1. Changing Face of Business
Business Management
Changing Face of Business
Contemporary Business • Chapter 1 • Pages 3-25

2. Four Factors of Production
Refers to the 4 Basic Inputs (requirements) Needed in a Business to Produce an Output (goods or services):

3. Four Factors of Production
The 4 Basic Inputs:
Natural Resources
Production inputs useful in their natural states, including agricultural land, building sites, forests, and mineral deposits

4. Four Factors of Production
The 4 Basic Inputs:
Natural Resources
Capital
Technology, tools, information, and physical facilities

5. Four Factors of Production
The 4 Basic Inputs:
Natural Resources
Capital
Human Resources
The people who work, including physical labor and intellectual inputs contributed by workers

6. Four Factors of Production
The 4 Basic Inputs:
Natural Resources
Capital
Human Resources
Entrepreneurship
Willingness to take risks to create and operate a business

7. Private Enterprise System
A system that rewards businesses for their ability to service the demands of customers with minimal government interference
Also known as Capitalism
This system is built on the idea that the consumer has a choice and with companies competing for business, the consumer wins
Competition

8. Private Enterprise System
Chart on page 9

9. What is an Entrepreneur?
The person who is willing to take the risk in the private enterprise system to start something new
They recognize the opportunity and can’t resist

10. What is an Entrepreneur?
There are more than 27 million small businesses in operation in the US
More than 20 million are self-employed people with NO employees
More than 21 million US employees work for companies with less than 20 employees

11. Today’s Changing Workforce
Aging Population
Diversity
Outsourcing
Offshoring
Flexibility, Mobility, Collaboration

12. The 21st Century Manager Vision – can see the needs and satisfy them
Critical Thinking – can analyze and assess information and determine where the problem lies or find opportunities
Creativity – can see new ways to do things
Lead Change – can motivate others to adapt and succeed through numerous changes – internal and external

13. What makes a company admired?
See Chart on Page 23
Profits – investors get a return
Growth – profit potential
Employee Opportunities – benefits, advancement
Quality of Services/Goods - reputation
Business Ethics – moral values of decisions
Social Responsibility – environment, giving back

14. History of Business Assignment
The Six Eras of Business – Review the chart on page 11 and read pages
Review Questions #2, 6, 7, 8 & 10 – page 25 Choose any four of the five. Type the question number, the question, and the answer.