, United States
- Corporate Animator: Uliana Ovchar, Ukraine
Introduction to Course
This course is designed to help students understand what an Master of Business Administration (MBA) is from both a functional and educational standpoint, and the value of starting a business from an MBA perspective. Students will follow Erik, who would like to open a café, but doesn’t know where to begin. He consults Susan, who has an MBA degree and is able to help him along the way.
Erik discusses that his primary goals include profit maximization, providing a public service and running a business to create social benefit. In their interaction, Susan walks Erik through the various business systems, including production, marketing, finance and human resources, and discusses the business’s supply chain. She explains what it means to work with yourself and with others to create value for customers.
This course is a valuable tool for anyone studying business management or hoping to start a business. It will help students understand basic concepts and how these can be applied to real-life ventures.
Following Erik and Susan through all twelve chapters will ensure first-time learners grasp how an MBA can help them to achieve their goals. Those already in a business program will brush up on important skills, gaining a better understanding of the most important concepts taught.
How to get "Certificate of Completion" by Udemy
- Anyone who wants to learn to MBA
Chapter 1: What is an MBA?
Erik enquires about starting his café. He has heard of an MBA, but isn’t sure what
this entails. Susan explains both from
an educational standpoint as well from a functional perspective. The value behind starting a business from an
MBA perspective is reviewed. Susan asks Erik what he hopes to accomplish by opening
his café to which he responds he is hoping to provide a public service, great
products (food/beverages), and a fun, social environment while, of course, generating
a profit. Susan notes that Erik has the
following goals: profit maximization,
providing a public service and running a business to create social benefit.
Erik enquires about starting his café. He has heard of an MBA, but isn’t sure what this entails. Susan explains both from an educational standpoint as well from a functional perspective. The value behind starting a business from an MBA perspective is reviewed.
Susan asks Erik what he hopes to accomplish by opening his café to which he responds he is hoping to provide a public service, great products (food/beverages), and a fun, social environment while, of course, generating a profit. Susan notes that Erik has the following goals: profit maximization, providing a public service and running a business to create social benefit.
Chapter 2: Value Creation
Susan tells Erik his business must create value for his customers. Creating value is the number one priority of all revenue-generating endeavors. If customers realize the café offers something they desire, they will return time and time again, and tell their friends and family, so Erik can enjoy a long-lived, steady profit stream. She will show Erik techniques for determining who his customers are, what they like, how he can offer a better value than his competitors, and exactly what he will offer at what price.
Chapter 3: Marketing
Susan will explain that in order to create awareness and value, Erik will need to promote himself and the café. There are many ways to do so, and she will touch on social media/online and print marketing, as well as event/brand ambassador and guerilla marketing. She will also discuss product review sites, such as Google, Yelp and YellowPages.com. Will Erik run local ads? Will he advertise with a specific logo or tagline? Will he do interviews with local publications? Will he set up a taste testing event (work with the chamber of commerce to do so), advertise on billboards, offer coupons on social media? Maybe he has karaoke nights or invites bands to play to increase exposure. The options are endless.
Sales are critical to any business and are a direct result of a successful marketing campaign as well as the quality of the product or service offered. Even if Erik proves he can get patrons through the door, can he give them what they want once they’re there? Susan will explain how Erik can generate and sustain salability. Competitive advantage will be discussed further. How will Erik maximize his sales potential? How will he proactively protect against below-target results?
Chapter 5: Value Delivery
Erik must prove he can deliver the value he’s promised by providing excellent customer service and ensuring each guest is please with their visit. This also means he has a sufficiently stocked inventory, a capable kitchen and wait staff, and an efficient order processing and payment system in place. He must be knowledgeable and has trained his staff on complaint management and recovery. The potential value of offering surveys to customers to garner testimonials will be discussed. Perhaps he can offer them a discount on their bill for providing value-added feedback that can be used in advertising.
How does Erik plan to finance his venture? How will he get his initial funding? He will also need to sit down and create a financial forecast – perhaps six months, one year, five years. This is not just a one-and-done planning tool, either. He will need to check in regularly to ensure he’s hitting his targets. How will he manage the bookkeeping? He is doing this himself or hiring a CPA? Will he invest in a program such as QuickBooks? Will he have an administrative staff? Susan will explain that Erik needs to make sure he has enough cash reserves on hand or is able to quickly and easily borrow when funds are low. The financial disposition of the café will need constant monitoring.
Chapter 7: The Human Mind
Susan will show Erik the psychological aspects behind owning a business. How will he persuade customers to walk through the door and try his dishes? How will he create an ambiance that’s appealing and makes them want to return? How will his dishes be presented?
Erik also needs to remain honest with himself when it comes to how the business is performing. If it’s not doing well, he needs to proactively seek out the piece of the puzzle that doesn’t fit and fix it. He cannot be in denial until the entire operation plummets. He also needs to be comfortable with overseeing the café, in general, and be able to productively manage daily stressors, including unforeseen technical difficulties with the process, unsatisfied customers, running out of certain items, etc. One can only plan so much. How will he keep his cool and put out inevitable fires?
Susan will show Erik how to avoid being counterproductive mentally and emotionally as the business ebbs and flows. She will work with him to ensure he can work with himself. After all, he is human and will be faced with moments of uncertainty, self-doubt and perhaps panic. What strategies can Erik use to “check in” with himself and make sure he remains calm and collected? What will be his strengths and weaknesses as a business owner? What does he do well and where should he focus his energy on improving? Susan will show Erik how to maximize his personal productivity.
Chapter 9: Working with Others
Erik will need to develop people management skills in
order to run a café. He will employ a wait
staff, hosts/hostesses, those who will help bus tables and a kitchen crew. He may also consider employing a cleaning
staff and a trusted manager able to really hone in on the day-to-day and report
back. Therefore, Susan will show Erik
effective strategies for working with various personality types, and she may
give him pointers of what to look for in each position. Does the chef have prior experience in the
kitchen? Does the manager have
supervisory experience? Does he feel
comfortable trusting the manager to fill him in?
Erik should consider creating a procedure for disciplinary action and be prepared to enforce it. Susan can help him brush up on his human resources skills and show him how to keep his staff productive.
Susan will help Erik figure out what the building blocks of his business are. What is the big picture? How will he take each piece of the puzzle discussed above – production, finance, human resources and marketing – a mold these into an effective strategy, and how will he connect his employees with the organization’s strategy? What will Erik’s supply chain and logistics systems look like? How will he effectively manage inventory and people? Susan can help him gain a clear understanding of each function of the business and realize how these work together.
Chapter 11: Analyzing Systems
Once Erik recognizes what each piece of his business puzzle is and how these all work together, he can hone in on each regularly and ensure its operating smoothly. Or, if something is off, he will be more readily able to identify where the problem is and come up with solutions for improvement. Effectively analyzing systems will help Erik’s café stay profitable and open for years to come. Once Erik has a good grasp on the business, he may consider testing the waters by switching things up here and there to see if changes improve results. Susan can provide him with a few pointers for experimentation.
Chapter 12: Improving Systems
Should there be a part to the system that is dysfunctional or off balance, Erik will utilize his analytical skills to figure out just what this is and how it can be fixed. Systems often become outdated, too, and Erik should always stay abreast of changes in the restaurant scene and in the business world in general so he can ensure his café is functioning at full capacity. He may need to update tangible pieces or his strategy to keep up in an ever-evolving environment. Susan will help Erik understand the social, political, cultural, economic and other factors that constantly effective Erik’s business and what can he do to maximize his potential in relation to each.