Enter/Prof Week 12 (25th October)

I recently started my own business and found this class extremely useful. One of my favourite classes in high school was economics and this class was bringing all the memories back.

Although I saw alot of tired faces in class as many people finding the information irrelevant to them, I believe the knowledge of expenses and profits and handling invoices is essential to a successful business and career. Even if people do not end up being business owners or financial advisers this knowledge can still be useful in your personal finances.

basicaccountingterms

I struggled with the idea of invoices as I believed they were a old fashion way of doing business and they can be unreliable as it involves trusting another party and keeping ties for months. I personally know people who have been cheated by doing invoices and their business has gone under. However, Chris argued that there is no other way to do it and big companies will not deal any other way, I wonder how long this system will continue.

In our ecommerce groups I have continued to use delegation as a tool to involve every member and to equally share the work load. Some people have not been responsive and reliable and the few other team members and myself have picked up the work. I do not have a problem with this because I know this will be reflected in their grade and their long term work ethic will be detrimental to their career. I once heard a quote saying ‘give a busy person more work to do.’ This is because a lazy person with nothing to do are still unlikely to produce in comparison to a busy person who does many jobs and manages their time effectively.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s