Day 1

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We completed our first college class and without a doubt, I feel a little tired. But, through the 7.5 hours of class, I already feel that I learned a lot of business skills and the applications of them. I learned today how a business evaluate their strength of competition with the Porter’s 5 forces and how that business considers the effects of  new entrants, substitutes, suppliers, and buyers. Competition can be viewed from the relative growth rate, product differentiation, cost structure, and exit costs. All of these considered, firms use Porter’s 5 forces to examine the strength of themselves in the market. We also learned about PESTLE, mega trends, and VUCA. I feel that VUCA is an useful skill because it allows workers to fully understand the uncertainty and complexity of environments they are in. This skill is probably used more often because all environments are complex and VUCA can be used to approach any difficult environments. In our near future, we will be in Dublin, a new and complex environment. I can use VUCA to approach and respond to difficult situations there. I also think PESTLE is important to view a situation/environment through many angles. For example, let’s say I am working for a company and am responsible for a new idea/project. I can use every component of PESTLE to see how each can affect the new idea and the company in both the short and the long run. Lastly, mega trends are global, macroeconomic, and sustained forces that impact business, economy, society, culture, and our future. Analyzing the mega trends, companies/firms allows to influence the long run processes in the future.

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