MGTA01H3 Lecture Notes - Lecture 1: Rick Wagoner, French Fries, Profit Motive

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: Professor Boivard

Document Summary

Business: is an organized effort to provide the things that people need and want, and are willing to pay for. It exists in order to satisfy those customer needs, and also to make a profit with a definition. Five characteristics common to all businesses: businesses are organized efforts, one or more people has to have an idea, and has to have put time, thought and effort into carrying out their idea. If a person has the skills to tutor neighborhood kids in grade 12 calculus, you might begin by discussing the idea with your friends, to see if they think it"s a good idea. Next you put word of your availability and create a simple poster, advertising your services, and giving your phone number. Then you might tape or track your poster to steep lamps, trees around your neighborhood and near the local high school.