Lecture 4 Asking the Right Questions Chap 1 4

Lecture 4 Asking the Right Questions Chap 1 4 - What we...

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What we don’t know? MGT 1281
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Who Invented Business?? No one invented business. One could however make an argument as to who “invented” or formalized disciplines. Economics Adam Smith – “ An Inquiry into the Nature and Causes of the Wealth of Nations ” - 1776 Management Frederick Winslow Taylor " The Principles of Scientific Management ," -1911 (Arguably also Op. Mgt) Henri Fayol “ Administration industrielle et générale” – 1917 Human Resources The Human Problems of an Industrialised Civilization” - 1933 Marketing – Pragmatic History Arguably 1841 when Volney B. Palmer opened the first advertising agency Finance Louis Bachelier – 1900 – Doctoral Dissertation – effect later called "Random Walk” Benjamin Graham – “ Security Analysis ” - 1934 Organizational Theory – Max Weber – “Economy & Society” - 1922
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I want to learn how to make lots of money (and get rich)! You will never learn this at university or elsewhere. If society is based upon competition & information is widely dispersed (via BBA, BComm, MBA etc.) the best the knowledge gained from university will do is let you play the game. Based upon internal drive, skills & attributes, tolerance of risk, opportunities, networking, and many intangibles. If someone tells you they have a secret to getting rich, they are probably trying to sell you something!
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Why do accountants & economists look at business differently? Economics is about explaining behaviour Accounting is about information What the heck do I do after university? Start researching industries now. Grow your social network. Be well rounded (socially, academically, athletically, community etc.) and get good marks. Everyone has a business degree - you need to create differentiation. Take advantage of the many services at SMU re.
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Lecture 4 Asking the Right Questions Chap 1 4 - What we...

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