Career Planning

Planning a career is a lifelong event, not something done once at age 18. Encourage students to continue finding and using sources of career information and to periodically reevaluate career choices. A conscious reexamination of educational choices is also necessary as workplace competencies change. Being flexible is the key to a long, satisfying career.

Career Development

Making a career choice is a lengthy process and does not always work out as planned. Explain that career development is not always an exact science and that it never actually ends. What meets a person's needs at one stage of life may not work at another. Having a family can have a great impact on career plans, as can health, the economy, world events, and new interests. Encourage students to think of career decisions as an ongoing process that will continue their entire adult life.

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Global Influences

World Economies

The study of international economies can be useful to students in helping them identify information about the U.S. job market. Privatization of corporate assets in a distant country can have repercussions in the United States. For example, years ago General Motors had its property privatized by Argentina's government. That did not stop the company from reinvesting in the country, encouraged by its more stable economy. Whether that decision proves to be wise or not, the rest of GM will be affected by it. Regularly reading a major newspaper like the Wall Street Journal can help student's stay informed on such matters.

Business and Social Responsibility

Learning about business and social responsibility is the first step in a lifelong commitment to make choices based on information. When students make consumer decisions, the information they need is available to them if they make a conscious effort to become informed about a given topic. Which products to use and how to dispose of them affect the student's personal environment as well as the environment at large. By reading a variety of publications and joining in community and school activities designed to educate consumers, students can make a difference.

International Trade

Keeping up on international trade is a challenge for those not directly working in the field. The rules of the game are complex, and they can change overnight—so can the players. Think of the fall of the Berlin Wall in 1990 and its aftermath. To help your students keep up with such changes, encourage them to find at least one business periodical and read it on a regular basis. Also, suggest watching television news coverage of international affairs.

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Important Proficiencies

Basic Math Skills

Taking basic courses in business math and accounting can give students an advantage in such diverse areas as completing income tax returns, buying groceries, computing interest paid on loans or credit cards, investing in retirement plans, and receiving the maximum benefits offered at work. Often benefits that employers offer go unused because individuals don't take the time to calculate their value. For example, many employers offer to match an employee's savings deduction up to a certain percentage, usually 4 percent of annual salary. Encourage students to master basic math calculations and find applications in real life.

Communication Skills

There are many ways for students to improve their ability to communicate effectively with both small and large groups of people. Many working adults say that early grounding in a speech or debate class helped them to get over a fear of speaking in public. By speaking in speech, debate, and drama groups on a regular basis, students experience the wide range of emotions that public speaking can bring on. Most, but not all, students find that this practice leads to increased comfort later on when they must speak in front of a group. Encourage students to look into Toastmasters, an organization developed to enhance public speaking for any who are interested. They also sponsor student groups. For those who still find public speaking anxiety producing, speech coaching is another possibility.

Computer Technology

New computer improvements and developments happen constantly. In order to stay up-to-date on changes students should read at least one computer magazine on a regular basis. Two good general magazines are PC World and PC Magazine. Both offer industry updates and new information along with the results of consumer and industry surveys of new and existing products. In addition to reading, however, it is most important that students have a regular opportunity to try out new software and other products and to learn to use the most popular programs. This can be achieved by taking classes or by volunteering at work to attend training seminars.

Interpersonal Skills

Employers frequently state that good interpersonal skills are required for even the most technical jobs. These skills can be learned and improved over time in a variety of ways. Many classes are offered under a wide range of titles, such as Getting Along with Others, Communication Skills, Human Relations, Assertiveness Training, Customer Relations, Supervisory Skills, Listening Skills, or even Speech. Sometimes the courses are offered through adult education programs at local high schools or community colleges, or they may be part of the regular course offerings at a college or university.

Management Skills

Today's work force requires participants to be responsible for managing their own careers. Given the central role of computer technology in many of the best-paying jobs, general education must be supplemented with actual hands-on computer knowledge. Encourage students to commit to developing and maintaining their computer skills by taking classes regularly, volunteering to learn new programs, and familiarizing themselves with as many computer applications as possible. Remind them that soon there will be no managers who are not computer literate.

Risk Management

Risk management is a huge specialty that offers employment opportunity for those interested in the field. Workplace safety can come under the jurisdiction of many departments, including Human Resource Management. Students interested in this field would benefit from taking courses in human resources, industrial and/or labor relations, and risk management. The Business department of your local community college is likely to offer classes on this subject. Following legislation pending in state and federal congressional committees can be another way to keep up with the field.

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Monetary Preparations

Personal Financial Planning

Throughout their lives, students will have many different financial needs and goals. By learning to use their money wisely now, they will be able to achieve many of those goals. Financial planning involves first choosing a career and then learning how to protect and manage the money earned throughout their lives. Encourage students to develop a financial plan by taking personal financial planning classes, reading books on the subject, and accessing Web sites such the Motley Fool (www.fool.com). These steps will help them meet their lifelong financial goals.

Money Management Strategy

Learning how to organize personal financial records and create a workable budget are the first steps in a lifelong commitment to personal financial management. New software is constantly being developed to help people manage their personal finances and create personal financial statements. Students can stay current on personal financial software by visiting software retailers and reading publications that review this type of software. Many people find that using updated software makes keeping up with personal finances easier and more fun.

