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****** 1-1 McGraw-Hill/Irwin Understanding Business, 9e © 2010 The McGraw-Hill Companies, Inc., All Rights Reserved. Nickels McHugh McHugh ** 1 CHAPTER.

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Presentation on theme: "****** 1-1 McGraw-Hill/Irwin Understanding Business, 9e © 2010 The McGraw-Hill Companies, Inc., All Rights Reserved. Nickels McHugh McHugh ** 1 CHAPTER."— Presentation transcript:

1 ****** 1-1 McGraw-Hill/Irwin Understanding Business, 9e © 2010 The McGraw-Hill Companies, Inc., All Rights Reserved. Nickels McHugh McHugh ** 1 CHAPTER * ** Managing Within The Dynamic Business Environment: Taking Risks and Making Profits

2 ****** 1-2 ENTEPRENEURSHIP AND WEALTH BUILDING BusinessBusiness ProfitProfit EntrepreneurEntrepreneur Match Risk With ProfitMatch Risk With Profit RevenueRevenue LossLoss Standard of Living/Quality of LifeStandard of Living/Quality of Life StakeholdersStakeholders Nonprofit OrganizationsNonprofit Organizations

3 ****** Food for thought The objective of any business is to earn profit. Do you agree? Why/why not?The objective of any business is to earn profit. Do you agree? Why/why not? 1-3

4 ****** 1-4 STAKEHOLDERS

5 ****** Food for thinking Insourcing Vs outsourcingInsourcing Vs outsourcing 1-5

6 ****** ENTEPRENEURSHIP VERSUS WORKING FOR OTHER Opportunities for EntrepreneursOpportunities for Entrepreneurs The Importance of Entrepreneurs to the creation of wealthThe Importance of Entrepreneurs to the creation of wealth 1-6

7 ****** 1-7 Creating Wealth: Factors of Production LandLand LaborLabor CapitalCapital EntrepreneurshipEntrepreneurship KnowledgeKnowledge

8 ****** 1-8 Business Environment

9 ****** 1-9 Economic & Legal Environment $Minimum taxes and regulations $Freedom of ownership $ Contract laws $ Tradable currency $ Elimination/minimization of corruption

10 ****** 1-10 ProductivityProductivity E-CommerceE-Commerce Responsiveness to CustomerResponsiveness to Customer Technological Environment

11 ****** 1-11 Competitive Environment Customer ExpectationsCustomer Expectations Restructure/EmpowerRestructure/Empower

12 ****** 1-12 Social Environment Diversity/MulticulturalDiversity/Multicultural Aging/Graying of AmericaAging/Graying of America Two-Income FamiliesTwo-Income Families Single-Parent FamiliesSingle-Parent Families

13 ****** 1-13 Global Environment International Competition and Free TradeInternational Competition and Free Trade Improvements in Transportation and CommunicationImprovements in Transportation and Communication War & TerrorismWar & Terrorism Global ChangesGlobal Changes

14 ****** 1-14

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