Week 6

1.  SWOT analysis 
         the four letters in SWOT stand for

• Strengths: characteristics of the business or team that give it an advantage over others in the industry.

• Weaknesses: are characteristics that place the firm at a disadvantage relative to others. 
• Opportunities: external chances to make greater sales or profits in the environment.
• Threats: external elements in the environment that could cause trouble for the business.
  
  (http://en.wikipedia.org/wiki/SWOT_analysis)
   SWOT analysis is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture.
   (http://en.wikipedia.org/wiki/SWOT_analysis) 
  two pictures (templates) which can help you know more about how to do SWOT analysis.

 

2.  Expertise 

               Expertise /-spɝː-/  a high level of knowledge or skill.

i.e.   

We admired the expertise with which he prepared the meal.

I have no expertise in sewing/sewing expertise.

She has considerable expertise in French history.

(http://dictionary.cambridge.org/dictionary/british/expertise?q=Expertise+)

3.  Strategic planning

             Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people.

            the relation between SWOT analysis and strategic planning.

                 For strategic planning will use the SWOT analysis for consider about planning.

            the process of strategic planning.

• Strategic planning is the formal consideration of an organization's future course. All strategic planning deals with at least one of three key questions:

1. "What do we do?"
2. "For whom do we do it?"
3. "How do we excel?"
   
   (http://en.wikipedia.org/wiki/Strategic_planning)

4. Strategic positioning

          The strategic positioning of an organization includes the devising of the desired future position of the organization on the basis of present and foreseeable developments, and the making of plans to realize that positioning.

(http://www.cielo-mr.com/index.php?option=com_content&view=article&id=92&Itemid=91)

Watch the video;         

 -   Makes a product as different (unique)from the competitors, Geography, Product/Service offering, and Customer/Target audiences.  

-   1. Own-able: Can we do it or delivery it?

     2. Believable: Can we defend it into the market?

     3. Compelling: Does it market care?

     4. Differentiation: Does it unique? 

5. Scarcity 

           Scarcity /ˈsker.sə.t ̬i/ when something is not easy to find or get.

                  i.e. the scarcity of skilled workers.

(http://dictionary.cambridge.org/dictionary/british/scarcity?q=Scarcity)

               synonyms; want, sparsity, stringency

(http://thesaurus.com/browse/scarcity)

                antonyms; commonness, excess, surplus

(http://thesaurus.com/browse/scarcity) 

 

          Scarce adj. /skers/ not easy to find or get.

                 i.e.  Food and clean water were becoming scarce.

scarce resources

(http://dictionary.cambridge.org/dictionary/british/scarce?q=Scarce) 

                 synonyms; short, shortened, sparse,

(http://thesaurus.com/browse/scarce)

                  antonyms; frequent, plentiful, sufficient

(http://thesaurus.com/browse/scarce) 

Week 5 Vocab

1. Niche /nɪtʃ/ ; an area or position which is exactly suitable for a small group of the same type.
(http://dictionary.cambridge.org/dictionary/british/niche_1?q=Niche) 

i.e. It is best to target groups of people who are emotional or fanatical about what you are offering, e.g. sportsmen or hobbyists.

(http://ezinearticles.com/?Niche-Marketing-Examples&id=1831959)

2. Trademark /-mɑːrk/ ; a name or a symbol which is put on a product to show that it is made by a particular producer and which cannot be legally used by any other producer

(http://dictionary.cambridge.org/dictionary/british/trademark_1?q=Trademark+) 

 

  

The trademark tells you about the characteristics of the corporation >>Trademark can tell us about the difference type of business.

Make a sentence of trademark.>> Many company use trademark for tell the difference type of goods.

3.  Royalty /-t ̬i/ ;  the people who belong to the family of a king and queen
(http://dictionary.cambridge.org/dictionary/british/royalty_1?q=Royalty)

     royalty fee ; a set amount of money that a business franchise owner must pay to be part of a franchise system.
(http://consulting.about.com/od/glossaryfaq/g/CF_RoyaltyFee07.htm)
   
     loyalty /-t ̬i/ ; your feelings of support or duty towards someone or something
(http://dictionary.cambridge.org/dictionary/british/loyalty?q=loyalty) 

i.e. I paid the royalty fee for 10%  each month.

4.  synergy /-ɚ-/ ; the combined power of a group of things when they are working together which is greater than the total power achieved by each working separately.

synonyms of synergy. >> synergism, team effort, teaming.

i.e. There are two companies comes to work together by the synergy way.

