COURSE LECTURER: DR KIFORDU A.ANTHONY. Intended Learning Outcomes. At the completion of this course, students are expected to:

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1 I COURSE CODE: BUS 111 COURSE TITLE: INTRODUCTION TO BUSINESS I NUMBER OF UNITS: 3 Units COURSE DURATION: Three hours per week COURSE LECTURER: DR KIFORDU A.ANTHONY Intended Learning Outcomes At the completion of this course, students are expected to: 1. Define the concept and various kinds of Business 2. Understand Ethics and Business Characters 3. Understand the Elements of Accounting, Marketing, Insurance and their Roles in Business organisations 4. Apply the concept of Effective communication in Business 5. Understand Business and Nigerian Business Environment 6. Understand Social Responsibility of Business 7. Write simple social responsibilities of business. Course Details: Week 1-2: Introduction to concept of Business and the various kinds: One man Business, Partnership and Incorporated Business Week 3-4 concept of Ethics and Business Characters: Ethical codes, practices, contents of codes of ethics, tools of ethics, importance of business ethics, determinants of business, ethical approach in business, factors that determines strong work ethics. Week 5-6: Introduction to the elements of Accounting, Marketing, Insurance: Their meaning and functional relationship to business Week 7-8: Define and apply the effective communication in business practices Week 9-10 Compare and contrast business and its paradigms in Nigeria, Week 11: Understand and apply social responsibilities tenants in Nigeria business environment Week 12 Revision Resources Lecturer s Office Hours: DR. KIFORDU Anthony. Mondays 12:30-2:30pm and; BUS 111: INTRODUCTION TO BUDINESS I, EDO UNIVERSITY, IYAMHO Page 1

2 Wednesdays 2-4pm, Course lecture Notes: Books: Introduction to Business by Justice O. Omo.Ekei University Printing Press, Delta State University, Abraka, ISBN: The Business Enterprise in Nigeria by B.A. Agbonifoh, E.T. Ehiametalor, A.U.Inegbenebor and F.I. Iyayi,: Longman Publishers, Lagos.1999.ISBN: (recommended). Assignment and Mid Semester Test: Attendance + Mid Semester Test + Assignment: ~ 30% of final grade. Exams: Final, comprehensive (according to university schedule): ~ 70% of final grade Assignments & Grading Academic Honesty: All classwork should be done independently, unless explicitly stated otherwise on the assignment handout. You may discuss general solution strategies, but must write up the solutions yourself. If you discuss any problem with anyone else, you must write their name at the top of your assignment, labeling them collaborators. NO LATE HOMEWORKS ACCEPTED Turn in what you have at the time it s due. All Assignments are due at the start of class. If you will be away, turn in the Assignment early. Late Assignments will not be accepted, but penalized according to the percentages given on the syllabus. Preamble: Business a continuous activity is part of our daily lives and is capitalist in nature Profit. Business is the melting Pot for other factors of Production and Business organisation indulges productive activities. The overall idea of every business enterprise is for satisfaction of human needs. Man is business and Business is man. This means that business revolves around economic activities where goods and services are exchanged for one another or for money. Similarly, every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in other to make profit. Businesses can be of various types with a common objective of earning profit and acquiring wealth through satisfaction of human wants. INTRO TO BUSINESS by Anthony. A. KIFORDU is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License BUS 111: INTRODUCTION TO BUDINESS I, EDO UNIVERSITY, IYAMHO Page 2

