During the semester, there have been approved business events that we could attend to learn more about the business world. The one that interested me most was the CEO business lecture. It was at the Ascender on March 13th from 5:30-7:00 pm. I enjoyed this event because I hope to be a CEO of my own company one day.
I learned a lot from this event. There were three panelists there to communicate with us as well as a bunch of HR and CEO's we could talk individually with. The panelists were Avishai Geller who is the CEO at Maven Machines, Brian Guadio who is the CEO of Module, and Lynsie Campbell who is the founder of Lanespotter. It was interesting to hear from all these important people.
I learned a lot about the responsibilities as a CEO and what it takes to become someone in that position. It is not easy to become the CEO of a huge company. It takes long years of dedication and knowledge of the company overall. The CEO is responsible for everything that goes on with the firm, even if the CEO was not directly at fault, it will always makes it way back to them. That is why the average CEO lasts about a year and a half in their position.
Some responsibilities of the CEO are making corporate decisions, acting as a main source of communication between the Board of Directors and and Corporate operations. Another big role of the CEO is managing overall operations and resources of the company, this is important because without management of this, the company would fall apart.
After talking to the CEO's and other business entrepreneurs at the event, I learned that it is important for CEO's to have their time managed. Without time management, it is impossible to be CEO. Everything needs to be done on time and right in order to prevent future issues in the company. Some good skills to have if theres an interest in becoming CEO are, learning from the past and not making the same mistakes twice, having strong communication skills, ability to build relationships, having good listening skills and learning from others, and being able to maintain a professional status. All of these skills will help an individual become a better CEO. Most everything that was discussed at the event was talked about in the textbook. The textbook describes the skills and things that the CEO should be doing in order to keep the company under control.
I related a lot of what I learned here to the lecture we had with Cassandra about CEO's and what is important about becoming a CEO. I can relate all the information I obtained from all the people I talked too and understand it in a new way now. I enjoyed talking to different CEO's and they gave me some really good advice on skills and mindsets I should have in order to become the CEO of my own business. I will take all their considerations into my business plan and hope to become as successful as them one day.
Monday, April 23, 2018
IA05 Reflect on a guest speaker
At the beginning of the semester, We had Dr. Macagno come in to talk to us. Dr. Tom Macagno is an Assistant Professor of Sustainability and Business at Chatham. He attended the University of East Anglia in the UK and obtained his Ph.D in Sustainable Business. Dr. Macagno is the founder and director of See, Believe, Act! which is an online tool for managing Corporate Social Responsibility, the tool helps with stakeholder engagement, employee engagement and CSR reporting. During Dr. Macagnos lecture, he talked a lot about CSR (corporate social responsibility). Dr. Macagno described what CSR is, which is a responsibility among firms to meet the needs of their stakeholders. The stakeholders are impacted by organizations, for profit means that the investors get money, which are primarily the stakeholders. He talked about the factors of production which are, Entrepreneurship, Land, Labor, Capital, and Outputs (goods and services).
The perfect competitions would be many sellers, standardized products and many consumers. He briefly went over what an Oligopoly and Monopoly are. Oilgopoly is two sellers. Seller A, Seller B and consumer groups A, B, C. A monopoly is one seller, but consumer groups A, B, C, D, E. Energy is considered a monopoly and so is the internet. Dr. Macagno also talked about measuring world economic goals, which could be growth-gross domestic product, high employment-unemployment rate, the price stability-consumer price index. He also talked about the Business Cycle. Prosperity (high), Recovery (high), Recession (low) and Depression (low).
I really enjoyed having Dr. Macagno as a guest speaker. I felt that I learned a lot from him and can relate it to other things in the Business world. I could not really relate CSR to the business world once we had the lecture because I was new to business. However, now since we have done a lot of research for our team projects, I learned that CSR is very important and makes your company stronger.
Helping the community is a big part of business. I can relate CSR to the Harvard Business Review because a lot of their articles talk about how CSR is important to every company and can provide support to people in the community as well as organizations. The stakeholders want to see a certain thing done in the company they have invested in and CSR is what those things are.
Some important things to consider when thinking about CSR are the company level, produced level and individual level. Its also good to consider questions like this: Why do companies exist?, What is a company?, What is a non-profit company?, What is a for profit company?. As I learned more about Corporate Social Responsibility, I learned how it is an important part of business. I am glad we had the chance to meet Dr. Macagno and I hope to learn more from him at another Business event, we have connected with each other on LinkedIn so I can keep in touch with him.
The perfect competitions would be many sellers, standardized products and many consumers. He briefly went over what an Oligopoly and Monopoly are. Oilgopoly is two sellers. Seller A, Seller B and consumer groups A, B, C. A monopoly is one seller, but consumer groups A, B, C, D, E. Energy is considered a monopoly and so is the internet. Dr. Macagno also talked about measuring world economic goals, which could be growth-gross domestic product, high employment-unemployment rate, the price stability-consumer price index. He also talked about the Business Cycle. Prosperity (high), Recovery (high), Recession (low) and Depression (low).
