Comm180 Notes

Comm180 Notes - Comm180- Day 1 Notes Business and...

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Comm180- Day 1 Notes Business and Entrepreneurship 1- Business- provides goods and services for people to make a profit, some are nonprofit as well 2- Profit- money left over after paid expenses 3- Entrepreneur- someone who starts a business, taking a risk, start something new, put in your own money 4- Match Risk with Profit- if you take more risks, there is more potential for profit, doesn’t mean you’ll actually make a profit -Revenue- everything taken in (sales, services, etc.) -Loss- expenses > revenue - Standard of Living- how much you can purchase with the money you are earning - Quality of Life – less work hours, more vacation, good environment, good health plan, etc. - Stakeholders – everyone who stands to lose or gain depending on how the business does (businessmen, employees, suppliers, families, customers, investors, government) Objectives of Business -Survival -Growth -Social Responsibility- taking consideration for your stakeholders. Make employees feel better, don’t hurt environment, all will allow for more proficiency. You want to be socially responsible, but in a way help yourself make more of a profit - If all three are achieved, that business attains a PROFIT$$$$. Business Environment
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Comm180 Notes - Comm180- Day 1 Notes Business and...

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