What is a business — Transcript

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1. 0:03I was going to make you wait next week
2. 0:06to get your word but I decided to get
3. 0:09you word going so let's get our first
4. 0:15word what's a good
5. 0:17word what's a good word this class
6. 0:23is business one what business that's a
7. 0:27good word let's look at what a word is
8. 0:30what is a
9. 0:32business we all know what business is
10. 0:35Right mean is there anybody who doesn't
11. 0:39know what a business is we all know what
12. 0:41a business is business is basically any
13. 0:45activity that seeks to provide goods and
14. 0:47services to others while operating at a
15. 0:50profit okay that's it that's what a
16. 0:53business is you say yeah I I knew that
17. 0:56Andy I do yeah we all know that right
18. 1:00hey what is the purpose of a
19. 1:03business why do you have it under this
20. 1:07definition a business only has one
21. 1:09purpose and that's to
22. 1:12make
23. 1:14money that's money money money that's
24. 1:16what we're going to talk about in this
25. 1:17class is this is a class about money how
26. 1:19money works that's where you start a
27. 1:21business so how about a
28. 1:257-Eleven what is the purpose of a
29. 1:287-Eleven it is not to spread burritos
30. 1:31and Slurpees across the planet right
31. 1:34it's not so everybody can go and get a
32. 1:36cup of coffee to spill on their lap when
33. 1:38they're driving into work right that's
34. 1:41not the purpose of a s now you might
35. 1:43like to spill coffee and you might like
36. 1:45slurp you might like
37. 1:46burritos but would you ever operate a
38. 1:507-Eleven if you weren't making
39. 1:53money that's the purpose of it right it
40. 1:55does all sorts other stuff but it's to
41. 1:57make money how about a card business car
42. 2:01dealership yeah car dealerships is the
43. 2:04purpose of the Toyota dealership so
44. 2:06everybody drives a reliable
45. 2:09car no it's not what is the purpose it's
46. 2:14to make money do cers ships make very
47. 2:16much
48. 2:17money huge in fact car
49. 2:20franchises are the most profitable
50. 2:24franchise in the United
51. 2:27States they make a lot of money
52. 2:31in fact there's only one car dealer that
53. 2:33is not a franchise you know which one
54. 2:35that is I'll give you hint
55. 2:39musky Tesla all the other C dealers
56. 2:42ships are
57. 2:47franchises how about a doctor's office
58. 2:50is a doctor's office of business do
59. 2:53doctors have a lot of
60. 2:54toys oh yeah they have a lot of toys
61. 2:57don't they right it's is a expensive to
62. 3:00go to the doctor's office oh yeah you go
63. 3:03to the doctor's office and you show up
64. 3:06and they say first words out of their
65. 3:08mouth are may I see your identification
66. 3:12and proof of insurance may I see your
67. 3:14insurance card please let me just take a
68. 3:16little little photo copy of it and if
69. 3:18you don't have insurance don't worry
70. 3:20they take Visa and MasterCard and
71. 3:23Discover Card an American Express card
72. 3:26it's a lot of money they make a lot of
73. 3:29money right
74. 3:30but is there a difference between a
75. 3:31doctor's office and a
76. 3:347-Eleven there is there's a difference I
77. 3:37don't know what it is but there's kind
78. 3:40of a difference yeah they're not the
79. 3:42same thing okay how about a hospital is
80. 3:45a hospital
81. 3:47business oh yeah Hospital's business you
82. 3:51show up to the emergency room right and
83. 3:53you show up and what's the first words
84. 3:55out of their mouth and say do you have
85. 3:56any insurance can we have your insurance
86. 3:58C how much how many can you spend at a
87. 4:01hospital in a
88. 4:03day you can spend well over $200,000 in
89. 4:06one day at the hospital it's a business
90. 4:10it's a big profit business
91. 4:13but let's say you go to the hospital and
92. 4:16your what's called
93. 4:18Indigent Indigent means
94. 4:21homeless it is obvious by looking at you
95. 4:25that you have no financial resources
96. 4:27that you live on the street you cannot
97. 4:29not miss it right so you go into the
