...don't know another as counterintuitive as startup investing. The two most important things to understand about startup investing, as a business, are (1) that effectively all the returns are concentrated in a few big winners, and (2) that the best ideas look initially like bad ideas. The first rule I knew intellectually, but didn't really grasp till it happened to us. The total value of the companies we've funded is around 10 billion, give or take a few. But just two companies, Dropbox and Airbnb, account for about three quarters of it. In startups, the big winners are big to a degree that violates our expectations about variation. I don't know whether these expectations are innate or learned, but whatever the cause, we are just not prepared for the 1000x variation in outcomes that one finds in startup investing. That yields all sorts of strange consequences. For example, in purely financial terms, there is probably at most one company in each YC batch that will have a significant effect on our returns, and the rest are just a cost of doing business. [1] I haven't really assimilated that fact, partly because it's so counterintuitive, and partly because we're not doing this just for financial reasons; YC would be a pretty lonely place if we only had one company per batch. And yet it's true. To succeed in a domain that violates your intuitions, you need to be able to turn them off the way a pilot does when flying through clouds. [2] You need to do what you know intellectually...
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...A Timeline and Strategies for Investment in a Winery By Jerry White Department of Applied Economics and Management Cornell University Cornell Horticultural Business Management and Marketing Program Leading Question: • Do you want to make wine? OR • Do you want to make money? Cornell Horticultural Business Management and Marketing Program Top 5 Reasons for Starting a Winery 1. It should be cheaper to make this stuff than to buy it! 2. To make a SMALL fortune. 3. You have just won the state lottery, and want to invest the proceeds! 4. To attract members of the opposite sex! 5. To offset taxable income from another business or profession. Cornell Horticultural Business Management and Marketing Program Sequencing the operation: vineyard first, winery later? (I will first assume that you are determined to grow grapes!) • Depends upon ATM! • A=Aspirations. What are your goals? • T=Time. How much time do you have? • M=Money How much capital do you have? • ATM has a double meaning: It means that you need a ready source of cash for the first few years you are operating! Cornell Horticultural Business Management and Marketing Program How much time do you have? (Best case scenario!) • Planning, ordering vines, vineyard establishment and development until mature yields are obtained—at least 5 years! • At least another year is required to produce the first vintage, and perhaps 2 to 3 years to get the marketing plan into full swing...
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...John Douglas MGT3302 A. 12 traits description: Desire for Responsibility: In my opinion, as an entrepreneur the first and the principal step is feeling responsible for the Business I run since I want to control the resources I used to achieve my goals. On the other hand, being irresponsible means the end of the business because there are creditors that wait for me to pay them back for example. Preference for Moderate Risk: an Entrepreneur must manage the risk in a wise way; he or she must not be risk taker 100% and not risk eliminator 100%. But, in my opinion Entrepreneurs are calculated risk takers. A successful entrepreneur must prepare a business plan to avoid risk. Confidence in Their Ability to Succeed: as an Entrepreneur confidence in the ability to succeed is very important that why Entrepreneurs must be optimistic about their chance for success. Otherwise, Entrepreneurs with no self confidence on their abilities may result to fail to make their businesses succeeding. Desire for Immediate Feedback: An entrepreneur is doing a big effort to take care about him or her business. As a result, he or she is looking for feedback on him ideas to see if he’s or she’s doing well. In other words, entrepreneurs need feedbacks on their daily activities. High Level of Energy: Entrepreneurs are more energetic than the average person by making more efforts and showing the hard working capacities. In addition, they must be giving a perfect example to the other workers by working long...
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...September 2012 A startup is a company designed to grow fast. Being newly founded does not in itself make a company a startup. Nor is it necessary for a startup to work on technology, or take venture funding, or have some sort of "exit." The only essential thing is growth. Everything else we associate with startups follows from growth. If you want to start one it's important to understand that. Startups are so hard that you can't be pointed off to the side and hope to succeed. You have to know that growth is what you're after. The good news is, if you get growth, everything else tends to fall into place. Which means you can use growth like a compass to make almost every decision you face. Redwoods Let's start with a distinction that should be obvious but is often overlooked: not every newly founded company is a startup. Millions of companies are started every year in the US. Only a tiny fraction are startups. Most are service businesses—restaurants, barbershops, plumbers, and so on. These are not startups, except in a few unusual cases. A barbershop isn't designed to grow fast. Whereas a search engine, for example, is. When I say startups are designed to grow fast, I mean it in two senses. Partly I mean designed in the sense of intended, because most startups fail. But I also mean startups are different by nature, in the same way a redwood seedling has a different destiny from a bean sprout. That difference is why there's a distinct word, "startup," for companies...
