Business 100 Introduction to Business Dr. Kathy Broneck.

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Presentation transcript:

Business 100 Introduction to Business Dr. Kathy Broneck

Review Syllabus Group Project

Preview Overall of Businesses Factors of Production Business Environments

Business & Entrepreneurship Business Provides goods and services Profit driven After all costs are removed, did you make extra? Entrepreneur Risking time and money on a business venture

Business & Entrepreneurship Revenue Total amount taken in by a business Loss Expenses > Revenues Profit Revenues > Expenses

Business & Entrepreneurship Standard of Living How much can you buy with the money you have? Quality of Life General well-being of society Stakeholders People who gain/lose by policies and activities in a business Nonprofit Organizations No personal profit for owners or organizers

Factors of Production Land Natural resources; used to make products Labor people Capital Machines, buildings; means of manufacturing Entrepreneurship Risk takers; dreamers Knowledge Information technology; trends; demands

Business Environment Each of these 5 sections can help and hinder a business Economic and Legal Environment Technological Environment Competitive Environment Social Environment Global Business Environment

Economic and Legal Environment Freedom of ownership Contract laws Elimination of corruption Tradable currency Minimum taxes and regulation Returns on Investments (ROIs) Tax laws Grants for small businesses

Technological Environment Information technology Databases Bar codes Internet E-commerce Productivity Output generated given a specific input

Competitive Environment Customer service Stakeholder recognition Employee satisfaction Empowerment (80s term) Concern for the environment

Social Environment Diversity Which is the largest growing minority group in the US? Family changes Dual income families Single head of household

U.S. Household Size Source: Census Bureau

Social Environment Demographic changes Demography What age group is accounting for the largest % of population? Telecommuters

Bottled Water Sales in Past 10 Years Tripled to $5.7 Billion (Women Majority of Drinkers) Who is Shopping Online? Americans38% French10% Britons25% Spaniards 4% Canadians24% Poles 3% Japanese20% Consumer Trends Source: Business & Economic Review, Jan.-Mar. 2002

Buying Power of Diverse Groups Women $3,700 Billion Hispanic Americans 550 Billion African Americans 500 Billion Gay Men & Lesbians 450 Billion Asian Americans 254 Billion Native Americans 35 Billion Sources: National Organization on Disability Employability; U.S. Pan Asian American Chamber of Commerce; DiversityInc.com; U.S. Census Bureau

Global Business Environment Global Competition Free Trade Protectionism Tariffs Quotas Embargos

Evolution of American Businesses Agricultural Manufacturing Service Industries

Rise of Information & Communication Technology Globalization Doing Business 24/7 Educated Consumers Aging Workforce Increasing Diversity Pyramid vs. Web Trends in Business Source: Keying In- Newsletter of the National Business Education Association, March 2003 Self-Directed, Empowered Employees Communication Skills Decision-Making Skills Teamwork Leadership Continual Learning