98. 4:32you're
99. 4:33Indigent you go into the hospital and
100. 4:35your hand is cut
101. 4:36off right and blood squ out blood
102. 4:41squ help me and they say do you have any
103. 4:45insurance and you
104. 4:47say do I look like I have insurance and
105. 4:52they say we take
106. 4:55Visa do you think somebody who looks
107. 4:57like me has a Visa will we take care
108. 5:00cash you really think that I have a lot
109. 5:03of cash by looking at me do you know
110. 5:06what they say next to you they say to
111. 5:08you next they say come on back here
112. 5:11let's get you fixed up they're required
113. 5:14by federal law to save your
114. 5:17life even if they know they will never
115. 5:20get a dime back they're gonna lose up
116. 5:21all that money they're still required to
117. 5:24save your
118. 5:25life now let's say you go to the go to
119. 5:28the 7-Eleven
120. 5:30and you say I'll die unless you give me
121. 5:33a burrito and a Slurpee I will just die
122. 5:35I gotta have it what do they say to you
123. 5:39go die outside right we're not giving
124. 5:41you free burrito or free
125. 5:43slurpee yet the hospital
126. 5:47will did you just find did you notice
127. 5:49something our definition of a business
128. 5:52is starting to break isn't it right
129. 5:55hospitals have to do things even if they
130. 5:57know they won't make money now they can
131. 5:59make a lot of money but they do things
132. 6:017-Eleven doesn't so it's starting to
133. 6:04break it's getting it's wiggling now
134. 6:07let's snap it let's break the definition
135. 6:11of a
136. 6:12business what about the Girl
137. 6:15Scouts is a girl scouts a lot of is is
138. 6:18is that a business be careful be careful
139. 6:21think about this right okay when I say
140. 6:23Girl Scouts you
141. 6:25think
142. 6:27cookies we all love those girl Scout
143. 6:29cook those aren't really good girl
144. 6:31scouts cookies okay do the Girl Scouts
145. 6:33make a lot of money selling cookies oh
146. 6:36yeah they make a lot of money okay
147. 6:40now are the cookies the best cookies in
148. 6:43the world they're really really good
149. 6:45they're good are they really that
150. 6:50good now yeah they're super yummy okay
151. 6:54aren't they can't you find a really good
152. 6:56cookie and not pay quite so much money
153. 6:59come on can
154. 7:00you sure sure sure they make cookies or
155. 7:05they sell cookies I don't know if they
156. 7:06make cookies they sell cookies but is
157. 7:09that the purpose is that the reason for
158. 7:11the Girl
159. 7:14Scouts no it's not not what's the reason
160. 7:17for the Girl Scouts well Girl Scouts
161. 7:19show uh teach a positive role model for
162. 7:23for young girls they did community
163. 7:25service they did all sorts of wonderful
164. 7:28stuff they learn how to sell cookies
165. 7:29they do they have games and parties that
166. 7:31does the Girl Scouts does wonderful
167. 7:34things right are they a business yeah
168. 7:36they sell cookies they do but are they
169. 7:39business do you buy Girl Scout
170. 7:42cookies because they're the best and the
171. 7:44cheapest cookies no why do you buy Girl
172. 7:47Scout cookies come on because the little
173. 7:50girl who's standing outside Safway says
174. 7:52would you like to buy some Girl Scout
175. 7:54cookies and you feel like a heal if you
176. 7:56don't buy the cookies from from them
177. 7:58okay do you feel like a jerk if you go
178. 8:01to a 7-Eleven and don't buy a
179. 8:05burrito I hope
180. 8:07not you don't feel there's it's
181. 8:09different right why do you do why do you
182. 8:11buy the Girl Scout cookies well they're
183. 8:13good cookies yes but why do you do it
184. 8:15because you want to support the little
185. 8:16girl and you want like all the good
186. 8:18stuff that the Girl Scouts do now they
187. 8:21sell stuff they make money but that's
188. 8:24not the purpose of the Girl Scouts you
189. 8:27don't go into the girl you don't become
190. 8:28a Girl Scout to say wow I can make all
191. 8:30this money you don't we just broke our
192. 8:36definition now let's get even more fun
