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Category: Business and Industry
Date Submitted: 03/02/2011 11:22 AM
Chapter 1 lecture notes Understanding Canadian Business Nickels 6th
Managing Within the Dynamic Business Environment PP1
PP2
Key terms PP3
business
Entrepreneur
Profit
How about an 8 year old with a lemonade stand?
A business, an entrepreneur PP4
Youtube: Learning Business Through Lemonade Stand”
Revenue
Expense
Profit
Loss
Goods
Services
Risk – an entrepreneur risks time and money for the chance to earn a profit. Think about risk versus reward. The higher the risk you take the greater should be the potential reward.
PP5
Stakeholders are the people and organizations that may gain or lose depending on the decisions and success of a business.
These include:
Banks and similar
Investors
Customers
Workers
Suppliers
Government
The surrounding community
Special interest groups (environmental)
Retailers/wholesalers
These different stakeholders are full of wishes that often conflict with each other.
Environmentalists want “zero emissions” or similar PP6
Workers want more pay and secure jobs
Investors want more profit
Banks want stability and growth
Suppliers want the highest price they can get
Government wants to legislate the firm into being a good corporate citizen.
The community wants donations
Dealers want better terms
It’s hard to please everybody.
Terms:
Outsourcing
Insourcing
Non-profit-organization (the NPO)
This is an organization that does not include profits for investors in its goals. Often they do not attempt to earn a profit at all – those that do intends to give it away for various areas of social good. Knowledge of business and business skills play an important role in the success of NPOs as well.
Quality of life: Just look at a really good beer commercial – that’s quality of life. Friends, freedom, money to buy stuff, a nice clean environment, healthy people, (at least the outdoor commercials) leisure pursuits.
Entrepreneurship versus employment
Pros and...