Intro to Business, Finance, and Economics
Our first summer term session offered a comprehensive introduction to the foundational concepts of the business world. This session was designed to equip attendees with a robust understanding of essential business, finance, and economics principles.
Welcome and Overview
The session commenced with an introduction to our organization and an outline of the topics that will be covered throughout the summer term. This was followed by an announcement of an exciting upcoming visit to MVM, Hungary’s leading electricity production and distribution company. MVM is not only a monopoly in its sector but also the second-largest firm in Hungary by revenue. Attendees were informed that a registration form for the visit would be sent out soon, and potential dates for the visit were discussed to ensure maximum participation (June 25th). Additionally, we scheduled a discussion to finalize the most convenient day for our regular sessions (Tuesdays).
Participant Introductions
A key part of the session involved the 24 attendants introducing themselves. Each participant shared their passions and, where applicable, their desired career paths. This activity fostered a sense of community and allowed participants to network and find common interests.
Formal Session: Fundamentals of Business, Finance, and Economics
The formal session began with an in-depth exploration of the basics of business, finance, and economics. We covered:
Business Basics: An overview of business operations, organizational structures, and the various functions within a company.
Finance Fundamentals: Introduction to financial principles, including the importance of financial management, investment strategies, and the role of financial markets.
Economics Essentials: Basic concepts of micro- and macroeconomics.
We discussed the interdisciplinary nature of these fields and how they intersect to address real-life problems. Key terms and definitions were clarified to ensure everyone had a solid grounding in the subject matter.
Career Paths and Educational Opportunities
Following the conceptual discussions, we explored various career paths available within business, finance, and economics. We highlighted desirable university programs and destinations that provide strong foundations for careers in these fields. This segment aimed to guide attendees in making informed decisions about their future educational and professional journeys.
Interactive Session: Business Simulation Game
To provide a practical application of the concepts discussed, we engaged in a Business Simulation game developed by Hubro Education. This interactive exercise allowed participants to experience the complexities of running a business, making strategic decisions, and understanding the impacts of those decisions in a simulated environment.
Q&A and Networking
After the session, our team remained available to answer any questions and provide additional insights. This informal Q&A session allowed participants to delve deeper into specific topics of interest and clarify any doubts.
The first session set a solid foundation for the upcoming weeks, promising a summer term filled with valuable learning experiences, interactive activities, and opportunities for personal and professional growth. We look forward to our next session and the exciting visit to MVM.
Recommended Reading
Business
"The Lean Startup" by Eric Ries: A guide to creating and managing successful startups in an age when companies must innovate more than ever.
"Good to Great: Why Some Companies Make the Leap and Others Don't" by Jim Collins: An analysis of how good companies transition to great companies and the characteristics that distinguish them.
"Built to Last: Successful Habits of Visionary Companies" by Jim Collins and Jerry I. Porras: Insights into what makes long-lasting companies thrive.
Finance
"The Intelligent Investor" by Benjamin Graham: A seminal book on value investing, offering strategies for successful long-term investing.
"Principles: Life and Work" by Ray Dalio: A deep dive into the principles that guided the author to become a successful investor and entrepreneur.
"A Random Walk Down Wall Street" by Burton G. Malkiel: An accessible guide to investing, covering various financial instruments and investment strategies.
Economics
"Basic Economics" by Thomas Sowell: A straightforward guide to understanding economic principles and how they apply to everyday life.
"Freakonomics: A Rogue Economist Explores the Hidden Side of Everything" by Steven D. Levitt and Stephen J. Dubner: An exploration of economic concepts applied to unconventional questions.
"Capital in the Twenty-First Century" by Thomas Piketty: A comprehensive analysis of wealth and income inequality in Europe and the United States since the 18th century.
Online Courses
Business
Foundations of Business Strategy (Coursera): Offered by the University of Virginia, this course covers the key concepts and tools necessary for understanding business strategy.
Introduction to Marketing (Coursera): Offered by the University of Pennsylvania, this course provides an overview of the fundamentals of marketing.
Entrepreneurship 101: Who is Your Customer? (edX): Offered by MIT, this course focuses on the essentials of identifying and understanding customers for entrepreneurial ventures.
Finance
Financial Markets (Coursera): Taught by Professor Robert Shiller from Yale University, this course provides an overview of the financial markets, including their role and importance.
Introduction to Corporate Finance (Coursera): Offered by the University of Pennsylvania, this course covers the basics of finance, including valuation techniques.
Investing in Stocks and Bonds (edX): Offered by NYIF, this course provides a solid foundation in stock and bond investing principles.
Economics
Principles of Economics (Khan Academy): This series of lectures covers the basics of microeconomics and macroeconomics, ideal for beginners.
The Power of Macroeconomics: Economic Principles in the Real World (Coursera): Offered by the University of California, Irvine, this course explains macroeconomic principles and their application.
Microeconomics: The Power of Markets (edX): Offered by the University of Pennsylvania, this course covers the fundamentals of microeconomics and market behavior.
Podcasts
"Planet Money" by NPR: Explains the complexities of economics in an accessible and engaging way.
"How I Built This" by NPR: Features interviews with entrepreneurs about how they built their businesses.
"The Tim Ferriss Show" by Tim Ferriss: Offers insights into the strategies and habits of successful individuals in business and finance.