193. 8:39how about church church mosque Temple
194. 8:42synagogue whatever organized recognized
195. 8:45religion not people who have their own
196. 8:47little Cults and stuff like that going
197. 8:49no no regular big churches and mosques
198. 8:52and temples and
199. 8:54cogs
200. 8:55now do they quite often have a lot of
201. 8:58money
202. 8:59yeah you think the Catholic church is
203. 9:01poor no they have a lot of money right
204. 9:04and do they like to get more money oh
205. 9:07yeah you show up to church M Temple
206. 9:10synagogue and what do they always ask
207. 9:13for money so then they say here give us
208. 9:17some money go okay here's some money
209. 9:18right they go no no no that's the first
210. 9:21time we need some more so this is this
211. 9:23is money for something else that we're
212. 9:25going to do okay here you go oh no wait
213. 9:29wait got some more we need some more
214. 9:30money
215. 9:31right really they make a lot of money
216. 9:35right but is that the
217. 9:37purpose do you go to church to get rich
218. 9:42no no you go to church Moss Temple
219. 9:44synagogue to do lots of good stuff for
220. 9:47religious
221. 9:48instruction uh Fellowship Community
222. 9:51involvement spiritual advice beautiful
223. 9:55music all sorts of reasons you go to
224. 9:57these things you don't go to make money
225. 10:00no they can make a lot of money but
226. 10:02that's not the purpose of a business
227. 10:05well it is a business not really now
228. 10:07they have a business aspects to them but
229. 10:09it's not a business you don't say I'm
230. 10:10gonna become a Baptist so I can make a
231. 10:12lot of money it you
232. 10:16don't huh now our definition is broken
233. 10:20right because Girl Scouts they sell
234. 10:23products they make money but that's not
235. 10:25the purpose that's not a business Church
236. 10:29Must Temple synagogue not a business
237. 10:32looks a lot like it now you say well
238. 10:34yeah I knew all that now let's get more
239. 10:38interesting now I'm GNA give you
240. 10:40something that you probably have to
241. 10:43think
242. 10:44about where do we put State Farm
243. 10:50insurance State Farm Insurance where do
244. 10:55they go there where did they
245. 10:57go Okay so
246. 11:00where do we put Geico insurance Geico
247. 11:03State Farm very similar insurance
248. 11:05companies both very large right GE go
249. 11:07and State Farm where do we put them on
250. 11:09the list do we put him with the 7-Eleven
251. 11:10in the car
252. 11:11dealership do we put him with the Girl
253. 11:14Scouts do we put them with
254. 11:19church
255. 11:21what yeah Geo goes with
256. 11:257-Eleven State Farm insurance goes down
257. 11:29here you say
258. 11:31any I don't think so there is no way
259. 11:35State Farm insurance goes with with
260. 11:37church in the Girl
261. 11:38Scouts actually it does no it does not
262. 11:42Andy they brainwashed you when you work
263. 11:44there no it I I'm completely right
264. 11:48anybody who's studied business very much
265. 11:51at all clearly knows that State Farm
266. 11:54insurance goes at the bottom and Geico
267. 11:57goes up at the top
268. 11:59with
269. 12:017-Eleven and I don't think so I don't
270. 12:03care what you think this is this is a
271. 12:05fact so let's talk about State Farm
272. 12:08insurance State Farm Insurance is what's
273. 12:10called a mutual
274. 12:12company a mutual company is a company
275. 12:15that is owned by its
276. 12:18customers so when you buy insurance with
277. 12:21State Farm you become an
278. 12:24owner by every single legal definition
279. 12:28of an owner you are an owner so if you
280. 12:30have state F by the way one out of every
281. 12:32four drivers in the state of Washington
282. 12:34has State Farm Insurance if you have
283. 12:36State Farm Insurance you are an
284. 12:38corporate owner so if you have State
285. 12:40Farm Insurance you can tell people
286. 12:42say got some
287. 12:44ownership in this really big company you
288. 12:48might have heard of it called State Farm
289. 12:50ins insance yeah I'm one of the
290. 12:53owners and you're telling the truth you