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...Ethical Issues in Business Nathaniel Andrews Langston University November 14, 2011 Ethical Issues In Business Ethics and moral obligation are something that we all encounter at one time or another. Even in a professional setting, all persons should act in a manner that would uphold the good of society. Why is it that good, ethical and moral behavior is not always adhered to? Is it because some people do not understand ethics and what it means to be ethical? To be ethical, one has to decide between right and wrong, determine what is for the betterment of society and act accordingly. Ethics have three basic criteria that must be met obligations, moral ideas, and consequences. Businesses have their own code of ethics and the individuals within that business have to determine whether or not they will follow that code of ethics. Ethical behavior in business is consistent with the principles, norms, and standards of business practice that have been agreed upon by society. At times, however, an individual decides to go against the code of ethical behavior for personal gain. The term patent usually refers to an exclusive right granted to anyone who invents any new, useful, and non-obvious process, machine, article of manufacture, or composition of matter, or any new and useful improvement thereof, and claims that right in a formal patent application. The additional qualification utility patent is used in the United States to distinguish it from other types of patents (e.g. design...
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...POCKETS By Michael Bergdahl, International Speaker, Author & Wal-Mart Competition Authority Author of the Books: “What I Learned From Sam Walton” & “The 10 Rules of Sam Walton” Wal-Mart is coming! Wal-Mart is coming! Wal-Mart is coming! The mere mention of the name Wal-Mart engenders fear in the hearts of competitors around the globe. The reality is that Wal-Mart is coming to a town near you . . . so what are competitor’s to do? Historically, as Wal-Mart has expanded its operations around the globe the local competitive environment changes . . . forever! Wal-Mart has trounced hapless competitors worldwide so what can you do to make certain you are not one of them? The fact is that in every market Wal-Mart has entered there are retailers who were there before Wal-Mart arrived and they are still there today, competing surviving and even thriving! Unfortunately there are many other retailers who break under the pressure of Wal-Mart’s Every Day Low Prices. Where can you learn the lessons you need to learn in order to insure the success of your business in a Wal-Mart World? The answer is by Picking Wal-Mart’s POCKETS! POCKETS is actually an acronym “P.O.C.K.E.T.S.” which defines the seven strategies of Wal-Mart. The symbolism of P.O.C.K.E.T.S. is that for any business to compete effectively it has to identify its own unique market, niche or “POCKETS”. The acronym stands for: P = Price, O = Operations, C = Culture K = Key Item Promotion/Product, E = Expense Control, T =...
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...chapter 1: understanding business communication in today’s workplace Chapter summary Chapter 1 focuses on the importance and benefits of becoming an effective business communicator and highlights characteristics of effective communication. A definition of effective communication is followed by a discussion of the six phases in the communication process. Five key ways to improve business communication are addressed in detail: committing to ethical communication, adopting an audience-centered approach, improving intercultural sensitivity, improving workplace sensitivity, and using communication technology effectively. Examples of unethical communication practices and a discussion of how to recognize ethical choices precede a list of questions to help a communicator make an ethical decision. Readers will learn about ways to recognize cultural differences in areas such as cultural contexts, ethics, social customs, and nonverbal communication. The suggestions for polishing both written and oral intercultural skills can help a businessperson communicate more effectively with those of differing cultural backgrounds, as can the list of tips for working in a culturally diverse workforce. Readers are offered an overview of technologies that connect businesses and aspects of using communication technology effectively are presented. The information presented in Chapter 1 provides a base for all the remaining chapters in the text. trANSparencies for chapter 1 The following...
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...Discussion 2: Global environmental issues at a company level Environmental standards, rules and technical regulations are for some companies a challenge to meet – this often leads to market failure as they cannot meet the challenge. For other companies it provides a business opportunity – either because they can adopt better than others, or they are providers of environmental goods or services. Analyse the case of a company. The assignment We will discuss various topics in the seminars. The discussion will be prepared by student groups, who will prepare, introduce the discussion by a presentation, lead the discussion, and finally summarize the outcomes. Besides this, the student group will research the topic in details, and using the outcomes of the discussion the group will write a research paper (essay) on the topic. The assignment consists of four major pillars: 1. The preparation and delivery of a presentation that introduces and prepares the discussion 2. Leading the discussion 3. An oral summary of the of the topic and the outcomes 4. An essay on the topic (not just the discussion!). Assignment Description Detailed Assignment Description Discussions and topics will be prepared and led by a small group. Discussions will be introduced by a 15-20 minutes long presentation. The aim of the presentations is to introduce the topic, to give necessary and useful information (e.g. facts, figures)...
