The Changing Face of Business

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Chapter

1
The Changing Face of Business
http://www.wileybusinessupdates.com

Learning Goals
1

Distinguish between business and notfor-profit organizations. Identify and describe the factors of production.

5

Explain how today’s business workforce and the nature of work itself is changing. Identify the skills and attributes managers need to lead businesses in the 21st century. Outline the characteristics that make a company admired by the business community.

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Describe the private enterprise system, including basic rights and entrepreneurship. Identify the six eras of business, and explain how the relationship era— including alliances, technology, and environmental concerns—influences contemporary business.

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What is Business?
Profit-seeking activities and enterprises provide goods and services necessary to an economic system. Profit-seeking is the reward for business people who take the risk involved to offer goods and services to customers. See Fortune 500 for a list of major U.S. companies.

Factors of Production
Natural Resources Capital Human Resources Entrepreneurship
Occupational Outlook Handbook

The Private Enterprise System
Capitalism
Adam Smith is the father of capitalism. “Invisible Hand”

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.

Basic Rights in a Private Enterprise System

Entrepreneurship
An Entrepreneur:
Is a risk-taker
Takes financial, personal, social, and career risks

Entrepreneurial thinking is important within large firms.

Sees a potentially profitable opportunity Devises a plan to achieve success in the marketplace and earn those profits Fuels the U.S. economy Provides innovation

Six Eras in the History of U.S. Business

Managing Relationships through Connections...
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