TAMID Group Beta Chapter at Illinois has officially partnered with Rabbi Dovid Tiechtel. Dovid is rich in knowledge and resources and will act as a mentor/role model to the organization. We look forward to working and collaborating with Dovid for the foreseeable future.
Additionally, our chapter had an incredible class this week with our guest speaker – Founder and CEO of Aqus – Kevin Kassel. It was great to hear from an entrepreneur who started as a young and ambitious college student at USC. Our session on Wednesday began with a consulting lesson followed by the investment fund.
This week, students had the opportunity to learn about market research. This is an important topic since the various customer and consumer outreach methods vary depending on industry, product and target market. As we learned from our speaker, there can be failures when trying to reach your goals, but changing and adapting your marketing tactics is essential in gaining recognition, expanding and succeeding. Researching a specific industry and consumers in that industry helps with the planning, organization, and creative aspects of marketing and selling your product. There are different factors to research including market sizing, studying industry trends and concept/product evaluations. We also learned about the differences between top down and bottom up research. Both can be very useful because they provide different perspectives on the market. A top down method provides a more general to specific analysis where as a bottom up method serves as a specific focus moving toward feedback and observation.
We then moved into our TEVA market research question in which TAMID students will work on over the course of the week and come back to class with ideas for next week.
This week, students covered basic accounting principles as it is important in understanding the foundation before moving on to advanced specifics. Everyone in TAMID gained a baseline knowledge, but we will continue to build and strengthen our technical skills throughout the semester.
Specifically, students learned about the financial statements (balance sheet, income statement and statement of cash flows). One important aspect covered was the significance of the different points in time that these statements occur (i.e the income statement covers a period of time, while the balance sheet is a snapshot of a point in time). Lastly, the fundamental accounting equation was an essential part of this lesson to help everyone understand that everything must be balanced in a company’s daily financial procedures.