The Fundamentals of Investing

There are many ways to maintain lifelong learning toward investments. Investment seminars are very popular, and there are many resources for continued learning. The Web sites of investment firms and investor services offer a great deal of information, and business publications, such as newspapers and magazines, can help an investor stay up-to-date on investment opportunities. Explain to students that following business trends will also help them make more informed choices when investing. By reading the business sections of local newspapers, students will find out which businesses are staying in business and growing and which business are not doing so well. Even reading the public notices for building permits gives clues as to which businesses are expanding.

Those who invest in stocks to achieve their financial goals have several sources of current information. They include the stock market quotations of the newspaper, the Internet, and corporate annual reports. For those who choose to invest in stocks later in life, there are stock market games accessible on the Internet that allow potential investors the opportunity to track a stock before spending actual money. Encourage students to participate in a stock market game in order to become familiar with the benefits and pitfalls associated with investing in stocks.

Those people interested in investing in bonds and mutual funds have resources similar to those of the stock market investor. The financial section of the newspaper lists bonds and mutual funds, and the Web sites of investor services, such as Standard & Poor's, actually rate their performance.

Planning Your Tax Strategy

It is often said that the only two things that are certain in life are death and taxes. Because we all pay taxes, such as sales tax, income tax, and property tax, it is important to plan how to pay for those taxes in order to manage our finances successfully. Do students know how buying a home, having a baby, or buying mutual funds will affect the taxes they pay? Impress upon students the need to plan for taxes every year of their lives. Remind them of the resources, such as books, magazines, software, and tax professionals, that can help them prepare for taxes throughout their lives.

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Consumer Options

Consumer Purchasing Strategies and Legal Protection

Students need to understand that studying consumer issues is an ongoing process. New issues arise and new products are introduced every day. Staying on top of developments can help students become involved consumers-those who buy and use products that are safe, reasonably priced, and good for the environment. In order to remain current on consumer issues, students should read magazines such as Consumer Reports. Encourage students to use their business education as a springboard to a lifelong study of consumer issues.

Banking

Since the creation of the Federal Deposit Insurance Corporation in 1933, most people feel secure keeping their money in a bank. Early on, banks offered their customers checking accounts and savings accounts. They also offered a few types of loans. However, as consumers needs have changed, banking services have also changed. To keep up with these new banking services, impress upon students the need to seek information from their current bank as well as prospective banks. By comparing the services they are receiving with the services being offered by other banks, students can be sure they are getting the most appropriate services for their money.

Consumer Credit

Students will deal with many consumer credit issues during their lives. They will have to decide when and how to use credit, how to maintain and protect their credit, and how much is enough credit. Taking classes and visiting Web sites, such as the Standard & Poor's calculators Web site, can help students stay on top of their debt load. This is crucial to keep from being overwhelmed by debt. Also, impress upon students the need to review their credit histories as compiled by the three major credit bureaus. Most financial experts recommend requesting a copy of your credit history once a year. Students can find out the procedures for requesting a credit history by accessing the Web site of each major credit bureau.

The Finances of Housing

The cost of renting or buying a residence is a primary living expense for everyone and a major concern throughout life. Many life-changing events, such as new jobs, marriage and divorce, and the birth of a child, may require a person to reevaluate his or her housing options. Encourage students to become familiar with the real estate section of their local newspapers and local real estate publications. The Internet can also help people review the many possible housing options in a specific location. Remind students that by managing personal finances throughout their life, they will be better able to cope with any changes in housing if it becomes necessary.

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Business Considerations

Becoming an Entrepreneur

Students who believe they have entrepreneurial potential need to continue their education to gain the skills to run their own businesses. Many high schools, colleges, and adult education programs offer courses specific to entrepreneurship and small business management. Other helpful courses include accounting, computer classes, and marketing. Joining a nonprofit organization that provides information to individuals, such as the National Business Association, can also be helpful.

Sources of Funding

Anyone who wants to start his or her own business needs to know about and be familiar with the Small Business Administration (SBA). The SBA is not only a source of many kinds of funding (ranging from guaranteed loans to grants), it also offers a wide selection of publications on various business management topics as well as personal advice and assistance from retired business people. Make sure students know how to access SBA information at its Web site at www.sba.gov.

Financing the Business

In order to enhance their knowledge of financial information related to business, students may wish to take additional business classes including accounting, small business management, entrepreneurship, and related computer classes to give them experience using spreadsheets. Such classes are offered at most community colleges, by the SBA, and as regular university courses. In addition, reading from a variety of case studies in related books and magazines can help further understanding of the complexities of the financial side of business.

Types of Business Ownership

Because types of business ownership involve different legal issues, additional courses in business law could be helpful to students who are interested in starting their own business. Emphasize that before entering into any type of new business or business start-up, the owner(s) should seek competent legal advice. The best way to find a good lawyer is by referral. Suggest to students that prospective business owners should talk to other established business owners to find out whom they would recommend.

Developing a Business Plan

Due to the importance of business plans, advise students to study them further. Recommend students read business magazines and books devoted to the subject, such as Inc. magazine's How to Write a Successful Business Plan. Additionally, there are community college and university courses offered that specifically teach how to write business plans.

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