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...bike paths which are now required in its new city plan. However, it will be easier for the city to widen the street if it acquires an easement across Mrs. Martin’s property. Mrs. Martin is interested in providing this easement to the city but would like assurance that she will receive a charitable contribution deduction for the easement. ISSUE AND CONCLUSION 1 Will the donation of the easement by Mrs. Martin qualify as a charitable contribution deduction? No, the donation of the easement will not qualify as a charitable contribution deduction. ANALYSIS 1 B-1 B-3 B-2 IRC §170 provides that contributions individuals make are deductible in the tax year paid. Unless the IRC provides an exception, it is the general rule that all charitable contributions made to a qualified organization, listed under IRC §170(c), shall be allowed a deduction. IRC §170(c) provides further clarification that a charitable contribution made to a municipality qualifies as a “State” for purposes of being a qualified donee as long as it is used for public purposes. Under IRC §170(h)(4)(B)(ii)(II), the municipality must also have the commitment to protect the conservation purpose of the donation and the resources to enforce the conservation restrictions. At...
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...Corporation Ethics The study of ethics within corporations is a study of applied ethics that examine moral and ethical dilemmas, and ethical principles that come up in the business world. It is an important subject in today’s business world; with the scandals that are in the business news around the world. It is crucial that business organizations question their principles in every area, from product testing, customer service, to working in the global economy. The list of corruption cases in the world are growing in number. It is becoming a problem that governments across the globe have to face. Greed is usually the driving force in corruption around the world regardless of the industry. “To be really greedy, a person has to not just want and acquire a lot of material wealth. He (or she) needs to come by it less than honestly, and enjoy stacking it up in the face of the far less fortunate. He has to put his own desire for stuff above the needs and legitimate concerns of those around him. In the business world, that often means cheating. Madoff, for example, didn't just get rich, he got rich by faking an entire investment enterprise and doing it at the expense of decent charities and people who had trusted him with their life savings. All that just served to make him the most-hated guy of ... well, of February. By March, all that populist anger had turned to the AIG bonus boys. It wasn't just that they got fat bonuses after their firm took U.S. government bailout...
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...Communication Skills Multiple Choice 1. One of the fastest ways to ensure your career success is to a. learn how to design Web pages. b. post a persuasive résumé online. c. develop excellent communication skills. d. invite your boss out to lunch periodically. ANS: c REF: p. 2 TYPE: Con DIF: 3 TOP: Communication Skills: Your Ticket to Work or Your Ticket Out the Door NOT: Developing excellent communication skills is one of the fastest ways to ensure your career success. AAC: Tier 1—Reflective Thinking; Tier 2—Conclusion 2. On the job you are more likely to be taken seriously and promoted if you a. look and sound professional. b. frame your degree or certificate and hang it on your office or cubicle wall. c. appear to be busy even when you’re not really doing anything. d. do all of the above. ANS: a REF: pp. 4-5 TYPE: Con DIF: 3 TOP: Professionalism Counts With Employers NOT: If you look and sound professional while working, you are more likely to be taken seriously and promoted. AAC: Tier 1—Reflective Thinking; Tier 2—Conclusion 3. Because the U.S. economy is increasingly _____________ based, education is extremely important. a. politically b. production c. knowledge d. labor ANS: c REF: p. 9 TYPE: Con DIF: 3 TOP: How Does Your Education Affect Your Income? NOT: Because the U.S. economy is increasingly knowledge based...
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...Competencies Multiple Choice 1. One of the fastest ways to ensure your career success is to a. learn how to design Web pages. b. post a persuasive résumé online. c. develop excellent communication skills. d. invite your boss out to lunch periodically. ANS: c REF: p. 2 TYPE: Con DIF: 3 TOP: Communication Skills: Your Ticket to Work or Your Ticket Out the Door NOT: Developing excellent communication skills is one of the fastest ways to ensure your career success. AAC: Tier 1—Reflective Thinking; Tier 2—Conclusion 2. On the job you are more likely to be taken seriously and promoted if you a. look and sound professional. b. frame your degree or certificate and hang it on your office or cubicle wall. c. appear to be busy even when you’re not really doing anything. d. do all of the above. ANS: a REF: pp. 4-5 TYPE: Con DIF: 3 TOP: Professionalism Counts With Employers NOT: If you look and sound professional while working, you are more likely to be taken seriously and promoted. AAC: Tier 1—Reflective Thinking; Tier 2—Conclusion 3. Because the U.S. economy is increasingly _____________ based, education is extremely important. a. politically b. production c. knowledge d. labor ANS: c REF: p. 9 TYPE: Con DIF: 3 TOP: How Does Your Education Affect Your Income? NOT: Because the U.S. economy is increasingly knowledge based...