5.  franchising /ˈfræn.t ʃaɪz/ it is the same pronunciation. 

     Franchise (v.) ; to give or sell a franchise to someone franchisee.
     franchiser ; someone who gives or sells a franchise.
(http://dictionary.cambridge.org/dictionary/british/franchiser?q=franchiser) 
     franchisee ; someone who is given or sold a franchise.
(http://dictionary.cambridge.org/dictionary/british/franchisee?q=franchisee) 

i.e. I want to open business is franchising.

Week 4 Vocab

1. Consumer (n.) /-ˈsuː.mɚ/ a person who buys goods or services for their own use.
(http://dictionary.cambridge.org/dictionary/british/consumer?q=consumer) 
2. Consumerism (n.) /-ˈsuː.mɚ.ɪ-/ a social and economic order that is based on the systematic creation and fostering of a desire to purchase goods and services in ever greater amounts.
(http://en.wikipedia.org/wiki/Consumerism)
3. Conservation (n.) /ˌkɑːnt .sɚ-/ carefully using valuable natural substances that exist in limited amounts in order to make certain that they will be available for as long a time as possible.
(http://dictionary.cambridge.org/dictionary/british/conservation?q=conservation) 
4. Conserve (v.) is to keep and protect something from damage, change or waste.
5. Recycling (n.) /ˌriːˈsaɪ.klɪŋ/ when paper, glass, plastic, etc. is put through a process so that it can be used again.
6. Recycling can be parted as “re” + “cycling”. 
            “re” (prefix) used to add the meaning 'do again'
      i.e reuse means to use something again.
           reduce means to make something smaller in size, amount, degree, importance.
           recycle means to collect and treat rubbish in order to produce useful materials which can be used again.
7. Ethic (n.) /ˈeθ.ɪk/ a system of accepted beliefs which control behavior, especially such a system based on morals.
    Ethics the study of what is morally right and what is not.
8. Business ethics is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment.
      i.e. In case of Wal-Mart. They help the local people get a job. Then, they use CSR ( Corporate Social Responsibility)
9. Personal ethic is written by an individual to clarify her values or moral principles.
      i.e. Honesty, Loyalty, Integrity.

 

Week 3 Vocab

1. article /ˈɑːr.t ̬ɪ-/  is a piece of writing on a particular subject in a newspaper or magazine.
(http://dictionary.cambridge.org/dictionary/british/article_1?q=article) 
2. articles of incorporation are the primary rules governing the management of a corporation in the United States and Canada, and are filed with a state or other regulatory agency.
(http://en.wikipedia.org/wiki/Articles_of_incorporation)

3. charter  /ˈtʃɑːr.t ̬ɚ/ (n.) is a formal statement of the rights of a country's people, or of an organization or a particular social group, which is agreed by or demanded from a ruler or government. (http://dictionary.cambridge.org/dictionary/british/charter_1?q=charter)


synonym; license (http://thesaurus.com/browse/charter)


4. corporate charter is A written document filed with a U.S. state by the founders of a corporation detailing the major components of a company such as its objectives, its structure and its planned operations. If the charter is approved by the state government, the company becomes a legal corporation.

Also referred to as "charter" and "articles of incorporation".
(http://www.investopedia.com/terms/c/corporatecharter.asp)

5. venture /-tʃɚ/ (n.) is a new activity, usually in business, which involves risk or uncertainty.

(http://dictionary.cambridge.org/dictionary/british/venture_1?q=venture) 

6. joint venture is a business agreement in which parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets. There are other types of companies such as JV limited by guarantee, joint ventures limited by guarantee with partners holding shares.

(http://en.wikipedia.org/wiki/Joint_venture)

7. C corporation  is established with state authorities and must abide by corporate laws in the state where it is incorporated. Experts recommend that small-business owners establish corporations in their home states. Check which agency handles this in your state. The secretary of state's office often registers corporations. To form a C Corporation, you will need to register your business name, file a certificate of incorporation or articles of incorporation and pay a fee. You will also need to draft corporate bylaws 

(http://sbinformation.about.com/od/ownership1/a/ccorporation.htm)

8. S corporation is type of the US corporate structure in which the firm's income is passed through its stockholders (shareholders) in proportion of their investment, and taxed at personal income tax rates. S corporations ('S' stands for 'small') can have only one type of stock and only a limited number of stockholders. Also called subchapter S corporation.

