BUSMHR 2292 Exam 1

Business

the act of creating, buying, or selling g/s with the goal of making a profit

The Future of Work video, Boston Dynamic

automation, increasing interconnectedness, machines, fast rates of change

Where is Ty from

He is from Zanesville, started as accounting and moved to HR, went to shell oil company after grad school for 6 years. 14 month leadership development course at stanford

Most Likely to Succeed (movie)

Deep Blue beat Kasparov, IBM managers noticed everyone wanted to watch Jeopardy, Watson beat Jennings, what when muscle power and mental power isn’t valued anymore

Gary Kasparov

played chess against IBM supercomputer called Deep Blue, lost in 1997 by a narrow margin

Ken Jennings

Jeopardy champion was a “folk hero”, and he eventually lost of IBM supercomputer Watson

McKinsey study

50% of work activities are currently automateable

2030 labor demand

8-10% of labor demand will be in new types of occupations 

VUCA

volatile (speed of change), uncertain (lack of predictability), complex (sheer number of factors), ambiguous (no precedent), we need to drive Vision, Understanding, Clarity, and Agility

Companies that failed

Kodak, Sears, Kmart, ToysRus, Joan Fabrics, Forever 21, Party City, etc etc

Skill categories

out of focus, steady, emerging, core skills (relevant to the future)

Hallucinations

AI generated outputs that are coherent but not based on actual data and are not accurate

Steam Engine

1712, transportation

Telegraph

1837, long distance communication

Telephone

direct communication

Internet

1969, connect computers globally

Worldwide web

1989, internet is accessible and user friendly

Other disruptors

electricity, automobile, airplanes, computers, smartphones, ridesharing, internet, social media

Large Language Models

machine learning and pattern recognition

Changing demographics

10,000 boomers are retiring every single day for the next several years, exodus of talent and potentially loss of knowledge

Information driving VUCA

The new gold standard value driving profit

GALLUP AI survey

⅔ of people don’t use AI in their role, lots of people in white collar are using it

Downfalls of AI

hallucinations, bias (perpetuate and amplify existing bias), AI lacks true understanding of context and nuance, AI requires a lot of computational power, misuse and overreliance

MIT AI study

people using ChatGPT are 40% more productive than people who don’t

AI work process

audit your workflows (high manpower, high brainpower), understand the models, practice

The assistant persona

cutting out drudge work, note

The strategist

your thought partner, strategies, decision making, feedback, planning. Ex: Develop a 3 month roadmap to maximize summer opportunity

The creator

build your first draft

Purpose of business

provide society with fundamental needs, return value to shareholders, create and sustain employment and develop skills of people, drive innovation through research and development, contribute to societal infrastructure, etc

Sole proprietorship

business owned and operated by a single individual, owner is personally liable for all business debts and obligations. Ex: freelance writer who works from home and provides writing services to clients.

Partnership

business owned by two or more individuals who share profits and losses, general and limited partnerships. Ex: a law firm owned and operated by two or more lawyers. Could specialize in different areas and have different roles/responsibilities.

Corporation

legal entity owned by shareholders, separate legal and tax existence from its owners. Can issue stocks to raise capital, limited liability protection for shareholders. Ex: Coca

Limited Liability Company (LLC)

combines limited liability protection of a corporation with tax benefits of a partnership. Owned by members and liability is limited to the amount of investment in the company. Ex: software engineers starting a web dev and software consulting company. Avoid double taxation that comes with a traditional corporation.

Cooperative

business owned and operated by a group of individuals for their mutual benefit. Open formed by farmers, credit unions, and other groups. Ex: Mondragon Corporation, a worker owned cooperative in Basque, Spain.

REI (Recreational Equipment, Inc)

It’s not technically a cooperative, but a consumer cooperative. Owned by members that are also customers.

Franchise

business where a franchisee purchases the right to operate a business using the trademark, products, and services of a franchisor. Ex: McDonald’s, franchisees follow guidelines and standards

Nonprofit

business that operates for a charitable, educational, or other public purpose. Do not have owners or shareholders, profits are reinvested in the org’s mission. Ex: Brighter Bites, focused on health and wellbeing of low income families by increasing access to produce.

Positive impacts of businesses on society

Job creation, economic growth, innovation, philanthropy, necessary goods and services

Negative impacts of businesses on society

environmental damage, exploitation of workers, unethical/illegal practices, market domination

Moral principles guiding ethical business behavior

honesty, integrity, fairness, responsibility, respect

The business environment

external environment in which business operate

Economic factors

conditions affecting the economy in which business operate, interest rates, inflation, legal factors (laws and regulations), social factors (cultural and social trends), technological factors

Interest rates as an economic factor

cost of borrowing, consumer spending, investment, currency exchange rates

Inflation as an economic factor

increased costs, decreased purchasing power, increased interest rates, uncertainty, wage demands

Technological factors as an economic factor

advances in technology create new opportunities and challenges for businesses, develop new products, communication and distribution channels, changes in ways consumers access information and make purchasing decisions

The 4th Industrial Revolution

World Economic Forum video, triggered by innovation and tech to create more equitable growth for social good and freedom of thought

Internal functional areas of business

finance and accounting, marketing and sales, operations and production, human resources, information technology, research and development, legal and compliance, corporate strategy and planning

Technological advancements (Future)

IoT, AI, automation, blockchain, data analytics

Digital Transformation (Future)

integrating digital technologies to improve business

Sustainability and Environmental Impact (Future)

reconsider how business operates in an environmentally responsible manner (carbon footprint, renewable energy, circular economy practices, social and ethical considerations)

Changing Workforce Dynamics (Future)

new generations, remote and flexible work arrangements (talent acquisition, retention, diversity and inclusion, reskilling, collaboration and innovation culture

Globalization and International markets (Future)

consider expanding to international markets, understand global trends, navigate cross cultural differences, global supply chain, trade policies, geopolitical risks, international partnerships Customer experience and personalization (Future)

Ethical and social responsibility (Future)

consumers conscious of ethical practices and social impact, corporate social responsibility, ethical sourcing, transparency, building trust

Disruption and agility (Future)

rapid advancements and changing market dynamics, culture of innovation, agile practices, and being open to change.

