Let’s catch up! Our diagram from the 4^th of October:

So how did we end up with this diagram?

We started the class by discussing whether ‘profit’ is the purpose of a business organization or not. To be honest, I taught it was; however the perfect example that Mr. Sen gave, made my understanding of a business purpose clearer. So I will explain my way of understanding, by using Mr. Sen’s example. Profit, for a business organization, is like eating, for people. So profit is not the purpose of business organizations; it is an essential factor for them to survive. Profits are required as a means to the purpose, not the goal. In other words, without profit, business organizations cannot continue working. It is the oxygen of businesses. After making this clear, we concentrated on the purpose of a company. If you’re looking at the purpose of a company, you must look at its mission. The purpose of a business simply defines the reason of its existence. The purpose of a business reveals the big picture of it.

After jumping from topic to topic, we ended up discussing about entrepreneurship, and that’s when we drew this diagram. We listed some of the qualities that an entrepreneur should have. An entrepreneur is the person who starts and manages a business. So an entrepreneur should be brave. She/he should be taking risks, in order to have a greater income. Other than that, they have to be innovative and creative. We supported this idea by giving ‘Sultanahmet Koftecisi’ example. This ‘kofteci’ is the combination of ‘fast food’ and ‘Turkish food’. It was an innovation, at the time it was created, and it is still very successful.

Actually this diagram fits for an IB student also!!