1. Entrepreneurship Class - Mr. Sherpinsky Council Rock School District

2.  Develop good skills for writing, speaking, and listening.  Problems in business often occur because people fail to listen to each other. GOALS

3. 25% of all students enrolled at America’s top business schools are from foreign countries… What special communications problems might arise?

4.  Effective business letters  The most common form of business writing is the business letter……..  Effective business memos

5.  Solicit business  Respond to customer questions  Negotiate purchases  Deal with suppliers We write business letters to

6. 1. 1.Key all formal correspondence. 2. 2.Spell names correctly and have the correct address. 3. 3.Always date your business correspondence. 4. 4.Use names and titles appropriately. 5. 5.Be direct and positive. 6. 6.Be persuasive and specific. 7. 7.Avoid using fancy language. 8. 8.Be polite. 9. 9.Use an appropriate closing. 10. 10.Proofread for spelling and grammatical errors.

7.  Who it’s for  Who it’s from  Date  Subject A memorandum is a short written form of business communication that has a set format.

8. Group Activity:  Brainstorm 12 situations for which a business letter is the appropriate form of communication when doing business…

10. Response to Angry Customer’s Letter  You own a small travel agency. You received the following letter from a customer. You cannot do what the writer demands, but you do want to try to regain the customer’s goodwill.  Write a letter to the customer.  Must follow the format guide

11.  Hand-delivered  E-mailed  Sent via interoffice mail  Faxed From one person in a company to another. They can be…

12.  Telephone conversations  Meeting with customers and suppliers  Taking orders

13. 1. 1.Speak clearly, and talk directly into the receiver. 2. 2.Be cheerful. (Smile) 3. 3.Always speak politely and use names. 4. 4.Think about what you are going to say before you make a call. 5. 5.Take notes.

15. 1. Shake hands and make eye contact with the person you are meeting. 2. Show an interest in what the other person is saying. 3. Speak clearly. 4. Do not appear rushed or anxious to be somewhere else. 5. Thank the person at the end of the meeting.

16. 1. 1.Focus your attention on the person who is speaking. 2. 2.Think about and try to understand what the other person is saying. 3. 3.Ask questions to make sure you understand what the person is saying. 4. 4.Take notes to confirm what you are hearing.

17. "The Elevator Speech“ What is it?  This concept is that you have 30 seconds to describe what you do in a way that is not only easy to understand but it is compelling and interesting to others.  Conversation starter  or killer…

18. It should be clear:  I am a lawyer.  I am an accountant.  I am a structural engineer. It should use concrete, simple language:  I am a lawyer. I specialize in family law.  I am an accountant. Specifically, I am a tax accountant.  I am a structural engineer. I deal mostly with cases where structures have failed.

19. It should be memorable:  I am a lawyer. I specialize in family law. Many of my clients have children or other dependents who will need taking care of long after the client will be able to provide it. I help make sure that care is put in place.  I am an accountant. Specifically, I am a tax accountant. And I work with smaller companies for whom workers comp and other taxes are a significant cash drain. I help them make sure that they aren’t paying any more than they are required to.

20. 30-second MUST You are to develop a 30-second spot for yourself. You MUST include the following:  Introduce yourself  Full Name  Tell me who you are  Hometown, school, education or grade  State a strength or skill you would be interested in  Follow it up with a story about your strength (reinforcement)  What you do (Include something like hobby)  Personal education goal  Working with partner:  RECORD IT WHEN YOUR READY!

21.  Use basic math skills in business.  Complete sales transactions.  Calculate percentages for business purposes. GOALS

22.  Addition and subtraction  Multiplication  Averages using division

23.  Purchase orders and invoices  Sales tax  Sales slips  Managing a cash drawer

24.  Textbook Page 34- Communications Problems Answer the questions: Class

25. 1. Purchase Orders 2. Invoices 3. Sales Tax 4. Sales Slips

26.  Purchase orders – used whenever goods and services are sold.  Record of the fact that a buyer has placed an order with a company.  Buyer and seller addresses, PO number, date of transaction, listing/quantity/cost/ total cost of each item purchased, and total amount due.

27.  Invoices are bills issued by the seller to the buyer for items purchased.  Contains the same information that the PO contains.

