COMM 100 Lecture Notes - Lecture 1: Costco, Cash Flow
Document Summary
Business=providing goods and service to others while operating at a profit. Profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses r-c=p. Not every business make profit, starting a business can be risky. Crashes due to various factors- location, cost of product. Get people to pay for it, then you know if it will be a successful product or not. Just sell what people want, not extra-minimal buyable product. Revenue and sales important for inventors to be interested. Boot strapping-use own money to start up a company. Growth-as your organization gets larger, more money will be needed to maintain company, get more customers not raise the price, non-profits must start advertising to get more customers wont raise price. Social responsibility-not always about profit, and with technology companies have to remain clean, finding dirty data is easy and spreads.
