Business Now: Change Is the Only Constant
What factors contribute to the rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why?
What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit?
When did American business begin to concentrate on customer needs? Why?
How do nonprofit organizations compare to businesses? What role do nonprofits play in the economy? How do they interact with businesses?
What are the factors of production? How can economies grow when one or more of the factors is weak?
What are the 5 dimensions of the business environment? List the key elements in each area as they relate to U.S.-based businesses by filling in this chart.
Dimension of Business Environment
What are some key strategies for developing a competitive edge in today’s competitive global market? How important is customer satisfaction?
How has the rise of the World Wide Web changed business practices? What are the benefits and drawbacks for business? For consumers?
How has the definition of diversity changed over time? Can a diverse workforce help a company compete more effectively? How?
How has the global free trade movement impacted business? Who benefits? Why?
Take a moment to jot down 5 things that you love to do. Think broadly (but keep it clean). Your list could include anything from posting pictures on MySpace to listening to your favorite music. Then brainstorm a list of business careers that could encompass two or more of your passions. A position in nightclub marketing, for instance, could include surfing on MySpace and listening to great music. What skills would you need to succeed in each position? Which skills do you have and which would you need to develop?
Most successful businesses today actively develop loyal customers who buy their brands again and again. After all, getting current customers to buy more is much easier than constantly seeking new customers. Think of 3 brands that you buy on a regular basis. Why do you stick to these products? How could another company dislodge you?
Entrepreneurship has clearly transformed the world economy. Choose 3 successful entrepreneurs, and use research to compare and contrast their management styles and philosophies. While you can certainly use local entrepreneurs—or even family members—some higher profile (and rather colorful) entrepreneurs include: Jeff Bezos, founder of Amazon; Debbi Fields, founder of Mrs. Fields Cookies; Richard Branson, founder of the Virgin Group; Anita Roddick, founder of The Body Shop; and Vishal Gondal, founder of Indiagames. If you were an entrepreneur, what approach do you think would be most effective for you? Why?
Brainstorm a list of industries that the Internet has transformed. What are the reasons behind the changes? How do you anticipate that technology will transform business in the future?
Use research to develop a list of companies where you believe you would like to work. What qualities do these companies have in common? Does a great work environment lead to success, or does success create a great place to work? When employees enjoy the work environment is a company more likely to succeed? Why or why not?
Companies that constantly innovate are clearly more likely to succeed in today’s hyper-competitive, global environment. Breakthrough ideas tend to come from business owners and employees who regularly exercise their creativity. This team project is meant to help you work with your classmates to flex your creative muscles.
Break into groups of 3 to 5 people. Choose a product or service that you’re all familiar with and that you all agree is headed downhill....
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