I really enjoyed having Dr. Macagno as a guest speaker. I felt that I learned a lot from him and can relate it to other things in the Business world. I could not really relate CSR to the business world once we had the lecture because I was new to business. However, now since we have done a lot of research for our team projects, I learned that CSR is very important and makes your company stronger.
Helping the community is a big part of business. I can relate CSR to the Harvard Business Review because a lot of their articles talk about how CSR is important to every company and can provide support to people in the community as well as organizations. The stakeholders want to see a certain thing done in the company they have invested in and CSR is what those things are.
Some important things to consider when thinking about CSR are the company level, produced level and individual level. Its also good to consider questions like this: Why do companies exist?, What is a company?, What is a non-profit company?, What is a for profit company?. As I learned more about Corporate Social Responsibility, I learned how it is an important part of business. I am glad we had the chance to meet Dr. Macagno and I hope to learn more from him at another Business event, we have connected with each other on LinkedIn so I can keep in touch with him.
Thursday, April 19, 2018
IA03 Business Plan
CEO-Emily Howe
As the CFO of Company Me, create a simple hypothetical balance sheet when you get your first job.
Company- CapturedAbove (Aerial Drone Media)
Business Plan
- Mission Statement: To be the most efficient media production company by flight, while ensuring our customers are satisfied with our work. We promise to go above and beyond your expectations to capture beautiful scenery.
Business Environment
- What industry will you be competing in? Aerial Media Production
- How does the industry look like in the global environment? Our industry is centered around drones, a new product of technology with an exceptional price point. As a result, the market is not super competitive because of drones being relatively new. Although the equipment is expensive, the return on investment greatly outweighs any risks for experienced professionals like our media team.
- What economic forces influence the supply and demand of opportunities in your industry? CapturedAbove is highly susceptible to the real estate market which can influence the demand of our services. This segment makes up for nearly 35% of our work, when factoring in commercial and residential properties. To continue, nearly 40% of our clients are small businesses and venues. As a result, their success is subject to the state of the American economy.
Entrepreneurship
and Strategy
- As the CEO of the startup Company Me, what challenges do you envision "promoting" and "selling" Product Me? Some challenges I have when envisioning promoting and selling is getting enough employees and equipment. It will be hard to market aerial footage without employees going out and getting media when its needed. I hope to sell our media directly to industries in order to increase our demand.
- What potential strategies would you consider, starting out, as an "entrepreneur?" Consider Company Me as a Startup!: I would focus on making smart choices when it comes to marketing because its important to stay within my budget. I will learn to take risks and always attempt to bring something to the table. Taking risks will lead to discovery of new things. I will make sure that I offer a leadership and management program to my employees. This will give them proper training for our company
Marketing
- As the CMO of Company Me, How would you promote Product me? I would try to get my images and videos out to market, I would offer discounts to get more customers involved. I would create social media accounts to promote my company, showing off our aerial footage and posting opportunities options for our customers.
- Who are your potential customers? Real estate agents, business owners, farmers, and anyone or company who needs images or video work done. We are focused on outdoor imaging, as it is not safe for drones to fly indoors.
- What would be your marketing mix and Four Ps? My marketing mix would be to start a hands on learning seminar on our company. Where the customers would learn about price, product, promotion and place. I would promote customers to come out and try the equipment to get them more involved with what our company is focused on.
- How would you design and develop Product Me as an innovative offering that would attract potential customers? I would offer Aerial Drone footage because it is an innovative field. I will create opportunities for individual business owners and big companies to become more successful in their profession.
- How would you apply digital marketing skills to promote Product Me? (e.g., How would you Search Engine Optimize your LinkedIn profile?) I will use LinkedIn to promote my company, I would connect with anyone who is in the same field, as well as our potential customers. Our website will be the first thing to come up when you search CapturedAbove, and we will have website design experts working on the site and social media accounts to keep them updated.
Accounting and Finance
As the CFO of Company Me, create a simple hypothetical balance sheet when you get your first job.
Balance Sheet:
Assets:
Current Assets:
Cash 32,800
Accounts Receivable 300
Prepaid Rent 1,000
Inventory 39,8000
Total Assets:
Long Term Assets:
Leasehold improvements 100,000
Accumulated Improvements (2,000) 98,000
Total Long Term Assets 98,000
Total Assets 171,900
Liabilities:
Current Liabilities:
Accounts payable 49,000
Accrued Expenses 450
Unearned Revenue 1,000
Total Current Liabilities 50,450
Long-term Liabilities 99,500
Total Liabilities 149,000
Owner’s Equity:
Retained Earnings 11,950
Common Stock 10,000
Total Owner’s Equity 21,950
Total Liabilities and Owner’s Equity 171,900
- How do you plan to manage your own investments? Our team has established a plan surrounding the basic accounting principles to ensure the return of capital on our initial investments of incorporation while achieving profitable cash flow.
