Lecture Notes on Business Education

Introduction

• 25 years since the speaker began business studies (October 1, 1990).
• Focus on understanding the structure of business education and why many programs fail globally.
• Topics covered:
  • Foundation courses
  • Business core courses
  • Specializations
  • Extensions
  • Common problems in business education
  • Conclusion

Business Education Focus

• Distinction between Global Business and Global Studies.
• Global Studies includes politics, law, culture; Global Business focuses solely on business.

Foundation Courses

Quantitative Methods

1. Business Math
   • Standard math used in business (e.g., accounting, finance).
2. Business Statistics
   • Analyzing and interpreting data (e.g., interest rates, economic growth).

Economics

• Divided into many fields: microeconomics, macroeconomics, labor economics, international trade, etc.
• Microeconomics:
  • Focuses on individual behavior (consumers, families).
  • Business management decisions (employment, production, pricing).
• Macroeconomics:
  • General economy focus (GDP, employment, wages, interest rates, exchange rates).

Core Areas of Business

1. Accounting
   • The language of business; translating activities into numbers.
   • Subfields:
     • Financial Accounting: External reporting (balance sheets, income statements).
     • Managerial Accounting: Internal reports for management decisions.
2. Finance
   • Managing money and assets.
   • Financial Management: Corporate finance and investment management.
3. Marketing
   • Understanding consumer needs and pricing.
   • Focus on product, price, competition, and service.
4. Management
   • Making business decisions (planning, organizing, leading, controlling).

Capstone Course

• Strategic Management:
  • Integrates knowledge from core subjects to develop competitive strategies.

Specializations

• After core courses, students can specialize:
  • Accounting: Intermediate accounting, cost accounting, auditing.
  • Finance: Advanced financial management, investments, risk management.
  • Marketing: Advertising, sales, product design.
  • Management: Personnel management, supply chain management, operations management.

International Business

• Courses in international economics, global accounting, international finance, international marketing, and international management.
• Suggested additional course: International law.

Business Extensions

• Options for additional courses:
  • Programming languages, database systems, Management Information Systems (MIS).
  • Foreign languages (English, Chinese, Japanese, Arabic).
  • Business law, contract law, international law.

Common Problems in Business Education

1. Weak Foundations:
   • Lack of solid understanding in accounting or finance.
2. Fancy Courses:
   • Courses that sound good but lack depth.
3. Few Course Chapters:
   • Insufficient coverage of subjects.
4. Too Many Projects:
   • Projects overwhelm students and diminish learning.
5. Heavily Weighted Projects:
   • Projects dominate grades, reducing focus on learning.
6. Poor Exams:
   • Easy exams do not challenge students.
7. Everyone Passing:
   • High pass rates discourage serious study.

Study Techniques to Avoid

• Cramming, memorizing, relying solely on PowerPoints.
• Insufficient reading of textbooks and exercises.
• Large group projects that hinder individual accountability.

Conclusion

• Business studies are challenging and competitive.
• Importance of consistent study and understanding over mere memorization.
• Good education leads to better job opportunities; poor education results in mediocrity.
• Final thoughts on motivation: pursue what you are passionate about.

Questions Section

• Addressed differences between good and bad students.
• Importance of asking questions and staying proactive in learning.