Abbrev-BUS1011--Chap 1.ppt

Services intangible products that cant be held in

Info icon This preview shows pages 6–11. Sign up to view the full content.

View Full Document Right Arrow Icon
Services --  Intangible products that can’t be held in  your hand like, education, healthcare, insurance,  recreation and travel. Success in business is often based on the  strategy of finding a need for a product or  service and then filling that need.       GOODS and SERVICES 1-6
Image of page 6

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Business --  Any activity that seeks to provide  goods and services to others while operating at a  profit. Entrepreneur --  A person who risks time and  money to start and manage a business.   Successfully filling a market need means you  could make money for yourself and provide jobs  for others.  Example-Microsoft and Bill Gates  (1/3) of their employees are multi millionaires            BUSINESS and           ENTREPRENEURSHIP 1-7
Image of page 7
Revenue --  The total amount  of money a business takes in  during a given period by selling  goods and services. Profit --  The amount of money  a business earns above and  beyond what it spends for  salaries and other expenses . Loss --  Occurs when a  business’ expenses are more  than its revenues. REVENUE, PROFIT AND LOSS 1-8
Image of page 8

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Risk --  The chance an entrepreneur takes of losing  time and money on a business that may not prove  profitable, or might even completely fail Businesses take risks, but with great risks could  also come great profits.  The formula in business usually is “the higher  the risk the greater the reward.” This is by no  means guaranteed though.       RISK 1-9
Image of page 9
Quality of Life --  The general well-being of a  society in terms of its political freedom, natural  environment, education, healthcare, safety, amount  of leisure and rewards that add to personal  satisfaction.
Image of page 10

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 11
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern