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by Kathleen Allen,PhD,

USC Marshall Business School

and Peter Economy

Coauthor,Managing For Dummies,2nd Edition,and

Building Your Own Home For Dummies

Complete MBA

FOR

DUMmIES

2ND EDITION

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Complete MBA For Dummies

, 2nd Edition

Published by

Wiley Publishing, Inc.

111 River St.

Hoboken, NJ 07030-5774

www.wiley.com Copyright © 2008 by Wiley Publishing, Inc., Indianapolis, Indiana Published by Wiley Publishing, Inc., Indianapolis, Indiana

Published simultaneously in Canada

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by

any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted

under Sections 107 or 108 of the 1976 United States Copyright Act, witho ut either the prior written permis-

sion of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright

Clearance Center, 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-646-8600.

Requests to the

Publisher for permission should be addressed to the Legal Department, Wiley Publishing, Inc., 10475 Crosspoint Blvd., Indianapolis, IN 46256, 317-572-3447, fax 317-572-4355, or online at http://www. wiley.com/go/permissions. Trademarks:Wiley, the Wiley Publishing logo, For Dummies, the Dummies Man logo, A Reference for the Rest of Us!, The Dummies Way, Dummies Daily, The Fun and Easy Way, Dummies.com and related trade

dress are trademarks or registered trademarks of John Wiley & Sons, Inc. and/or its affiliates in the United

States and other countries, and may not be used without written permissi on. All other trademarks are the

property of their respective owners. Wiley Publishing, Inc., is not associated with any product or vendor

mentioned in this book.

LIMIT OF LIABILITY/DISCLAIMER OF W

ARRANTY: THE PUBLISHER AND THE AUTHOR MAKE NO REP- RESENTATIONS OR WARRANTIES WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF THE CONTENTS OF THIS WORK AND SPECIFICALLY DISCLAIM ALL WARRANTIES, INCLUDING WITHOUT LIMITATION WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE. NO WARRANTY MAY BE CRE- ATED OR EXTENDED BY SALES OR PROMOTIONAL MATERIALS. THE ADVICE AND STRATEGIES CON- TAINED HEREIN MAY NOT BE SUITABLE FOR EVERY SITUATION. THIS WORK IS SOLD WITH THE UNDERSTANDING THAT THE PUBLISHER IS NOT ENGAGED IN RENDERING LEGAL, ACCOUNTING, OR OTHER PROFESSIONAL SERVICES. IF PROFESSIONAL ASSISTANCE IS REQUIRED, THE SERVICES OF A COMPETENT PROFESSIONAL PERSON SHOULD BE SOUGHT. NEITHER THE PUBLISHER NOR THE AUTHOR SHALL BE LIABLE FOR DAMAGES ARISING HEREFROM. THE FACT THAT AN ORGANIZATION OR WEBSITE IS REFERRED TO IN THIS WORK AS A CITATION AND/OR A POTENTIAL SOURCE OF FUR- THER INFORMATION DOES NOT MEAN THAT THE AUTHOR OR THE PUBLISHER ENDORSES THE INFORMATION THE ORGANIZATION OR WEBSITE MAY PROVIDE OR RECOMMENDATIONS IT MAY MAKE. FURTHER, READERS SHOULD BE AWARE THAT INTERNET WEBSITES LISTED IN THIS WORK MAY HAVE CHANGED OR DISAPPEARED BETWEEN WHEN THIS WORK WAS WRITTEN AND WHEN IT

IS READ.

For general information on our other products and services, please contact our Customer Care Department within the U.S. at 800-762-2974, outside the U.S. at 317-572-3993, or fax 317-572-4002.

For technical support, please visit

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Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may

not be available in electronic books.

Library of Congress Control Number: 2007941221

ISBN: 978-0-470-19429-4

Manufactured in the United States of America

10 9 8 7 6 5 4 3 2 1

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About the Authors

Kathleen R. Allen, PhD,is the author of Entrepreneurship and Small Business Management,3rd Ed.,Launching New Ventures,5th Ed., Bringing New Technology to Market,and Growing and Managing an Entrepreneurial Business,as well as several other trade books. As a Professor of Entrepreneurship at the Lloyd Greif Center for Entrepreneurial Studies, based in the Marshall School of Business at the University of Southern California, Allen has helped hund reds of entrepreneurs start their ventures. At USC, sheÕs also director of the

Marshall

Center for Technology Commercialization, where she works with scientists and engineers to help bring their inventions to market. As an entrepreneur herself, Allen has co-founded four companies and is presently the co-founder and president of N2TEC Institute, which is dedicated to technology-based economic development in rural areas of the United States (www.n2tec.org). Allen holds a PhD from USC, an MBA, and a masterÕs degree in Romance

Languages.

