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Business notes 1 - Business Integrated activities that...

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Business Integrated activities that provide products and or services to customers by establishing and maintaining long term relationships with them while operating at a risk adjusted profit. Integrated Business Disciplines Accounting – what happened (record keeping) Finance – go get money and manage it Information Technology Law and Legal Environment Management Manufacturing Marketing Research and Development Entrepreneur – person who risks time, money, and effort to start, maintain, and manage a business. The nature of business A business is an organization that strives for a profit by providing goods and services desired by its customers. Businesses provide: Goods and services that are the basis of our standard of living Jobs, goods and services that help determine our quality of life Creating wealth: Factors of Production Land Labor Capital Entrepreneurship Knowledge Social Responsibility Survival Growth Profit
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Trends in Business • Rise of information and communication technology • Globalization • Doing business 24/7 • Educated consumers • Aging workforce • Increasing diversity • Pyramid vs. web • Self-directed, empowered employees • Communication skills • Decision making skills • Teamwork • Leadership • Continual Learning Economics: Create Wealth
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