3 Scope: Commerce and Industry constitute the basics of business scope. Commerce is an organized system for the exchange of goods between the members of the industrial world. Industry refers to production of goods by manufacturing or processing. It converts raw materials into finished goods and thus creates form utility. Industry could be genetic, extractive, construction and manufacturing. Business administration in simple terms, is everything that encompasses a business while the concept of business administration is the process of managing every different angle of a business so it can run, expand, grow and succeed. Today, you will find wealth and job creation in business, medicine, government, law enforcement, agriculture, academics, entertainment, and many other fields. This course introduces you to the fundamental concepts of Business, nature, scope, elements, environment, corporate social responsibility, and business communications for beginners in the area of Business development. Overview of Business Business is a set of interrelated activities carried out with a view to make profit. The basic economic unit in which this set of activities is performed is the business enterprise. Therefore, we define business enterprise once again as the organizational context within which men, ideas, money, materials and machines are combined for the purpose of providing needed goods or services, in order to make a profit. Basically, studying is the business of a student, politics is the business of a politician, playing football is the business of a professional footballer and in the same vein, trading would be the business of a shop owner. However for any commercial activity to be qualified as business, it must be legal with societal interest paramount to the survival of such business. The knowledge of business has immense potential for creating socio economic, cultural and political values. Business organizations can be classified into two categories viz: a) For Profit Organizations: These are strictly to make profit such as public and private enterprise or companies owned by individual(s) or group of persons such as sole proprietorship, partnership businesses, cooperative societies, etc. they depend on profit for survival. b) Non-Profit Organization: These are organization established without profit motives. Although, every organization is motivated by the desire to make profit: as in this case, they are charitable organizations, voluntary organizations, and social groups such as Churches, Orphanage homes, Boys Scout, Girls Guild, and Labor Unions etc.,.they are expected to generate adequate revenue to finance their operations such as payment of church ministers/workers, employees of orphanage homes etc. BUS 111: INTRODUCTION TO BUDINESS I, EDO UNIVERSITY, IYAMHO Page 3

4 2.1: Characteristics of Business Organization Other Classification of Business Organization 2.2: Important Role of Business in Society Factors that motivate Business 2.3 Forms /Kinds Of Business Organization Private Enterprise: These are enterprises owned by private individual(s) or organizations. They include the following; i. Sole Proprietorship: Advantages and Disadvantages.ii. Partnership: Advantages and Disadvantages iii. Companies: Classifications of Companies Advantages of Private Limited Company. Disadvantages of Private Limited Company: Types of Public Limited Liability Company; -Public Company Limited by shares -Public Unlimited Company Advantages and Disadvantages Iv.Co-operative Societies- Types: - Consumer Cooperative Society Advantages and Disadvantages and Sources of Capital 2.4: Public Enterprise Sources of Capital for Public Enterprises: Advantages and Disadvantages and Sources of Capital Factors to Consider in choosing Form of Business ownership 3.1 Ethics and Business Character Codes of Ethics Business Ethics Ethical Practices in Business Contents of code of conduct Morality in Society and Business Tools for Ethics Importance of Business Ethics Determinants of Ethical Behaviours in Business BUS 111: INTRODUCTION TO BUDINESS I, EDO UNIVERSITY, IYAMHO Page 4

5 Ethical Approaches Factors that demonstrate a strong work ethics 3.2: The role of Government in Business 3.3: Reasons for Government Participation in Business The Character of Business Characteristics of business 3.4: Environment of Business Internal environment External Environment Importance of business environment Micro Environment Market Intermediaries. Mega Environment Components of mega environment 3.5: Elements of Marketing 3.6: Elements of Production and Operations Management: 3.7: Definition of Production Management 3.8: Elements of Finance and Accounting Accounting and finance 3.9: Importance of Accounting to Business Sources of finance Goals/Objectives of finance The scope of Finance functions 3.10: Budgeting Importance of budgeting 4.1: Problems of Nigerian Business Enterprise 4.2: Social Responsibilities of Business What is Corporate Social Responsibility? Categories of corporate social responsibilities Some of the drivers of corporate social responsibilities Advantages/Positives of CSR Environmental benefits 4.3: Communication in Business Written Communication Components of communication BUS 111: INTRODUCTION TO BUDINESS I, EDO UNIVERSITY, IYAMHO Page 5

6 Non Verbal Communication - Actions Speak Louder than Words Importance of communication in organizations The flows of communication Effective Writing for Results Use of Body Language in Communication Grapevine Communication Pros and Cons of Grapevine Communication Disadvantages of Grapevine Communication Communication barriers Effect of Communication Barriers in Business Communication Overcoming Communication Barriers 7 Cs of Communication 4.4: Insurance in Business Types of Insurance Advantages of Insurance Disadvantages Principles of insurance 5.0: Summary Revisions Opinions Observations/comments/learning outcomes Examinations BUS 111: INTRODUCTION TO BUDINESS I, EDO UNIVERSITY, IYAMHO Page 6