291. 12:55really are right so it's a mutual
292. 12:58company other examples of Mutual
293. 12:59companies with credit unions and
294. 13:02co-ops okay so if you have insurance
295. 13:06with State Farm you buy an insurance
296. 13:07policy you are an owner of the company
297. 13:12by every single
298. 13:15definition okay now let's look at a
299. 13:177-Eleven again when the owner of a
300. 13:197-Eleven sells a burrito who gets the
301. 13:22profits so they sell you the burrito for
302. 13:24a dollar then they take that burrito the
303. 13:27dollar and they take part of it to pay
304. 13:28for for the employees to work there part
305. 13:31of it for electricity part of it for the
306. 13:32building part of it for
307. 13:34insurance uh all their expenses part of
308. 13:37it for the burrito itself right after
309. 13:40all their expenses are taken of taken
310. 13:42care of who gets the leftover profit
311. 13:45it's the owner that's what the owner
312. 13:47does he has the 7 he that's why he owns
313. 13:49the 711 to make
314. 13:52money okay so you go by State Farm
315. 13:55insurance State Farm Insurance they're
316. 13:57not J right State Farm Insurance they
317. 14:00take the money from you and they use
318. 14:02part of it to pay for their
319. 14:03employees part of it to play for claims
320. 14:07part of it to do advertising part of it
321. 14:09for
322. 14:10doing all sorts of stuff the management
323. 14:14and then who gets the leftover money
324. 14:17because there is there's leftover money
325. 14:19who gets the leftover
326. 14:22money the same as 7-Eleven the
327. 14:26owners so if you buy State Farm
328. 14:28Insurance
329. 14:29you're an owner you buy the insurance
330. 14:33you get the leftover money the leftover
331. 14:35profits now do you buy State Farm
332. 14:37insurance for the money to make
333. 14:40money no you're not going to make very
334. 14:43much money they don't give you very much
335. 14:44money back right if you get $20 it's a
336. 14:48good year right so is it very smart to
337. 14:51buy State Farm Insurance to make
338. 14:55money no that's not it's terrible
339. 14:58terrible
340. 14:59yeah but isn't State Farm a business of
341. 15:03course State Farm's a business but under
342. 15:06our definition of business it's not a
343. 15:09business what about Geico Geico is owned
344. 15:12by Burkshire hathway Burkshire hathway
345. 15:14is Warren buett he's normally the second
346. 15:17richest man in the world and he'll get
347. 15:18back to number two again pretty soon I
348. 15:20mean he he's extremely successful okay
349. 15:25if you want to buy stock in Geico it's
350. 15:30really easy you buy stock in Berkshire
351. 15:32hathway and then you automatically get
352. 15:34some stock in Geico and why would you
353. 15:36buy stock in Berkshire hathway to
354. 15:40make say
355. 15:41it come on say it come on I know people
356. 15:45are looking at you they're looking at me
357. 15:47too say it to make
358. 15:52money
359. 15:54wow so State Farm by our definition of
360. 15:58business is not a
361. 16:00business but it is a business but by our
362. 16:03definition it isn't a business but it
363. 16:09is
364. 16:11huh it gets even
365. 16:15weirder it's getting going to get even
366. 16:18more weirder so what is a business so
367. 16:22now we're going to look at a coffee
368. 16:23company called
369. 16:25purita purita is a coffee company that
370. 16:28sells coffee coffee to
371. 16:32make to make please say it say money say
372. 16:37it out loud save money you can whisper
373. 16:39it move your
374. 16:40lips that's the purpose of it but pure
375. 16:45coffee is owned by a
376. 16:47charity that has the same
377. 16:50name and that charity the goal is to
378. 16:53feed clothe and educate impoverished
379. 16:56children around the world
380. 17:00so you have a charity not for profit
381. 17:04that owns a for-profit and the
382. 17:07for-profit tries to make money and they
383. 17:09love to make money right but all the
384. 17:11money they make goes to the nonprofit
385. 17:14and all that money goes to feed clothe
386. 17:16and educate starving kids around the
