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What is Business?. Profit-seeking activities and enterprises provide goods and services necessary to an economic system. Profit is the reward for businesspeople who take the risk involved to offer goods and services to customers. Factors of Production. Natural Resources

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what is business
What is Business?

Profit-seeking activities and enterprises provide goods and services necessary to an economic system.

Profit is the reward for businesspeople who take the risk involved to offer goods and services to customers.

factors of production
Factors of Production
  • Natural Resources
  • Capital
  • Human Resources
  • Entrepreneurship
the private enterprise
The Private Enterprise
  • Capitalism
    • Adam Smith is the father of capitalism.
  • Economic system determines business ownership, profits and resources
  • Rewards firms for their ability to serve the needs of consumers
  • Minimized government intervention
  • Competition is the battle among businesses for consumer acceptance.
the entrepreneurship alternative
The Entrepreneurship Alternative
  • Is a risk-taker
  • Fuels the U.S. economy
  • Provides innovation
  • Entrepreneurial thinking is important within large firms.
managing relationships through connections
Managing Relationships through Connections
  • Relationship Management
    • Activities to build and maintain mutually beneficial ties with customers and other parties
  • Relationship management depends upon technology.
strategic alliances and partnerships
Strategic Alliances and Partnerships

A strategic alliance

is a partnership

formed to create

a competitive

advantage for both


A partnership is an

affiliation of two or

more companies that

help each other

achieve common


today s business workforce
Today’s Business Workforce
  • Dedicated workers who can foster strong ties with customers
  • Capable of high-quality production
  • Ability to compete in global markets
  • Technically savvy
changes in the workforce aging population
Changes in the Workforce-Aging Population
  • By 2030, the number of U.S. workers 65 or older will reach 72 million.
  • Many baby boomers are hitting the peak of their careers, while Generations X and Y are launching their careers.
  • Technology has intensified the hiring challenge by requiring workers to have ever more advanced skills.
changes in the workforce shrinking labor pool diversity
Changes in the Workforce-Shrinking Labor Pool/Diversity
  • Economists predict the U.S. labor pool could soon fall short by as many as 10 million people.
  • The two fastest-growing ethnic populations in the United States are Hispanics and people of Asian origin.
  • Blending individuals of different genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities.
changes in the workforce outsourcing
Changes in the Workforce-Outsourcing

Offshoring is the

relocation of business

processes to lower

cost locations


Outsourcing is using

outside vendors to

produce goods or

fulfill services and

functions that were

previously handled

in-house or in-country.

changes in the workforce flexibility and mobility
Changes in the Workforce-Flexibility and Mobility

and Innovation Through Collaboration

  • Younger workers are looking to something other than work-comes-first
  • Part-time and temporary workers are growing
  • Collaboration is replacing working alone
  • Value risk taking and innovation
the 21 st century manager
The 21st Century Manager
  • Critical-thinking
  • Creativity
  • Ability to lead change
  • Vision
importance of critical thinking and creativity
Importance of Critical Thinking and Creativity
  • Critical thinking is the ability to analyze and assess information to pinpoint problems or opportunities.
  • Creativityis the capacity to develop novel solutions to perceived organizational problems.
ability to lead change
Ability to Lead Change
  • Guide employees and organizations through changes
  • Managers must be comfortable with tough decisions.
  • Factors that require organizational change can come from external and internal sources.
what makes a company admired
What Makes a Company Admired
  • Solid profits
  • Stable growth
  • Safe and challenging work environment
  • High-quality goods and services
  • Business ethics and social responsibility

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