Business Management
Introduce to Business
Chapter 1 The framework of Contemporary Business
Learning Goals 1. Distinguish between business and not-for-profit organizations. 2. Indentify and describe the factors of production. 3. Describe the private enterprise system, including basic rights and entrepreneurship 4. Indentify the six eras of business and explain how the relationship era – including alliances, technology, and environmental concerns-influences contemporary business. 5. Explain how today’s business workforce is changing. 6. Describe how the nature of work itself is changing 7. Indentify the skills and attributes managers need to lead businesses in the 21st century. 8.
What is business? * Profit-seeking activities and enterprises provide goods and services necessary to an economic system. * Profit is the reward for businesspeople who take the risk involved to offer goods and services to customers.
Factors of Production * Natural resources * Capital * Human resources * Entrepreneurship
The private enterprise * Capitalism * Economic system determines business ownership, profits and resources * Rewards firms for their ability to serve the needs of consumers * Minimized govt intervention * Competition is the battle among businesses for consumer acceptance.
Basic Rights in the Private Enterprise * Competition * Freedom of Choices * Profits * Private property
The Entrepreneurship Alternative * The risk-taker * Fuels the U.S. economy * Provides innovation * Entrepreneurial thinking is important inside of large firms.
Six Eras in the History of US Business * Colonial (prior to 1776) * Industrial revolution (1760-1850) * Industrial entrepreneurs (late 1800s) * Production (through the 1920s) * Marketing (since 1950s) * Relationship (began in 1990s)
Managing Relationships through Connections * Relationship management * Activities to
Chapter 1 The framework of Contemporary Business
Learning Goals 1. Distinguish between business and not-for-profit organizations. 2. Indentify and describe the factors of production. 3. Describe the private enterprise system, including basic rights and entrepreneurship 4. Indentify the six eras of business and explain how the relationship era – including alliances, technology, and environmental concerns-influences contemporary business. 5. Explain how today’s business workforce is changing. 6. Describe how the nature of work itself is changing 7. Indentify the skills and attributes managers need to lead businesses in the 21st century. 8.
What is business? * Profit-seeking activities and enterprises provide goods and services necessary to an economic system. * Profit is the reward for businesspeople who take the risk involved to offer goods and services to customers.
Factors of Production * Natural resources * Capital * Human resources * Entrepreneurship
The private enterprise * Capitalism * Economic system determines business ownership, profits and resources * Rewards firms for their ability to serve the needs of consumers * Minimized govt intervention * Competition is the battle among businesses for consumer acceptance.
Basic Rights in the Private Enterprise * Competition * Freedom of Choices * Profits * Private property
The Entrepreneurship Alternative * The risk-taker * Fuels the U.S. economy * Provides innovation * Entrepreneurial thinking is important inside of large firms.
Six Eras in the History of US Business * Colonial (prior to 1776) * Industrial revolution (1760-1850) * Industrial entrepreneurs (late 1800s) * Production (through the 1920s) * Marketing (since 1950s) * Relationship (began in 1990s)
Managing Relationships through Connections * Relationship management * Activities to