What You'll Learn:

• Business is any activity that provides goods and services to earn a profit, driven by entrepreneurs who risk time, money, and other resources to start and manage the business
• The five pillars of business are marketing, human resources, finance, operations, and strategy, which are the critical foundational elements of a successful business
• There are three main options when starting a business: starting from scratch, buying an established business, or buying a franchise - each has its pros and cons

What You'll Learn:

• Corporations are independent legal entities owned by shareholders who elect a board of directors to represent their interests
• Corporate restructuring can happen through mergers or acquisitions, which can be horizontal, vertical, or conglomerate
• Forms of corporations include cooperatives, not-for-profit corporations, and crown corporations

What You'll Learn:

• Marketing involves creating, communicating, delivering, and exchanging products that have value for customers, partners, and society at large
• The marketing mix includes product, promotion, price, and place (distribution) and involves the segmentation of markets to target specific groups of customers
• The goal of marketing is to satisfy customer needs and wants while achieving business objectives, focusing on product lines, branding, pricing strategies, and supply chain management

What You'll Learn:

• HR is essential for maximizing the workforce's effectiveness and ensuring a company's functionality
• Job analysis helps match job descriptions with corresponding specifications and enables businesses to effectively recruit internally or externally
• HR tasks include hiring, training and developing employees, evaluating performance, determining compensation and benefits, and dealing with employee departures

What You'll Learn:

• Financial accounting produces financial statements to address the needs of external stakeholders and follows the International Financial Reporting Standard (IFRS)
• The three basic financial statements in financial accounting are balance sheets, income statements, and statements of cashflow
• Managerial accounting provides reports and analysis to managers to help them make informed business decisions, including determining product costs, performing incremental analysis, and developing budgets

What You'll Learn:

• International trade has pros and cons, including increased access to resources and innovation and job and industry loss
• Different theories of free trade include absolute and comparative advantage
• Strategies for going global include foreign outsourcing, importation, exportation, licensing, franchising, and direct investment, but face barriers such as sociocultural, economic, political, and legal differences