Peter Economy(La Jolla, CA) is Associate Editor for the Apex AwardÐwinning magazine Leader to Leader,a member of the National Advisory Council of the Creativity Connection of the Arts and Business Council of Americans for the Arts, a member of the board of directors of SPORTS for Exceptional Athletes (www.s4ea.org), and bestselling co-author of The SAIC Solution: How We Built an $8 Billion Employee-Owned Technology Company. He has also worked on more than 30 other books, including

Managing For Dummies,2nd Ed., The

Management Bible, Enterprising Nonprofits: A Toolkit for Social Entrepreneurs, andWriting ChildrenÕs Books For Dummies.Peter invites you to visit him at his

Web site:

www.petereconomy.com.

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Dedication

To the visionary business people who are infusing the entrepreneurial spirit into organizations ÐÐ here, and around the world.

Authorsê Acknowledgments

We would like to give our sincere thanks and appreciation to our talented publishing team at Wiley ÐÐ particularly Joyce Pepple, Stacy Kennedy, Chad Sievers, and Josh Dials. Kathleen would like to thank her husband John a nd kids Rob, Jaime, and Greg, who have always been champs about putting up with an author in the house. Peter would like to thank his wife Jan and kids Peter, Sky, and Jackson, for being a constant source of wonder, love, and amusement, as well as his mother Betty Economy for helping to pay for hi s

MBA courses. Will the circle be unbroken?

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Publisher's Acknowledgments

WeÕre proud of this book; please send us your comments through our Dummies online registration form located at www.dummies.com/register/. Some of the people who helped bring this book to market include the foll owing:

Acquisitions, Editorial, and Media

Development

Project Editor: Chad R. Sievers

(Previous Edition: Tim Gallan)

Acquisitions Editor: Stacy Kennedy

Copy Editor:

Josh Dials

(Previous Edition: Tina Sims)

Editorial Program Coordinator:

Erin Calligan Mooney

Technical Editor: Matthew Will, PhD, MBA

Editorial Manager: Michelle Hacker

Editorial Assistants:Joe Niesen,

LeeAnn Harney

Cartoons:

Rich Tennant

(www.the5thwave.com)Composition Services

Project Coordinator: Kristie Rees

Layout and Graphics: Reuben W. Davis,

Melissa K. Jester, Barbara Moore,

Christine Williams

Anniversary Logo Design:Richard Pacifico

Proofreader:

Tricia Liebig

Indexer:

Broccoli Information Management

Publishing and Editorial for Consumer Dummies

Diane Graves Steele,

Vice President and Publisher, Consumer Dummies

Joyce Pepple,

Acquisitions Director, Consumer Dummies

Kristin A. Cocks, Product Development Director, Consumer Dummies Michael Spring, Vice President and Publisher, Travel

Kelly Regan,Editorial Director, Travel

Publishing for Technology Dummies

Andy Cummings,Vice President and Publisher, Dummies Technology/General User

Composition Services

Gerry Fahey,Vice President of Production Services

Debbie Stailey,Director of Composition Services

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Contents at a Glance

Part I: The New, Improved World of Business..................7

Chapter 1: The MBA in a Nutshell........................................................................

............9

Chapter 2: TodayÕs Hottest Business Trends................................................................19

Chapter 3: Entrepreneurship for Everyone...................................................................31

Chapter 4: Global Business: Fun and Profit in Katmandu...........................................51 Chapter 5: Polish Your Crystal Ball for Some Strategic Planning...............................69 Part II: Managing a Business in the New World............91

Chapter 6: Managing Is Hard; Leading Is Even Harder ................................................93

Chapter 7: Carrots and Sticks: The ABCs of Motivating Employees........................113 Chapter 8: Hiring and Firing: How to Get Good Employees and Keep Them .........131 Chapter 9: One for All and All for One: Building Teams That Really Work.............151 Part III: Money: What You Dont Know Will Hurt You....167 Chapter 10: All You Ever Wanted to Know about Accounting..................................169 Chapter 11: Working Your Way through Financial Statements.................................191 Chapter 12: Deciphering the Mysteries of Financial Planning and Analysis ..........203

Chapter 13: Understanding Stocks and Bonds...........................................................225

Chapter 14: It Takes Money to Make Money...............................................................243

Part IV: Marketing in the New World.........................261

Chapter 15: You Are Nothing without a Customer.....................................................263

Chapter 16: Getting Noticed with Advertising and Promotion.................................285

Chapter 17: Navigating the New World of Selling.......................................................299

