Business Education Lecture Notes

Introduction

• Speaker began business studies 25 years ago on October 1, 1990.
• Today's lecture structure:
  • Foundation courses
  • Business core courses
  • Business specializations
  • Extensions
  • Education problems in business programs
  • Conclusion
• Focus on global business, distinct from global studies (includes other fields like politics, law, culture).

Foundation of Business

• Quantitative Methods

  • Importance of math and economics:
    • Business math: Standard math for business applications, accounting, finance.
    • Business statistics: Analyzing and interpreting data.
      • Examples: Analyzing interest rates, exchange rates, economic growth correlations (consumption vs. investment vs. exports).

• Economics

  • Divided into microeconomics and macroeconomics:
    • Microeconomics: Behavior of individuals, families, and businesses.
      • Economic decisions: Income, spending, production, pricing, maximizing profits.
    • Macroeconomics: General economy focus - GDP, employment, wages, interest rates, exports/imports, exchange rates.

Core Business Subjects

• Four main areas:

  1. Accounting

     • Language of business: Translating activities into numbers.
     • Subfields:
       • Financial accounting: Reports to outside stakeholders (standardized globally).
       • Managerial accounting: Internal reports for management decision-making.

  2. Finance

     • Managing money, focusing on investments.
     • Financial management: How to manage corporate finances, calculate returns.

  3. Marketing

     • Understanding customer needs, pricing, product design, competition, customer service.

  4. Management

     • Business decision-making: Planning, organizing, leadership, and control.

Capstone Course

• Strategic Management: Integrates knowledge from accounting, finance, marketing, and management.
  • Focus on competition strategies, innovation, and market positioning (e.g., Samsung vs. iPhone).

Specializations

• After core subjects, students can specialize in:
  • Accounting (advanced courses, auditing, non-profit accounting)
  • Finance (investments, financial markets, risk management)
  • Marketing (advertising, sales, product design)
  • Management (personnel management, supply chain management, operations management)
  • International Business: Courses in international economics, accounting, finance, marketing, and management.

Extensions

• Additional courses:
  • Programming languages for statistical analysis
  • Database systems
  • Management Information Systems (MIS): Tech in business.
  • Language skills: English, Chinese, Japanese, Arabic.
  • Law: Business law and contract law.

Common Problems in Business Programs

• Weak foundations: Lack of understanding in basic accounting, finance leading to poor education.
• Fancy or too many small courses: Insufficient depth in coursework.
• Insufficient chapters covered: Students often learn only a few chapters per subject.
• Overemphasis on projects: Burdening students with too many projects can hinder learning.
• Poor exam strategies: Easy exams lead to superficial learning.
• High pass rates with no failures: Students often lack motivation to learn deeply.

Learning Strategies

• Effective strategies include:
  • Regular studying and reading textbooks.
  • Solving practical exercises (especially in accounting).
  • Smaller group projects for better collaboration.
  • Avoiding cramming or memorization as primary study methods.

Conclusion

• Business education is competitive; students need strong foundations and motivation.

• Graduates often struggle to find good jobs due to inadequate preparation.

• Importance of continuous learning, active engagement in classes, and seeking clarity on essential topics.

• Q&A session: Encouraged students to ask questions.