Intro_to_Busn

Chapter One Business Now: Change Is the Only Constant Review Questions 1. What factors contribute to the rapid pace of change in business' Is the pace likely to accelerate or decrease over the next decade' Why' Obviously, the factors that contribute to the rapid pace of change in business directly relate to the rate of change concerning the factors themselves. As stated in the first Power Point presentation for chapter one, the last decade has brought changes ranging from the changing players, how demand has changed, and the ways we go about making consumer purchases. For example, as technology increases, so does, not only the marketing of technology, but the way in which we market technology itself. This technological advancement has made it possible for the market to show positive trends with new companies and negative trends with older companies. It is also important to note the Federal changes post 2008 fiscal crisis. As focuses on Job creation, new forms of energy, and rebuilding the infrastructure emerge, provisions such as enforceable contracts, lowering corporate corruption, along with empowering the entrepreneur spirit will idealistically catalyze a chain reaction for fiscal improvement. A new focus on ethics and social responsibility is likely to be a key factor in redefining the role and operations of business in society. It is also important to acknowledge the current factors in the business landscape that are currently re-defining the way business is done, such as the economy, the competitive environment, the technological environment, as mentioned above, the social equation, and finally the global environment, or, the big picture. While the economy is in peril, both nationally and internationally, both China and India have been able to maintain growth and are ultimately able to do what it will take for any business to “make it” and that is to find a way to actually capitalize on the state of the current global economy. One way India is doing this has been to employ the educated into positions that offer rewards that are a far cry from the “American Dream”. Fortunately for them (and the world) outsourcing is a vital tool in the global spectrum. As we enter into the new age of customer relations one is reminded by the hit show that is entertaining the masses through a satirical business landscape how important customer relations are. In the show, The Office, customer relations are a central priority in the world of selling paper in a rapidly evolving industry moving to the paperless standard. The main premise of the show outlines the importance of the recent age of customer relations as the comedic characters bumble and fumble curiously so to remain relevant in a marketplace that would have them out of business if not for their “superior customer service”. Ultimately, business, as stated in chapter one text, is expected, like technology, to increase rapidly. The main contributing factors: our new age of consumer relations, technological advancement, and global trade and communications driven by the aforementioned advancement thus creating a triage of advancement possibilities. 2. What role does entrepreneurship play in the economy' Who stands to gain from the success of individual entrepreneurs' How do other parties benefit' As mentioned in the response to question 2, a new trend of global entrepreneurship has seemed to have recently taken the lead in the role of rebuilding the international economic system. Entrepreneurship comprises a systematic risk but is ultimately mandatory in the creation of wealth within an economic system. As noted in in Chapter one, page one, 285 billion of America’s dollars belong to a list of ten individual (less than that if one is to only include the entrepreneurs themselves while excluding heirs). These people used their own resources, know how, and a lot of elbow grease to grow their businesses to the empires they are today. It only takes one highly successful entrepreneur to impact the farthest reaches of any economy. Mainly, entrepreneurship positively affects the economy in this way: The standard of living and quality of life factor play, maybe, the biggest role in maintaining social moral. Without social moral, production and services slows to a halt. It is important to note as well, the aforementioned production and service sectors would not exist if it were not for the entrepreneur sector, and vice versa. This is a simple explanation of how other parties benefit from entrepreneurship in that they both need each other to survive. Fortunately, government regulation continues to grow as does the ever present need created by a growing global market. 3. When did American business begin to concentrate on customer needs' Why' After WWII, goods and services began to flood the market. With this flood came the inevitable result, a loss of demand. As supply goes up, so does the former so coming off of the production era, which was spawned from entrepreneurship and the birth of Industry, businesses knew that intelligent change had to be made. If memory serves, The American economy began to flourish during this time the wealth carried over from the industrial revolution, which snowballed during the entrepreneurship phase, along with technological advancements, followed by the mass-production efforts, which was the reason that gave way to this new wave of products spawning the birth of the “brand” name. Ultimately, this gave competition in the marketplace an intelligent stage on which each competitor could market providing for greater market potential and better quality products through informed competition. 