387. 17:20world
388. 17:24wow
389. 17:25pita pita coffee
390. 17:29so a charity owns a company to make
391. 17:33money oh it gets way better than that a
392. 17:37group of students at belie College
393. 17:39wanted to donate wanted the school to
394. 17:42donate some of the profits for drinking
395. 17:43coffee on campus right and they wanted
396. 17:46some of that to go to charity to help
397. 17:48little kids right so they went to school
398. 17:52and they
399. 17:53said this was quite a while ago but they
400. 17:55went they went to the school and said
401. 17:57hey let's either sell Pita coffee on
402. 18:01campus Because part of that profits go
403. 18:04to feed cloth and educate starving kids
404. 18:05in Central America or take a percentage
405. 18:09of the coffee that we have with
406. 18:10Starbucks and tules and stuff and have
407. 18:14that donated the charity well bellevie
408. 18:17College administration back then said no
409. 18:21we want all the money we want it
410. 18:24ourselves we don't want to share with
411. 18:26anybody we need this money
412. 18:29so badly those kids in Central America
413. 18:33they don't need it do this is Belle
414. 18:35Washington it's poor we wait BBY
415. 18:38Washington's poor you can be poor in BBY
416. 18:41Washington but it's not the poverty
417. 18:44Center
418. 18:46of anything right so yeah so the
419. 18:50students
420. 18:52said okay we're going to start up our
421. 18:56own coffee company and sell pure
422. 19:00VA and so they
423. 19:10did these are all BBY college
424. 19:20students like you hold on to the zip
425. 19:22line
426. 19:25right come
427. 19:27on no
428. 19:30thanks start
429. 19:40over like you hold on to the zip line
430. 19:43[Music]
431. 19:45right but you don't know exactly what's
432. 19:47what it's going to feel like on the
433. 19:50way I almost I see it as like a parallel
434. 19:53for my trip here going Guatemala going
435. 19:57to be like this but I didn't know what
436. 19:59it would actually feel
437. 20:07[Music]
438. 20:17like in 2006 a group of students from
439. 20:21bellw Community College traveled to
440. 20:24Guatemala to learn about Fair Trade
441. 20:26coffee and to see another country and
442. 20:31culture the international business and
443. 20:33exploration club and BCC student
444. 20:36programs sponsored this trip to help
445. 20:38further these students education in
446. 20:40international business as well as to
447. 20:43empower them to become better World
448. 20:45citizens development is a complicated
449. 20:48messy business because it's not clean
450. 20:51first all it's working with people and
451. 20:54then second
452. 20:57[Music]
453. 21:03through an internship program these
454. 21:05business students will be operating one
455. 21:06of the coffee stands at BCC to apply
456. 21:09what they're learning about running a
457. 21:11business for part of their trip the
458. 21:14students lived at Santa
459. 21:16Anita the residents of Santa Anita are
460. 21:18striving to create a sustainable and
461. 21:21profitable future by growing organic
462. 21:23coffee and bananas on their communal
463. 21:25Farm
464. 21:32through hands-on experience the students
465. 21:34learned what it takes to grow
466. 21:38organic we' got one group that's going
467. 21:40to be doing compost we got one group
468. 21:42that's going to be digging the holes we
469. 21:44got one group bring in of
470. 21:56the I thought we were going to be doing
471. 21:58some of the others kind of a toury kind
472. 22:01of activity but I like this again I
473. 22:04would TR anything this this
474. 22:07[Music]
475. 22:12is was something behind a cof and
476. 22:15everything but there's a huge difference
477. 22:18between a pu and a relative I mean you
478. 22:21know that you know people behind working
479. 22:23together the coffee the har and
480. 22:26everything you got to do it to really
481. 22:29like
482. 22:33appreciate I don't think you need to go
483. 22:35near as deep as
484. 22:42that the students were able to see more
485. 22:45of this beautiful country its people and
486. 22:47its
487. 22:51[Music]
488. 22:52Customs the students learned about Fair
