MANAGEMENT

The management practices a business adopts will inform how well it is able to achieve its goals and respond to changes in the workplace. For-profit and nonprofit businesses achieve their goals through the four steps of management: planning, organizing, controlling, and leading. Technical, conceptual, and interpersonal skills are essential to the management process. It also involves using human, financial, and informational resources. In this unit we explore how successful business management involves teamwork, communication, creating a clear corporate mission and culture, following good business ethics, and a commitment to social responsibility. 

Accounting, Finance, and Banking

Every day business owners make financial decisions that will impact every phase of the business operation, including such as payroll, cash flow, and projecting future growth. A thorough understanding of accounting and financial management allows business owner to find the best sources and use of funds. For example, you can derive and accurate measure the health of your business from the income statement, balance sheets, and financial ratios. We investigate financing options, how to analyze credit, and the time value of money. We also examine how banks, such as the Nepal rastriya bank, affect the ability of businesses to obtain financing.

Marketing

Marketing encompasses more than simple advertising and selling, it describes the activity businesses engage in to create, communicate, deliver, and exchange their products to their customers, clients, partners, and society at large. Business owners not only aim to provide customers with the goods and services they want and need, they need to convince them to make a purchase and come back for more. It involves the product, price, distribution, and promotion in the form of advertisement, publicity, public relations, and sales promotion. We will explore e-commerce, e-business, and the use of social media marketing.

Entrepreneurship and Legal Forms of Business

In this unit we explore various forms of ownership (sole proprietorship, partnerships, and corporations) which affects how businesses are taxed, how profits are distributed, and what regulations must be followed. The form of ownership you choose corresponds to the growth, taxation, and future of your company. In this unit we examine some techniques business owners use to analyze profitability. We review the characteristics of successful entrepreneurs, how small businesses impact the economy, and the role of the Small Business Administration in Nepal.

Completing this unit should take you approximately 10 hours.

• Upon successful completion of this unit, you will be able to:

  • describe legal forms of businesses, including sole proprietorships, partnerships, corporations, limited-liability corporations, and subchapter S corporations;
  • evaluate the appropriateness of the different legal forms of business for various business contexts;
  • identify and describe the function of the major components of a business plan;
  • analyze the potential of a business to be profitable, when considering legal form of business, tax rates, and break-even analysis; and
  • analyze the impact of small business on the economy.

The Context of Business

This unit covers basic concepts which provide a context for business. We explore economic and historical information governments use to make decisions, which provides a foundation for future decision-making. You will learn about productivity, the business cycle, the impact of business on society, economic trends and policies, and elements of global business. 

Introduction to Business

Have you ever wondered what the billionaire Warren Buffett, visionary Steve Jobs, and entrepreneur Jeff Bezos have in common? After you finish studying business practices in this course, you may discover you have many of these same qualities.

This course will expose you to business terminology, concepts, and current business practices. We will help you establish a viable business vocabulary, foster critical and analytical thinking, and refine your business decision-making skills. You will acquire these skills by the reading materials, exercises, and research assignments that simulate today's workplace. By delving into the five units of this course, you will fine tune your direction and choice of career in business.

Since your education should help you contribute and compete in the global business environment, we will also focus on multicultural aspects of markets and business. We will examine how the business models other countries adopt often reflect their most salient characteristics.