-System: to describe or to reflect collection of certain things
-A system: Inputs coming in- throughput (process)- outputs-feedback-inputs
-Feedback: any information or physical thing that could become an input to the process.
-Qualified: skilful, having the ability to do something
-Profit: is means to achieve the purpose.
***Making profits is no the purposes of businesses, without profit they can't survive and go on in the business world.
-Expense: e.g. giving allowances to laborers.
**Businesses have to make a distinction what they are going to do in the short run and long run.
-Starting a business is: scanning the market and finding an opportunity that fits with your strengths and qualities.
- Leadership (the ability to bring everything together for a purpose)
- TAKE RİSKS
- Creativity+Innovation
- Discipline
- Patience
-Creativity is about spotting an opportunity in a business.
Inventory: the stock of stuff one has
-Departments: you have departments because you have specialized functions.
**The bigger the organization the more you need specialists the more departments.
-Specialism: has something to do with size (scale)
**It is cheaper to have specialists for large organizations because it results in having lots of departments, which make it easy to run the business organized.
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