489. 22:55Trade coffee but by traveling abroad
490. 22:58they learned learn much
491. 23:02more wherever you are at you your
492. 23:06knowledge of the world is somewhat
493. 23:08limited to what the media tells you it's
494. 23:11kind of kind of a little sheltered life
495. 23:13saying in our home
496. 23:16[Music]
497. 23:18country they're very grateful for you
498. 23:20know these things for the
499. 23:22kids their eyes were not only open to
500. 23:25another culture but they also gained New
501. 23:28Perspective on their own
502. 23:32lines I have always suck that money is
503. 23:35like Happ but um the simple life is like
504. 23:40so
505. 23:41flavorful so cool I want to I want to
506. 23:43have
507. 23:44this one thing I realized last time is
508. 23:47that there's so many different
509. 23:49perspectives on life than just
510. 23:52mine I learned a lot about myself I
511. 23:56learned a lot about other people and
512. 23:58mostly I learned that the world doesn't
513. 24:00revolve around
514. 24:02me I think I have changed over time what
515. 24:07what I value in life you know it used to
516. 24:09be that all I wanted was to succeed in
517. 24:11the business world and you know to get a
518. 24:13good paying job and now I'm like
519. 24:16well why do I need to do that why why
520. 24:19can't I do a job that benefits a good
521. 24:21work country why can't I do a job that
522. 24:23that benefits people half around the
523. 24:26world it's really inspirational coming
524. 24:29down here I know I keep saying that but
525. 24:32um as you come down you see what you it
526. 24:34makes you appreciate what you actually
527. 24:35have back in the States a lot
528. 24:38and it kind of makes you I in a way I
529. 24:41feel almost foolish to things that I
530. 24:43even as a the day before I left
531. 24:45complaining about oh have enough socks
532. 24:48it's like I'm watching these kids run
533. 24:49out play soccer barefoot no socks
534. 24:51nothing it just puts everything in
535. 24:57perspective this trip to Guatemala is an
536. 24:59excellent example of one of the ways
537. 25:01that BCC is working to help students
538. 25:04learn valuable skills for life this trip
539. 25:07not only gave them a better
540. 25:09understanding of the coffee they will be
541. 25:10selling but also A New Perspective of
542. 25:13the world the families in Santa Anita
543. 25:16and the others who these students have
544. 25:17met have touched their lives in a
545. 25:20special way the students will forever
546. 25:22carry this experience and the memories
547. 25:25of their new friends with them
548. 25:29[Music]
549. 25:34[Music]
550. 25:44who's that
551. 25:48[Music]
552. 26:04wow kind of fun no it gets better so
553. 26:09they opened up this coffee stand on
554. 26:12campus and then word got out about they
555. 26:15were selling a lot of coffee and word
556. 26:17got out and um a school on the East
557. 26:21Coast um that uh I think you may have
558. 26:25heard of it called how
559. 26:29hav yeah almost always the number one
560. 26:32it's number one or number two School
561. 26:34best school in the
562. 26:36world Havard got yes have to say har you
563. 26:39can't say Harvard Havard found out about
564. 26:42this and they did a big write up on it
565. 26:46in their uh business
566. 26:49term and they sent this all over the
567. 26:52world telling how great the Belleview
568. 26:54college students are right and they're
569. 26:57doing all they're starting up business
570. 26:59and donating the money to charity and
571. 27:00saving little starving kids in Central
572. 27:02America and all that that stuff look
573. 27:04pretty good okay um then the local TV
574. 27:09station I think it was K4 found out
575. 27:11about it and they
576. 27:13go this is good stuff let's go to bellev
577. 27:16college and see what's what they're
578. 27:17doing so they come to to bellie college
579. 27:21and they go show us this coffee you're
580. 27:24doing all this great stuff show us
581. 27:25little stand and they go okay and they
582. 27:28showed him the stand which was a tiny
583. 27:32little coffee stand I mean it wasn't it
