CAMBODIAN MEKONG UNIVERSITY

Is the university that cares for the value ofeducation

Understanding Business
Assignment
Lecturer: Mr. Heng Norovong
Presentation Date: 20th April 2019
Group Members
1. Em Chanraksmey ID: 1257160701
2. Heng Narykanika ID: 1257160607
3. Sous Sokheng ID: 1256170423
4. Hoem Sodaly ID: 1257160403
5. Chhay Phearom ID: 1257160312
6. Mom Sokvisal ID: 1256160276
7. Ann Kheng ID:
Contents
Part 1: Introduction
1.1 Overview of business
1.2 Definitions of business
1.3 Why study business?
1.4 Features of business
1.5 Objectives of business
1.6 People in business
Part 2: Concepts & Research
2.1 5 key terms (chapter 1-10)
2.2 Entrepreneurship & success
2.3 Major reasons for business
failure
2.4 Business plan & elements
2.5 Business management and
skills
2.6 Employee motivation
2.7 What makes a product unique?
1.1 Overview of business
• Cambodia has attained lower middle-income status with gross
national income (GNI) per capita reaching US$1,230 in 2017
• Driven by garment exports and tourism, Cambodia has sustained
an average growth rate of 7.7% between 1995-2017, the sixth
fastest-growing economy in the world.
• According to official estimates, the poverty rate in 2014 was
13.5% compared to 47.8% in 2007
1.2 Definitions of business
• An organization or economic system where goods and services
are exchanged for one another or for money.
• A person's regular occupation, profession, or trade.
• A business is defined as an organization or enterprising entity
engaged in commercial, industrial, or professional activities
1.3 Why study business?
• Business includes those in the scientific, medical, education
and government sectors, along with those who are simply
consumers of products and services
• Becoming knowledgeable about how businesses operate helps
everyone understand how the engine that drives the world's
economies works
1.4 Features of business
o There are five broad feature of business:
• Dealings in goods and services
• Production and exchange
• Continuity and regularity in dealings
• Profit motive
• Element of risk
1.5 Objectives of business
 Economic objectives
— Profit Earning
— Market Share / Creation of
Customers
— Increasing Productivity
 Social objectives
— Providing Goods & Services
at Reasonable Prices
— Employment Generation
— Fair Remuneration to
Employees
1.6 People in business
— Administrator Officer (CEO) — Controller
— Agent — Chief Financial — Chief Operating
— Ambassador Officer (CFO) Officer
— Baron — Chairman — Coordinator
— Boss — Chairperson — Dealer
— Businessman — Chairwoman — Dealmaker
— Businessperson — Change agent — Deputy
— Businesswoman — Chief — Developer
— Capitalist — Chief executive
— Chief Executive — Company man
1.6 People in business (Cont.)
— Director-general — interlocutor — Proprietor
— Director — Line manager — Road manager
— Entrepreneur — Magnate — Social
— Executive — Manager entrepreneur
— Executive — Managing — Stakeholder
director director — Supervisor
— Executive officer — Middleman — Trade
— Executive — Officer
secretary — Ombudsman
— Foreman — Operator
— Industrialist — Product owner
2.1 5 key terms (chapter 1-10)
— Ethics: are beliefs about what’s right and wrong or good and
bad.
— Business Ethics: is a term often used to refer to ethical or
unethical behavior by employees in the context of their job.
— Unethical Behavior: is a behavior that conforms to
individual beliefs and social norms about what is defined as
wrong and bad.
— Ethical Behavior: is a behavior that conforms to beliefs and
social norm about what’s right and good.
— Managerial Ethics: standard of behavior that guide
individual managers their work.
2.2 Entrepreneurship & success
• Entrepreneurship is the process of seeking business
opportunities under condition of risk.
• Entrepreneurship is the act of creating a business or businesses
while building and scaling it to generate a profit. (Nicole, 2018)
• An entrepreneur is a person who sets up a business with the aim
to make a profit (Nicole, 2018)
2.2 Entrepreneurship & success
o An important of entrepreneurship
― Entrepreneurs create jobs
― Entrepreneurs create change
― Entrepreneurs give to society

o How to make an entrepreneurship success

— Hard work, drive, and education
— Market demand for the products or services being provided.
— Managerial competence
— Luck
2.3 Major reasons for business failure
• Managerial incompetence or inexperience
• Neglect. Some entrepreneurs try to launch ventures in their spare
time, another devote only limited time to new businesses.
• Weak control systems.
• Insufficient capital. Some entrepreneurs are overly optimistic
about how soon they'll start earning profits
2.4 Business plan & elements
• Business Plan is an internal document that lays out the overall
strategy and marketing plan for a business, an initial business start-
up plan or a proposal for one-off projects.
• Business Elements
o Value Proposition o Key Activities
o Customer Segments o Key Resources
o Channels o Key Partners
o Customer Relationships o Revenue Streams
o Cost Structure
2.5 Business management and skills
• Business Management is a management of the resources
available to a business is crucial to its survival and growth.
• Business skills
o Delegation Skills o Analytical Skills
o Communication Skills o Sales and Marketing Skills
o Negotiation Skills o General Management Skills
o Strategic Planning o Cash flow Management Skills
o Leadership Skills o Financial Management Skills
o Team Building Skills o Time Management Skills
2.6 Employee motivation
• Invest your time and effort with them
• Share responsibilities and empower
• Seek employee
• Treat your employees like your partner
• Provide incentives
• Use good communication
• Put your promise into action
2.7 What makes a product unique?
 4 crucial generations of product development are
— Invention and Commercialization Generation (1890-1950)
— Project Success Generation (1950-1980)
— Time-To-Market-Generation (1980-2000)
— Research & Development Productivity Generation (2000-2020)
 There are techniques of creating special
— Quality
— Low-cost
— Flexibility
— Dependability
Questions & Answers

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