1-Introduction

1-Introduction - INTRODUCTION Confidential - for classroom...

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1 Confidential - for classroom use only INTRODUCTION
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2 Confidential - for classroom use only What is Business? Per the OED: From the Old English: the state of being busily engaged in anything Industry, diligence, activity Anxiety, solicitude, care Diligent labor, exertion, pains The object of anxiety or serious effort Action which occupies time and demands attention and labor Serious work as opposed to pleasure or recreation Trade or commercial transactions A commercial enterprise
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3 Confidential - for classroom use only What Is the Purpose of Business? Per Theodore Levitt (Harvard), To create and keep a customer To deliver goods and services that people want To make a profit Businesses must clarify their purposes, strategies, and plans Businesses need to ensure that what is supposed to happen actually happens
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Confidential - for classroom use only The Passion for Wealth Per Thorstein Veblen (1857-1929): “the emulative predatory impulse” an evolved cultural modification of the basic instinct of workmanship Two passages: The protracted discipline of prowess to which the race has been subjected under the predatory and quasi-peaceable culture has transmitted to the men of today a temperament that finds gratification in these expressions of ferocity and cunning. So, why not accept these sports as legitimate expressions of a normal and wholesome human nature? What other norm is there that is to be lived up to than that given in the aggregate range of propensities that express themselves in the sentiments of this generation, including the hereditary strain of prowess? The ulterior norm to which appeal is taken is the instinct of workmanship, which is an instinct more fundamental, of more ancient prescription, than the propensity to predatory emulation. The latter is but a special development of the instinct of workmanship, a variant, relatively late and ephemeral in spite of its great absolute antiquity. The emulative predatory impulse -- or the instinct of sportsmanship, as it might well be called -- is essentially unstable in comparison with the primordial instinct of workmanship out of which it has been developed and differentiated. As fast as a person makes new acquisitions, and becomes accustomed to the new standard of wealth, the new standard forthwith ceases to afford appreciably greater satisfaction than the earlier standard did. . .. the end sought by accumulation is to rank high in comparison with the rest of the community in point of pecuniary strength. So long as the comparison is distinctly unfavorable to himself, the normal, average individual will live in chronic dissatisfaction with his present lot; and when he has reached what may be called the normal pecuniary standard of the community, or of his class in the community, this chronic dissatisfaction will give place to a restless straining to place a wider and ever widening pecuniary interval between himself and the average standard. Thorstein Veblen,
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1-Introduction - INTRODUCTION Confidential - for classroom...

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