584. 27:34was it was a cart right and they were
585. 27:37selling they're selling a lot of coffee
586. 27:38but it's a
587. 27:40cart okay think of it this
588. 27:42way the the coffee that they sold was a
589. 27:45little bit more expensive than uh canus
590. 27:50the normal coffee in canus here's a
591. 27:52question would you don't would you pay
592. 27:5310 cents extra for a cup of coffee if
593. 27:56you knew that 40 40 cents of is going to
594. 27:58go feed and clothed and educate starving
595. 28:00kids in Central
596. 28:01America would you walk a little ways to
597. 28:04go get that absolutely so they're
598. 28:06they're they're killing it they're
599. 28:07knocking out of the part but then the
600. 28:10uh Como said wait a second this is it we
601. 28:15thought this was all all Bia
602. 28:17college so then the administration said
603. 28:22ah oh they don't look good do they but
604. 28:25when students are doing this and making
605. 28:27money and saving the planet and they're
606. 28:29doing nothing they go ah yeah we're
607. 28:33going
608. 28:35to make it from now on we're just we're
609. 28:39just initiating it right it's it's it's
610. 28:41going through the The Works we're gonna
611. 28:43make it so a portion of the coffee sold
612. 28:46anywhere on campus goes to feed clothing
613. 28:48educate starving get in Central America
614. 28:51yeah that's it and they rush through and
615. 28:54then they change the
616. 28:56policies so if you look on campus right
617. 28:59now you'll see that this cart's gone we
618. 29:01don't have the cart anymore because
619. 29:02there's no reason to have it so the
620. 29:03students go woohoo they declared
621. 29:06Victory and closed down their their
622. 29:09their
623. 29:09stand now if you go to any place on
624. 29:13campus where they sell coffee you will
625. 29:16see a sign that says a portion of the
626. 29:18proceeds from this coffee stand go to
627. 29:22feed clothe and educate starving kids in
628. 29:24central americ Charities and all these
629. 29:26other things
630. 29:30so imagine remember I said people are in
631. 29:33student
632. 29:34clubs they do better yeah they do better
633. 29:37they get all sorts of wonderful
634. 29:39advantages so these guys got to go to
635. 29:42Central America work in a coffee coffee
636. 29:45Farm where start up their own business
637. 29:48and get quoted by
638. 29:50hav does that look good on your resume
639. 29:53oh and they also says and as a result of
640. 29:56my work uh School of about 40,000 people
641. 29:59whenever any one of them drinks a cup of
642. 30:02coffee part of the prophets go to feed
643. 30:04clothe and educate starving kids in
644. 30:06Central America does that look good on
645. 30:09the
646. 30:11resume
647. 30:15yeah
648. 30:21okay I already said that okay free
649. 30:24publicity KO comes to
650. 30:26campus what is a business
651. 30:29oops what is a
652. 30:32business during a job interview I said
653. 30:35the people who have a college degree
654. 30:38they glow in the dark right college
655. 30:40background they glow in- the dark what
656. 30:42is a business so let's say during a job
657. 30:45interview they say what's a business and
658. 30:48you can
659. 30:49say business is an organization that
660. 30:52tries to make a profit by providing
661. 30:53goods and services to its customers and
662. 30:55you're 100% correct right no nobody's
663. 30:59gonna say you're wrong
664. 31:01but compare that answer to somebody
665. 31:04who's studied
666. 31:05business and they would say well there's
667. 31:08lots of definitions of a business a
668. 31:10business looks very differently but a
669. 31:12business is generally an organization
670. 31:14that tries to make a profit by providing
671. 31:16goods and services to its customers real
672. 31:18good example that of that is a 7-Eleven
673. 31:21the purpose of a 7-Eleven is to make
674. 31:23money now they don't always make money
675. 31:26but that's the purpose and you it's not
676. 31:28to spread burritos so everybody eats a
677. 31:30burrito it's to make money that's why