The power of storytelling

one of the most important skill sets of any leader

American fears study by Chapman University

public speaking first, then heights. Clowns are scarier than ghosts

The presentation process

understand the purpose, audience analysis, conduct research, organize and structure content, creating effective visual aids, perfecting the story (effective hook and narrative)

Presentation general rule

less is more

Execution of presentation

smile and breathe, utilize strong opening, eye contact and body language, utilize space you’re given, execute on your timing (pace and volume), use visual aids, close

Throughline

a connecting theme, plot, or characteristic

Post-presentation review

personal reflection, peer feedback, instructor feedback 

Situation based anxiety

where you are presenting

Audience based anxiety

to whom you are presenting

Goal based anxiety

what is at stake/result

Strategies to combat presenting anxiety

visualize success, deep breathing techniques, connect with audience

“Feedback is the breakfast of champions”

requires practice and growth mindset, can become a catalyst for growth

Giving feedback

be specific, timely, consistent/regular, use the sandwich method (stand and end with positive), embed it (feedback giving) into the culture, don’t give feedback in public, limit your focus

Receiving feedback

assume positive intent, take an active listening approach, internalize and reflect, receive feedback as a gift, consider all perspectives, thank the person, don’t take it personally

1.25 million people in Columbus, how many piano tuners are currently servicing Columbus

43, make sure to show your thought process, a market sizing question

Virtual environment career fair

can be more prepared, introduce yourself, elevator pitch (shorter and simpler), tell them what you're interested in, get them talking and follow up with questions, get their info and follow up

Interview follow ups

personalize emails to individual, remind them of things they talked about (specificity), tie in personal connections, address a gap from the interview, follow up the same day and get their contact info

Craft a compelling message

set a goal, the power of story, keep a singular focus, contrast yourself to others, demonstrate skills you talked about in interview, triangulation (3 ways to come up to the same conclusion)

Tony Hayward, CEO of BP

spoke in front of Congress following an oil spill, had to step down, wasn’t able to communicate answers

Lloyd Blankfein, CEO of Goldman Sachs

called to congress about causes of financial crisis, confident about answers and future steps, confidence = competence

T3

tell them what you are going to tell them, tell them, tell them what you told them 3: Teamwork, Team Dynamics, Biases in the Workplace

Bruce Tuckman’s Team Development Model

describes the phrases teams go through from inception to ending and highlighting what might cause a team to fail, forming, storming, norming, performing, adjourning

Forming

How do I fit in with the team? Uncertainty and high reliance on a leader, ice

Forming stage example

a new 2292 team introduces themselves and shares some thoughts on the project.

Storming

What is my role and how do I contribute? Conflict and disagreement, differences in opinion, members establish roles within the team. Shifting power dynamics.

Storming stage example

2292 team works to divide components of a group presentation (research, handout, slides, etc)

Norming

What are my expectations? Establishment of team norms and expectations. Communication channels and decision making becomes more seamless.

Norming stage example

2292 team can jump into a new assignment and work together harmoniously

Performing

How can I deliver my very best performance? Exceptional work as a result of high productivity, collaboration, and synergy. Team members are aligned and leverage their individual strengths.

Performing stage example

2292 team consistently meets and exceeds course expectations, outperforms others, and demonstrates effective communication. Conflict exists, but members are able to work through it.

Adjourning

Now what? The end of the team’s project or task. Reflecting on the stage to internalize learnings could involve a celebration where the team evaluates its performance, discusses lessons learned, and expresses appreciation for everyone.

Adjourning stage example

2292 team meets at Buffalo Wild Wings for dinner and reflects on a great semester.

Psychological safety dynamic

do members feel respected and valued to the point where they are willing to take risks without fear of negative consequences? Willingness to be vulnerable and challenge viewpoints.

Dependability dynamic

can we count on one another to deliver on our commitments on time with a high-quality output? When dependability is established, individuals are able to focus on their own tasks.

Structure and clarity dynamic

does everyone understand their role, how it fits with the goal, and the execution timeline?

Meaning of work dynamic

do members feel that they are working on something that is important and has a tangible impact on the team’s goal?

Impact of work dynamic

do team members fundamentally believe that how they are spending their time matters? Does all of this work matter, is it leading to a positive impact?

Gallup poll on impact of work

only 1 in 5 people feel connected to the company for which they work.

The most important dynamic

psychological safety

Diversity

all of the ways in which we differ: age, gender, race, ethnicity, sexual orientation, physical ability, marital status, income, personal habits, appearance, educational background, religion, personality, etc.

Inclusion

the state of being included in a group or structure.

Research shows x on diversity

diverse teams historically outperform homogenous teams

Shell Oil Company on diversity

prioritize hiring a workforce representing the geographic area in which it was located.

Iceberg of visibility and iceberg of differences

you don’t see a lot/understand a lot from the beginning, you must seek to understand individuals

US population

330 thousand

World Population

almost 8 bil, 7.694 billion