28. Quantity X Unit Cost = Amount Due

29. Purchase Price X Tax Rate = Sales Tax Due p. 35

30. Purchase Price + Sales Tax = Total Charge p. 35

31. Cash$348.62 Checks154.20 +Credit sales218.98 Total receipts$721.80 –Refunds21.47 Adjusted receipts$700.33 –Opening cash50.00 Actual receipts$650.33

32.  Reinforcement of Knowledge  Complete the handout in groups ▪ Double-check your math twice ▪ Math is a Science not an opinion!

33.  Growth rates  Interest earned  Interest payments  Exact interest method  Ordinary interest method  Markups and markdowns  Discounts  Due dates  Last day for discount

34. August Sales – July Sales = August Increase p. 37

35. August Increase  July Sales = % Increase p. 37 or.67%

36. Total Monthly Growth  # Months = AMG p. 37 or.13%

37. Dec. Sales  Growth Rate = Proj Jan Inc p. 37

38.  Interest – earned on money invested or paid on money that is borrowed.  On money you invest in banks, and other savings institutions.  Simple interest – paid at the end of the year and only one time per year.  Compound interest – paid on investment and on interest earned at the compounding interval.

39. Investment  Rate of Interest  Int Earned p. 38 Paid 1 time at the end of the year.

40. Interest Rate  # of Qtrs  Int Earned Qtrly p. 38 1 st Quarter $100  0.75% = $0.75 2 nd Quarter $100.75  0.75% = $0.76 3 rd Quarter $101.51  0.75% = $0.76 4 th Quarter $102.27  0.75% = $0.77 $103.04 (Compound) vs $103.00 (Simple)

41.  Principal – amount of money borrowed in a loan.  Rate of interest – indicated in loan agreement.  Term – the number of years for which the loan is offered before full payment is due.

42. Loan Amt  Int Rate = Interest Paid p. 39  Number of Years $2,375  5 = $11,875

43.  Markup – amount added to the price to determine sales price.  Markdown – amount deducted from retail price to determine sales price.

44. Original Price  % Markup = $ Markup p. 39

45. Original Price – Tgt Price = % Markdown p. 40

46.  Discount – a reduction in the retail or wholesale price of a product or service.

47. Retail Price  Discount % = Disc Price p. 40

48. Complete the Sales Tax and Discount Worksheet

49.  Use the six-step problem- solving model.  Recognize the importance of group decision making. GOALS

50. 1. Define the problem 2. Gather information 3. Identify various solutions 4. Evaluate alternatives and select the best option 5. Take action 6. Evaluate the action

51.  Before you can solve it you have to diagnose it.  Write down what it is and why it’s a problem.  Quantifying it is the best way to sort things out.

52. Information from:  records  industry data  customers  suppliers  employees  Involve Anyone who has information to help solve the problem or define.

53. POTENTIAL SOLUTIONS 1. DO NOTHING: 1. DO NOTHING: Live with it…absorb the cost. 2. Reprimand, counsel, and reinforce policy. 3. Supervise the issue more closely. 4. Alternative outside the box solutions.

54.  Costs versus benefits of various options.  Rank options or quantify potential outcomes.

55.  Do it.

56.  The action isn’t complete until you’ve evaluated the outcome of it.

57. In groups, solve each problem A-D Write out your answers on paper Be prepared to discuss in class Each answer worth 5 points 5 Extra Points for 4 right answers

58.  Brainstorming  Consensus-based Decision-making

59. generating a large number of fresh ideas.  Brainstorming is a creative group problem-solving technique that involves generating a large number of fresh ideas.  Informal, everyone volunteers possible solutions.  Ideas usually not analyzed or critiqued; evaluated at later time or event.

60.  Consensus is agreement among a group of people.  Good for preventing and resolving conflicts.  Find a way to resolve an issue that’s generally acceptable to those involved.  Builds trust among those involved and affected.

61. 1. Define the problem 2. Gather information 3. Identify various solutions 4. Evaluate alternatives and select the best option 5. Take action 6. Evaluate the action

62. In groups, solve each problem A-D Write out your answers on paper Be prepared to discuss in class Each answer worth 5 points 5 Extra Points for 4 right answers

63.  Questions???  Review pages 48, 49, 50  Case Study page 52