BUS110 Chap 1 - Taking Risks and Making Profits within the Dynamic Business Environment
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The document discusses key concepts in business and entrepreneurship including defining business and entrepreneurs, the objectives of business, how businesses generate revenue and profits, how businesses contribute to standards of living and quality of life, the five factors of production, and how the business environment has evolved over time and is increasingly global and information-based. It addresses topics such as how technology benefits workers, how population changes create opportunities and challenges, and both the benefits and increasing costs of globalization.
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BUS110 Chap 1 - Taking Risks and Making Profits within the Dynamic Business Environment
- 1. * * Chapter One Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Taking Risks and Making Profits within the Dynamic Business Environment
- 2. 1- “ Cash is what keeps the doors open and pays the bills. As my mother used to say, 'Sales fixes everything.” -- Guy Kawasaki Five most important lessons I've learned as an entrepreneur
- 4. OBJECTIVES OF BUSINESS 1- Survival Growth Social Responsibility Profit
- 8. TODAY’S DYNAMIC BUSINESS ENVIRONMENT * * The Business Environment LG2 1-
Editor's Notes
- Also available on a Transparency Acetate See Learning Goal 1: Describe the relationship of businesses’ profit to risk assumption and discuss how businesses and nonprofit organizations add to the standard of living and quality of life for all. Objectives of Business This slide highlights the four key objectives of business in our free enterprise economy. a. Net Profit is necessary for companies to grow their business. b. Starbucks opened its first store in 1971 in Seattle, WA. In May 2006, the store count was 10,801. In 2005, Starbucks had $6.4 billion in revenues, earned $494 million in net profits and employed over 100,000 partners (employees). (Source: starbucks.com.) c. Going into 2004, Starbucks had received 20 awards from a diverse group of organizations for its philanthropic, community service, and environmental activities. Every year Starbucks also publishes its Corporate Social Responsibility Annual Report (Source: starbucks.com) c. To survive in a competitive business environment, companies may have to reduce their workforce and/or close plants. In first quarter of 2006, Ford reported a loss of $1.19 billion and announced that it will close 14 plants and cut 30,000 factory jobs in North America. (Source: Reuters via yahoo! News, 4/21/06.)