Summary
Today we started off by discussing the product distribution chain. The traditional chain goes in this order, manufacturer, wholesaler, retailer, and then to the consumer. There are also two other types of distribution chain, direct to retailer and factory direct. To find suppliers there are variety of options: trade shows or conferences, sales representatives, wholesale supply houses and brokers, newspapers and magazines, and also competitors. We then discussed how to manage inventory and reorder points. In deciding where to locate a business there are a few factors to consider. They include: access for costumers, access to suppliers, convenience, cost, demographics, economic conditions, governmental regulations and laws, and proximity to competitors.
After a break we talked about management, leadership, and ethical practices. The leadership styles that work are; coercive, authoritative, affiliative, democratic, pace setting, and coaching. We then went over how entrepreneurs pay themselves; commission, salary, wage, and dividends.
Reflection
Looking at my online casino, I will not have to worry much in the way of the product distribution chain, as the majority of transactions will be online. However I may need to find suppliers for the computer components needed to run an online casino. Luckily I will not have to deal with inventory and reorder points. As for my location, I chose the Badgegrow building, this is because the Badgegrow offers a number of IT and other network services that would help me when starting the online casino.
As for my own management style, I would say I am more of an affiliative leader. I try to put people first. However, for running an online casino I think I would either need to be an authoritive leader, or a coaching type of leader. Because, in running an casino the people need to be focused on the task at hand and meeting specific deadlines and requirements.
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