This course has been difficult for me since it challenged my previous assumptions about

business operations. My bachelor’s degree is in business administration, but my focus was in

marketing so most of my perspective for what to do is based on things like approval rating
and brand image which can be very difficult to quantify. In the past, I have considered
finance decisions to be based on exact figures that have been determined through various
calculations. My misunderstanding stemmed from thinking that those numbers were
absolutes and needed to be adhered to at all costs. The most useful takeaway I have from
this course is that projections are always wrong, just sometimes less wrong than others. To
me, this makes forecasting a much more approachable task rather than projecting figures
and thinking the business will fail if they don’t match up, which leads to my second
takeaway. 2- When utilized correctly, business goals and projections are flexible and have
contingency options ready ahead of time. Rather than sitting and monitoring the company’s
financials to get an idea of how their plans are unfolding, companies need to be a step ahead
in assessing risk with potential plans in place for different outcomes. These decision trees
have more branches than I imagined before the course and knowing what steps would be
taken to facilitate each decision is what helps the company keep up in a fast-paced market.
A third takeaway from the course is a better idea of business expansion, especially when it
comes to the pros and cons of growing organically versus a business combination. It is
important to know that neither are a sure shot for success and very dependent on the
company’s goals and potential plan for the future. Another takeaway will be having a better
idea of all the different aspects to account for when considering an international expansion.
It is far more than determining if it is financially feasible for the company or if it will be a
profitable venture. Other factors like cultural norms, local laws, and political climate have to
be examined when making the decision to expand to new markets. A fifth thing I will
understand more clearly now is the value of a competitive advantage, defined in the book as
“superior performance relative to other competitors in the same industry or the industry
average…” (MBA-640, 2018). Using financial metrics can be vital to a company to measure
accounting profitability and determine if the company has developed those advantages
while having concrete numbers to gauge their performance in comparison to the
competition.
This course will directly apply to the Marketing and Strategy Business Plan by giving me tools
to provide persuasive evidence. The company I have been focusing my research on is Tesla
Inc. Up to this point, they have largely been funded on faith and a desire to see the world
transition from fossil fuel usage. Recently, the company had its first quarter of real profit
which may help to revive the cash burning machine. Through understanding some of the
financial equations and methods to monitor overall business health, I will be able to get a
clear picture of the company’s readiness for the mass-market. I will also have a better
concept of the costs and necessities associated with overall expansion as the company
continues to work towards a worldwide market. Another way this course will help with the
overall plan is by being more familiar with excel and the program’s capabilities. I now feel
equipped to handle projections for the company in various scenarios and will be more
comfortable entering the information in a way that cooperates with excel formatting by
using different formulas to ensure ease of use.
This course will help me in my career as a college baseball coach in a few various areas. One
of those will be in the process of organizing camps and clinics and determining location as
well as optimal number of players compared to coaches. It will also help me determine the
most effective ways to fund different projects, especially with upgrading facilities and the
need for fundraising. If I was a donor, I would feel more comfortable handing money over to
somebody who had a plan for how to spend it and is able to show the figures on paper,
rather than somebody who is going off the top of their head. Another way this course will
help me in my career is by allowing me to understand some of the different situations and
issues financial professionals may face throughout their career. This can benefit me when I
am recruiting prospective student athletes, and may allow me to help them understand
material in their classes or potentially lead them to jobs they are ready to thrive in.
Thank you everybody for a great term!