678. 31:32you do it then you have organizations
679. 31:35like
680. 31:36hospitals that have to do things where
681. 31:38they won't make money even though
682. 31:40they're trying to make money that's
683. 31:41their goal it it they do things that
684. 31:44they don't necessarily make money with
685. 31:47then you have organizations like the
686. 31:48Girl Scouts that sell cookies and make
687. 31:52money but that's not the purp they're
688. 31:54not really a business because that's not
689. 31:55the purpose of the Girl Scouts girl
690. 31:57Scouts is there to CH to to help girls
691. 32:00to develop into uh good citizens and do
692. 32:04community service and do all these
693. 32:05wonderful things then it gets even
694. 32:08weirder you have companies that are
695. 32:10mutual companies like State Farm
696. 32:11Insurance it's a mutual company and it's
697. 32:13a mutual company is a company that's
698. 32:15owned by its customers they are owners
699. 32:18by every
700. 32:19definition so buyer definition of a
701. 32:22business they're not a business yeah
702. 32:24problem of course is a business then you
703. 32:27have companies like Pita coffee Pita
704. 32:30coffee sells coffee to make a profit but
705. 32:33all of the profits for purita coffee go
706. 32:35to a charity called purita and that
707. 32:38charity takes the money that they make
708. 32:40from purita Coffee Company selling
709. 32:43coffee and they use it to feed clothe
710. 32:45and educate starving kids in Central
711. 32:48America now during a job
712. 32:51interview you have the two Cates they
713. 32:54both gave you the perfect definition of
714. 32:56a business
715. 32:58who would you
716. 32:59hire the first one you're right you got
717. 33:03it but the second answer shows much more
718. 33:08in-depth knowledge of how businesses
719. 33:09work doesn't it it's a different person
720. 33:12right even both of those answers were
721. 33:14right one of them showed way more
722. 33:17knowledge and background and thought
723. 33:19than the first one right who would you
724. 33:21hire of course you'd hire the second one
725. 33:24so in this class that's what we're going
726. 33:26to do we're going to get learn to give
727. 33:27the second answer now you don't have to
728. 33:29give that second answer for what is a
729. 33:32business
730. 33:33but and I'm never going to give you a
731. 33:36test question what is a business
732. 33:38and but at the same time you know more
733. 33:41about what a business is now don't you
734. 33:43yeah so you knew what a business was
735. 33:46before you even saw my ugly face right
736. 33:48now you know what a business is but you
737. 33:50know that it's a lot more than just
738. 33:52selling goods and services to make money
739. 33:55it's a lot more so that's what we're
740. 33:56going to do so in this class we're going
741. 33:58to learn some words one of things you
742. 33:59should do in your textbook is look up
743. 34:01words so one word you should look up in
744. 34:03the back of your textbook
745. 34:05is business and read about business yeah
746. 34:11so get you some words so let's get you
747. 34:14some more
748. 34:15words actually we're gonna start off
749. 34:17with a really great word this next
750. 34:22Monday and that word is G DP
751. 34:28that's our
752. 34:32word and I say thanks a lot for coming
753. 34:35have a nice weekend Oh remember you need
754. 34:37to take these you need to take your exam
755. 34:40number one on
756. 34:41canvas uh and remember I don't respond
757. 34:43to emails after 9:30 on Friday so take
758. 34:46so uh take that that test it's the the
759. 34:50your first test I'm I'm making it easier
760. 34:52for you because I know how weird life is
761. 34:54the first week so it's only information
762. 34:57from the tech from your syllabus
763. 35:00anything on the syllabus is on it but
764. 35:01there's no there are no questions on
765. 35:04anything besides the syllabus on your
766. 35:07first test so should you get 100% on
767. 35:10that
768. 35:12test I can't see why you couldn't and
769. 35:15shouldn't so anyway thanks a lot for
770. 35:17coming have a nice weekend bye bye