Part V: Other Important Stuff....................................315 Chapter 18: Manufacturing and Distribution: ItÕs a Brave New World.....................317

Chapter 19: The Ins and Outs of Risk Management...................................................335

Chapter 20: In Business, Everything Is Negotiation...................................................351

Chapter 21: Econ 101: The Basics of Economics........................................................365

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Part VI: The Part of Tens...........................................377

Chapter 22: Ten Biggest Mistakes Managers Make....................................................379

Chapter 23: Ten Effective Ways to Market Your Products and Services.................385 Chapter 24: Ten (Or So) Steps to Improve Your Cash Flow......................................391 95

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Table of Contents

About This Book........................................................................ .......................1 Conventions Used in This Book.....................................................................2 What YouÕre Not to Read........................................................................ .........2 Foolish Assumptions ........................................................................ ...............3 How This Book Is Organized........................................................................ ...3 Part I: The New, Improved World of Business ....................................3 Part II: Managing a Business in the New World..................................4 Part III: Money: What You DonÕt Know Will Hurt You........................4 Part IV: Marketing in the New World....................................................4 Part V: Other Important Stuff................................................................4 Part VI: The Part of Tens .......................................................................5 Icons Used in This Book........................................................................ ..........5 Where to Go from Here........................................................................ ............5 Part I: The New, Improved World of Business ..................7 Chapter 1: The MBA in a Nutshell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 Do You Really Need an MBA?........................................................................ 10 Exploring the New World of Business .........................................................11 WhatÕs so great about change?...........................................................12 Making an entrepreneurial mindset part of your toolkit.................12 . . . And a global perspective wouldnÕt hurt......................................14 Managing and Motivating an Engaged Workforce......................................14 One Part of Business HasnÕt Changed: Money...........................................15 Reaching Out to Customers........................................................................ ..16 The Rest of Your MBA Syllabus....................................................................17 Chapter 2: Today's Hottest Business Trends . . . . . . . . . . . . . . . . . . . . . .19 The World Really Is Flat!........................................................................ ........19 From outsourcing to insourcing: Listing the flattening factors......20 Hello, neighbor: When did China move in next door?.....................21 Googlevision: Searching everywhere for Waldo...............................21 Turnabout: When little businesses get big businesses to work for them........................................................................ .......22 Do It Yourself: User-Generated Everything.................................................23 Tapping the new opinion leaders.......................................................24 Amateurs compete with experts online and over the airwaves......25 Do It for Others: Becoming Socially Responsible ......................................25 Doing good is good business..............................................................26 ItÕs not easy being green......................................................................26

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Complete MBA For Dummies, 2nd Edition

x The Changing Workforce: Harnessing the Power of the Millennials .......27 The Millennials: Understanding the age of entitlement ..................28 Motivating new Millennial employees...............................................29 Chapter 3: Entrepreneurship for Everyone . . . . . . . . . . . . . . . . . . . . . . .31 Understanding the Importance of Entrepreneurship................................32 Entrepreneurs contribute to economic growth................................32 Entrepreneurship gives birth to new industries..............................32 Entrepreneurs create new jobs...........................................................33 Thinking as an Entrepreneur........................................................................ 33
Understanding entrepreneurial thinking...........................................34 Testing your entrepreneurial mindset...............................................34 Beginning to think like an entrepreneur............................................35 Finding an Opportunity........................................................................ .........37 Identifying the barriers to creativity..................................................38 Removing the barriers to creativity...................................................39 Testing a New Business Idea........................................................................ .40 Develop a business concept ...............................................................41 Conduct a feasibility study .................................................................43 Drawing conclusions........................................................................ ....47 Even with all the planning, sometimes businesses fail ...................47 Corporate Venturing: An Oxymoron?..........................................................48 Learning from corporate entrepreneurship models........................48 Surviving as an entrepreneur in a large company ...........................49 Chapter 4: Global Business: Fun and Profit in Katmandu . . . . . . . . . . .51 Going Global Is No Longer a Choice ............................................................51 Understanding the appeal of being global........................................52

Determining whether your business has

what it takes to go global.................................................................52 Figuring out when to go global...........................................................53 Spinning the Globe: Where to Begin? ..........................................................54 China: Possible, but not always easy.................................................54 India: Outsourcing heaven ..................................................................57 The European Union: Finding common selling ground...................57 Mexico: Doing business with a neighbor...........................................58

Understanding the Role of Foreign Agents

and Other International Types .................................................................59 Choosing your intermediary...............................................................60 Putting your agreement in writing .....................................................61 Avoid headaches: Using a freight forwarder.....................................62 Considering the Price of Global Growth .....................................................63quotesdbs_dbs10.pdfusesText_16

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