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Lecture 1

MGTA02H3 Lecture 1: MGTA02H3 S - Week 1 Note

Course Code
Arif Toor

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MGTA02H3 S Managing the Business Organization | Week 1
Professor Arif Toor
Office hours: IC 200B 12:00-13:00 Monday, 13:00-14:00 Tuesday, or by appointment.
1. Definitions from MGTA01:
- Business defined: any LEGAL activity undertaken for the sake of PROFIT.
o Why we love business: it gives us freedom; it gives us opportunities to avoid being
controlled by our employers; it gives us the opportunities to avoid working nine to five.
o Profit: the money earned from doing business, and we have 100% control of it.
- Economic systems: Capitalism (Adam Smith) vs. Socialism (Karl Marx)
- Measuring performance: GDP, GDP per capita, etc.
- Entrepreneur
- Forms of organization: sole partnership, general partnership, corporation, etc.
- Strategies
- Factors of production
o Natural resources/land
o Capital
o Labor
o (Entrepreneurship and Information)
- Market competition
o Competitive vs. Monopoly
- Small Business: the majority of Canadian businesses are small
- Business plan
- Raising capital
- International Business
- Etc.
2. Tips for students who want to start business:
a. Grow your network by making one more friend every week
b. Think of creative business ideas
3. What we are going to cover in this course:
Look into the business systems and find out how to manage it.
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