(http://www.businessdictionary.com/definition/S-corporation.html) 

The difference between C corporation and S corporation

Despite their many similarities, S corporations and C corporations also have distinct differences.

• Taxation. Taxation is often considered the most significant difference for small business owners when evaluating S corporations vs. C corporations.
  • C corporations. C corps are separately taxable entities. They file a corporate tax return (Form 1120) and pay taxes at the corporate level. They also face the possibility of double taxation if corporate income is distributed to business owners as dividends, which are considered personal income. Tax on corporate income is paid first at the corporate level and again at the individual level on dividends.
  • S corporations. S corps are pass-through tax entities. They file an informational federal return (Form 1120S), but no income tax is paid at the corporate level. The profits/losses of the business are instead “passed-through” the business and reported on the owners’ personal tax returns. Any tax due is paid at the individual level by the owners.
  • Personal Income Taxes. With both types of corporations, personal income tax is due both on any salary drawn from the corporation and from any dividends received from the corporation.
• Corporate ownership. C corporations have no restrictions on ownership, but S corporations do. S corps are restricted to no more than 100 shareholders, and shareholders must be US citizens/residents. S corporations cannot be owned by C corporations, other S corporations, LLCs, partnerships or many trusts. Also, S corporations can have only one class of stock (disregarding voting rights), while C corporations can have multiple classes. C corporations therefore provide a little more flexibility when starting a business if you plan to grow, expand the ownership or sell your corporation.  

(http://www.bizfilings.com/learn/s-corporation-vs-c-corporation.aspx)


9.  -  There was an interesting article on vegetarianism in the paper yesterday. 
(http://dictionary.cambridge.org/dictionary/british/article_1?q=article) 
     -   She advised us to look abroad for more lucrative business ventures.

There are many joint ventures between American and Japanese companies.

(http://dictionary.cambridge.org/dictionary/british/venture_1?q=venture) 

     -   I have joint venture with shareholder.

    -  The company sets up the articles of incorporation for the employees follow it.

    -  This company have the charter follow the laws. 

   

week 2 vocab

1.  Estate (n.) /ɪˈsteɪt/ : a large area of land in the country which is owned by a family or an organization and is often used for growing crops or raising animals. (http://dictionary.cambridge.org/dictionary/british/estate_1?q=estate)

2. Estate planning (n.) The preparation of a plan of administration and disposition of one's property before or after death, including will, trusts, gifts, power of attorney, etc.

(http://www.investorwords.com/1752/estate_planning.html)

    Estate planning involves the will, trusts, beneficiary designations, powers of appointment, property ownership (joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gift, and powers of attorney, specifically the durable financial power of attorney and the durable medical power of attorney.
(http://en.wikipedia.org/wiki/Estate_planning)

3. Family limited partnership is important in for the small business because the main member of business are the family's member.

4. Buy-sell agreement this situations is we use agreement when we buy or sell the goods. It can protect when have some problem.

5. Living trust is we are more trust in some person. This word difference form "will" that is will is we can do estate planning with everyone but living trust means we do it with the person that we have more trust with them.

week 1 vocab

1. incubators (n.) /ˈɪŋ.kjʊ.beɪ.tər/ : a container that has controlled air and temperature conditions in which a weak or premature baby (= one which was born too early) can be kept alive. ( http://dictionary.cambridge.org/dictionary/british/incubator?q=+incubators#incubator__3 )

i.e. I used incubators or keeping bird's egg

2. discontinuance (n.) /ˌdɪs.kənˈtɪn.juː/ to stop doing or providing something. (http://www.merriam-webster.com/dictionary/discontinuance)

The function of dis in "discontinuance" is prefix.

Synonyms:  cessation, check, close, closedown, closure, conclusion, cutoff, end,  ending, expiration, finish, halt, lapse,  shutdown, shutoff, stay, stop, stoppage ( http://www.merriam-webster.com/dictionary/discontinuance )

Antonyms: continuance, continuation ( http://www.merriam-webster.com/dictionary/discontinuance )

i.e. The bank is discontinuing its Saturday service. (http://dictionary.cambridge.org/dictionary/british/discontinue?q=discontinuance)

3. entrepreneur (n.) /ˌɒn.trə.prəˈnɜːr / someone who starts their own business, especially when this involves seeing a new opportunity. (http://dictionary.cambridge.org/dictionary/british/entrepreneur?q=entrepreneur)