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...the publisher of choice for students, tuition providers, companies and professional bodies in more than 150 countries worldwide. Using the expertise of our specialist authors and tutors, we have developed a range of innovative study aids in a variety of formats including web delivery, audio-visual products, CD-ROMs and books. Our products are designed to support a variety of different learning styles, ensuring all students make the most of their study time and successfully achieve their learning outcomes. This catalogue is your comprehensive guide to the qualifications we publish for and the learning materials we offer in support of those qualifications, together with our UK and overseas stockists directory. CONNECT WITH US bpp.com/learningmedia twitter.com/bpplm LinkedIn: BPP Learning Media Clients contents 04 ABoUt Us WhaT’s neW aT 12 BPP LeaRning MeDia 14 insTiTUTe OF LeaDeRshiP anD ManageMenT (iLM) 15 MeDiCaL seRies assOCiaTiOn OF BUsiness exeCUTives (aBe) 16 a BRanD neW 17 aPPROaCh a neW iDenTiTY 17 a neW PROPOsiTiOn 18 inFORMaTiOn FOR BOOKseLLeRs 20 WhOLesaLe ORDeRs 23 BeCOMe a sTOCKisT TUiTiOn PROviDeRs 24 TeRMs anD COnDiTiOns OF saLe RegiOnaL saLes ManageRs 24 CUsTOMeR seRviCes PRinTeD 25 PRODUCTs 26 sTUDY TexTs PRaCTiCe & RevisiOn KiTs 27 PassCaRDs 28 eLeCTROniC PRODUCTs 29 eBOOKs 30 eLiBRaRies i-Pass 31 inTeRaCTive PassCaRDs sUCCess CDs 32 i-LeaRn inTeRaCTive 33 LeaRning sOLUTiOns 34 BeneFiTs OF Using BPP LeaRning MeDia’s inTeRaCTive sTUDY MaTeRiaLs 35 FeaTURes...
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...Janay Booker BUAD 4020 November 2, 2013 McDonald’s and KFC Case Analysis Brief Summary In 2008 McDonald’s and KFC were the largest quick service restaurants (QSR) in the world, with 31,999 and 15,580 outlets respectively. Both chains were renowned for their broad spectrum of consumers on a global basis. McDonald’s spearheaded global expansion with its first overseas outlet in Canada in 1967 and entering Japan in 1971. McDonald’s outlets experienced tremendous success in Japan with record breaking daily sales and speed of expansion in the initial stage. KFC similarly started global expansion early with its first overseas outlet in England in 1964 and entered Japan in 1970. However KFC was not as successful as McDonald’s and did not experience profit until six years after entry. KFC opened outlets in Hong Kong in 1973 which all were closed within two years. The company would eventually gain the confidence of Hong Kong customers ten years after its entry. There was a completely different experience in China for KFC. They were recognized as the leader in foreign QSR as well as a significant player in the Chinese restaurant industry as a whole, contributing 1% in the country’s total food and beverage revenues in 2005. In 2005 KFC outlets in China recorded an average on 1.2 million in annual sales per store, compared to just 900,000 for similar stores in the US. In contrast McDonald’s presence in China was less than half of KFC’s with a significantly lower estimated profit margin...
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...The Forgotten Member Part 1: Group Development Forming Stage: Members in this stage will ask a number of questions as they are still in the process of getting to know one another better. The questions asked can vary. Group members may raise the following questions: "What can I contribute to the group?" "What can the group offer me?" In this stage members are more concerned with getting to know one another a little bit better and learn behavior that's acceptable. Storming Stage - In this stage members tend to be highly emotional and there tends to be a lot of tension in the air. Coalitions and cliques typically form during this stage as members compete to achieve status quo and impose their preferences on one another. This tends to be the most difficult stage to accomplish. Norming Stage - During this stage members are unified. There's now a new sense of harmony following the storming stage and members strive to maintain that harmony. Performing Stage - At this stage we are totally integrated! We now have a well-organized team that functions maturely. We are motivated by team goals and objectives and stable. Additionally, we are satisfied without jobs. At this point we are a High Performance Organization! Adjourning State - Once we have reached the performing stage we are ready to adjourn. At the ‘Adjournment Stage’ the members are able to disband if necessarily, convene quickly, and perform their duties on a tight schedule. Based on the information provided...
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