4. How do nonprofit organizations compare to businesses' What role do nonprofits play in the economy' How do they interact with businesses' While there are primary likenesses of nonprofits to regular businesses, there are also vast differences. While businesses are driven mainly by the generation of profit, both require capital and seek to produce revenue in order to continue the mission of the organization. The mission is mainly where the differences are found. Although, most often, the mission of the nonprofit has mostly to do with providing a service, or an overall societal quality of life improvement, it too generates fringe profit. For example: a museum in a small town, such as the fossil museum in bath NC, may need little capital to maintain, and in turn generates little profit, ultimately, is an environmental factor that maintains phosphate mining awareness which is the region’s main supplier of incoming revenue. They (nonprofits) interact with businesses to improve the overall quality of life. 5. What are the factors of production' How can economies grow when one or more of the factors is weak' The factors include, but are not limited to: natural resources, such as land, fresh water, wind and mineral deposits, capital, which is the major man made resource and includes a great variety of tools outside the range of primary monetary finance such as machines, tools, buildings, and technology, human resources which comprise mainly the individual educational and motivational factor primarily fueled today by the ability and growing need for businesses such as Google who tailor fit the work environment to increase employee moral through creature comforts in the workplace, and finally, yet another individual trait, yet universally understood method for success, entrepreneurship. The level of entrepreneurship can mainly be defined by the risk verses projected revenue factor. In a strong economy, the gap widens: low risk = high payout. As to the facilitation of economical maintenance when one or more factors are weak, it can only be said that deep strategic thought and inventiveness needs to fill the gap made by the missing factor. In the case of China, while they are weak by the lack of current national wealth, they have begun to use the entrepreneurship factor by relaxing regulations to support free enterprise as they are very good in observing and applying methods that work which has resulted in tremendous growth. In this instance, China may one day be the primary world power. 1. Take a moment to jot down 5 things that you love to do. Think broadly (but keep it clean). Your list could include anything from posting pictures on Facebook to listening to your favorite music. Then brainstorm a list of business careers that could encompass two or more of your passions. A position in nightclub marketing, for instance, could include surfing on Facebook and listening to great music. What skills would you need to succeed in each position' Which skills do you have and which would you need to develop' 1. Learning about computers and hands on maintenance * Possible business careers: home business fixing computers * Relevant skills currently in possession: basic understanding of hardware components and some troubleshooting techniques. * Skills needed: those gained through the A+ certification program and the training received at New River. (basic understanding of internal workings and field repair techniques) 2. Being a caring, attentive, and playful father. * Possible business careers: “Daddy Day Care” (though I would need to check on the copyrights to the name) * Relevant skills currently in possession: love * Skills needed: patience, patience, and more patience. I feel in the ever growing market of displaying patience, patience is the main virtue while being patient. 3. Yard maintenance/landscaping * Possible business careers: own my own landscaping business (little initial capital leading to one to two employees to build future capital for expansion) * Relevant skills currently in possession: basic understanding of some plant varieties and planting and arranging styles. * Skills needed: A physical pre-requisite is needed here. If your neurotransmitters have been set from birth to say that getting your hands dirty and working hard enough to deeply desire a shower, good meal, and a cold beer is a no no, then landscaping is not for you. (basic knowledge of plant species and techniques of planting and arranging) 4. Playing guitar * Possible business careers: Even though I wouldn’t actually be “playing” guitar, working as a talent agent for young artist or manager would keep me in the creative spectrum * Relevant skills currently in possession: 10 years of attempting to emulate the following, quite unsuccessfully I might add, although, to my credit, I have earned a few hundred dollars from tip jars over the years. (coffee shops, etc.) * Skills needed: in today’s music world…a very upbeat, syncopated version of what the likes of Clapton, Matthews, and Taylor brought to the stage and pop culture in general. 5. Traveling * Possible business careers: The main business aspect with traveling concerns travel agencies although the actual process of getting people from one place to another could entail business positions with airline/railroad marketing, etc. * Relevant skills currently in possession: basic understanding of the earth’s relative position to the sun and stars, forms of travel (speeds, reliability), love of other cultures and learning about other places. * Skills needed: internal GPS and old fashioned navigational system. Ability to understand and quickly adapt to “foreign” culture. Appreciation of said culture. .