- How would you create a financial plan for Company Me?: I will discover where my money needs to go in order to stay within the budget. I will set my financial goals and ask myself what I want to put my investments towards. I will make sure to keep an eye on my credit lines and keep a great credit score. I will prepare the company for things that come up with the insurance. I will also begin to build my portfolio on things that will need to be purchased and keep it up to date in my financial plan.
Information Systems and
Operations
- As the CIO of Company Me, what information systems tools and analytics would you consider using to optimize your productivity and operational efficiency?: I will choose SAP for my company, a German based software corporation that makes enterprise solutions to manage businesses' operations and their customer relations. This in turn will allow my company to rapidly analyze our performance data while identifying significant costs savings and find potential ideas to generate revenue.
I am confident with my business plan for CapturedAbove and I know that with referral to this plan, we will be successful.
Citation:
- Collins, K. (2012).Exploring business. Irvington, NY: Flat World Knowledge.
Thursday, April 12, 2018
IA2 Role Model
For my business interview, I interviewed a current business graduate student, his name is Alec, and he chose to keep his last name private. Alec is involved in the marketing and entrepreneur club and his mother is a Chatham Alumni, she inspired him to pursue his graduate career in business and to study here at Chatham.
I asked Alec how to find good campus and off campus jobs that help will me pursue my career. He advised me to go to as many campus events that interest me, or related to my major. He said to get close with the department in which my major relates too and to take advantage of all guest speakers that come to campus. He said that asking others for business cards is very important especially to create a good business profile.
I wanted to know how to find and benefit from different campus events and activities. He advised me to invite friends to tag along to campus events, get to know more people, express my knowledge with others. Alec said that mychatham has a bunch of campus events to attend, and to keep up with emails from staff because they often email about campus events.
To plan for good internships, Alec said that building my resume is very important, mostly when it comes to finding potential internships to pursue. He said to get involved in LinkedIn and find all opportunities meeting new people that have a job in the field you want to have a career in.
Lastly, I asked Alec how to participate in meaningful projects, competitor activities to help develop skills over time, and he advised me to take advantage of all hands on activities, and do any extra credit offered to enhance all knowledge in that area and to use all skills that I am talented in to make them stronger. Getting involved on campus is his biggest piece of advice in becoming successful.
Some study skills he suggested were, to study close to two hours a night and to always make note cards, he advised me to make study groups with friends and peers and to watch any education video relating to that subject. To build a good resume, Alec says that gathering all skills and determine which define you in the best ay, he also said to take all job/internship opportunities into consideration and to continue learning new things and to get involved on campus and in your community.
I decided to relate my interview to the Chatham Insight blog on Dr. Stephanie Rosenthal. Dr. Rosenthal says that hands on training and working with others is very important criteria when looking for potential jobs. Dr. Rosenthal is still continuing on strengthening her skills in communication and writing, just as Alec advised me to always continue practicing my skills because they will only get better and stronger. I think that having skills in different subjects and areas of interest are important because they will always benefit you. Dr. Rosenthal is using applied science data analytics to strengthen her students knowledge and skills and her students can gain understanding of multiple information systems. I think that Dr. Rosenthal has a great approach towards her teaching style and helping others learn in a more efficient way.
-Emily Howe
I asked Alec how to find good campus and off campus jobs that help will me pursue my career. He advised me to go to as many campus events that interest me, or related to my major. He said to get close with the department in which my major relates too and to take advantage of all guest speakers that come to campus. He said that asking others for business cards is very important especially to create a good business profile.
I wanted to know how to find and benefit from different campus events and activities. He advised me to invite friends to tag along to campus events, get to know more people, express my knowledge with others. Alec said that mychatham has a bunch of campus events to attend, and to keep up with emails from staff because they often email about campus events.
To plan for good internships, Alec said that building my resume is very important, mostly when it comes to finding potential internships to pursue. He said to get involved in LinkedIn and find all opportunities meeting new people that have a job in the field you want to have a career in.
Lastly, I asked Alec how to participate in meaningful projects, competitor activities to help develop skills over time, and he advised me to take advantage of all hands on activities, and do any extra credit offered to enhance all knowledge in that area and to use all skills that I am talented in to make them stronger. Getting involved on campus is his biggest piece of advice in becoming successful.
Some study skills he suggested were, to study close to two hours a night and to always make note cards, he advised me to make study groups with friends and peers and to watch any education video relating to that subject. To build a good resume, Alec says that gathering all skills and determine which define you in the best ay, he also said to take all job/internship opportunities into consideration and to continue learning new things and to get involved on campus and in your community.
I decided to relate my interview to the Chatham Insight blog on Dr. Stephanie Rosenthal. Dr. Rosenthal says that hands on training and working with others is very important criteria when looking for potential jobs. Dr. Rosenthal is still continuing on strengthening her skills in communication and writing, just as Alec advised me to always continue practicing my skills because they will only get better and stronger. I think that having skills in different subjects and areas of interest are important because they will always benefit you. Dr. Rosenthal is using applied science data analytics to strengthen her students knowledge and skills and her students can gain understanding of multiple information systems. I think that Dr. Rosenthal has a great approach towards her teaching style and helping others learn in a more efficient way.
-Emily Howe
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