INTRODUCTION TO BUSINESS CHAPTER 1 Functions of a Business

Course Info. Why study business? How are we going to? Web page: (Examples) (faculty web page NOT blackboard) Web page: Publisher (text pg. xxxi)

About me….. Teaching Experience: PSU for 10+ years, PCC,CCC Other: Director, Columbia College; Juvenile Justice Center; Business Consulting; Sales; Restaurant Education: Post Graduate Work (Systems Science/ Adult Ed.), MBA, BA & AA (Psychology)

Goals for this Class Know where you stand (earn A’s) Groups “get along” & RESPECT each other Fairness (please ask when/if you don’t understand grading) Ignite a PASSION for Business All 5’s (standing ovation optional) Learn, meet people and have FUN

About YOU!! Quiz # 1 1. Name (first then last) 2. Something UNIQUE about yourself (five words or less) 3. Best time for group meetings are: Day of week? AM, PM? 4 Which area of business are you most interested in (mgmt., finance, mktg., info. systems, international) 5. Hours per week you have scheduled for homework time for this class.

Where Profits Come From Revenue - (Expense) Profits Demand Attract Expense

Motives of a Business To maximize a firms LONG TERM value. Motives of nonprofit businesses Nonprofit organization: an organization that serves a specific cause and is not intended to make profits. These are being altered with new business forms and “social entrepreneurship”. We will discuss forms of business organization and LLC’s in chapter 5.

Resources Used by Businesses Natural Resources any resources that can be used in their natural form. Human Resources people who are able to perform work for a business. Capital machinery, equipment, tools, and physical facilities used by a business.

Resources Used by Businesses Technology: knowledge or tools used to produce products and services. Information technology: technology that enables information to be used to produce products and services. Electronic business (e-business) or electronic commerce (e-commerce): use of electronic communications, such as the Internet, to produce or sell products and services.

Resources Used by Businesses Entrepreneurship Entrepreneurship: the creation of business ideas and the willingness to take risk; the act of creating, organizing, and managing a business. Entrepreneurs: people who organize, manage, and assume the risk of starting a business.

Key Stakeholders in a Business Stakeholders: people who have an interest in a business; the business’s owners, creditors, employees, suppliers, and customers. Owners

Key Stakeholders in a Business Customers Summary of Key Stakeholders Interactions Among Owners, Employees, Customers, Suppliers, and Creditors

The Business Environment Social Environment Demographics: Characteristics of the human population or specific segments of the population. Industry Environment Economic Environment

The Business Environment

Business Decisions Management: means by which employees and other resources (such as machinery) are used by the firm. Marketing: means by which products (or services) are developed, priced, distributed, and promoted to customers. Finance: means by which firms obtain and use funds for their business operations. We will add INTERNATIONAL

Business Decisions How Business Decisions Rely on Information Accounting: summary and analysis of the firm’s financial condition. Information Systems: represent the information technology, people, and procedures that work together to provide appropriate information to the firm’s employees so they can make business decisions.

How Business Decisions affect a firm’s earnings

Business Ideas List of 1 – 10 Please write ten ideas of business proposals that would be “interesting” for you explore. Think of: Recent purchases, hobbies, family friends, an unmet consumer need, where you have had to wait in line too long, something you are spending time on, or are frustrated about. This is “brain storming” – only three minutes….do the best you can :)

People TASK vs. RELATIONSHIP Importance of Teamwork Assign Teams Exchange information – cell phone, . Must return calls within ____ and check everyday.