1. Business 100 Introduction to Business Dr. Kathy Broneck

2. Review Syllabus Group Project

3. Preview Overall of Businesses Factors of Production Business Environments

4. Business & Entrepreneurship Business Provides goods and services Profit driven After all costs are removed, did you make extra? Entrepreneur Risking time and money on a business venture

5. Business & Entrepreneurship Revenue Total amount taken in by a business Loss Expenses > Revenues Profit Revenues > Expenses

6. Business & Entrepreneurship Standard of Living How much can you buy with the money you have? Quality of Life General well-being of society Stakeholders People who gain/lose by policies and activities in a business Nonprofit Organizations No personal profit for owners or organizers

7. Factors of Production Land Natural resources; used to make products Labor people Capital Machines, buildings; means of manufacturing Entrepreneurship Risk takers; dreamers Knowledge Information technology; trends; demands

8. Business Environment Each of these 5 sections can help and hinder a business Economic and Legal Environment Technological Environment Competitive Environment Social Environment Global Business Environment

9. Economic and Legal Environment Freedom of ownership Contract laws Elimination of corruption Tradable currency Minimum taxes and regulation Returns on Investments (ROIs) Tax laws Grants for small businesses

10. Technological Environment Information technology Databases Bar codes Internet E-commerce Productivity Output generated given a specific input

11. Competitive Environment Customer service Stakeholder recognition Employee satisfaction Empowerment (80s term) Concern for the environment

12. Social Environment Diversity Which is the largest growing minority group in the US? Family changes Dual income families Single head of household

13. U.S. Household Size Source: Census Bureau

14. Social Environment Demographic changes Demography What age group is accounting for the largest % of population? Telecommuters

15. Bottled Water Sales in Past 10 Years Tripled to $5.7 Billion (Women Majority of Drinkers) Who is Shopping Online? Americans38% French10% Britons25% Spaniards 4% Canadians24% Poles 3% Japanese20% Consumer Trends Source: Business & Economic Review, Jan.-Mar. 2002

16. Buying Power of Diverse Groups Women $3,700 Billion Hispanic Americans 550 Billion African Americans 500 Billion Gay Men & Lesbians 450 Billion Asian Americans 254 Billion Native Americans 35 Billion Sources: National Organization on Disability Employability; U.S. Pan Asian American Chamber of Commerce; DiversityInc.com; U.S. Census Bureau

17. Global Business Environment Global Competition Free Trade Protectionism Tariffs Quotas Embargos

18. Evolution of American Businesses Agricultural Manufacturing Service Industries

19. Rise of Information & Communication Technology Globalization Doing Business 24/7 Educated Consumers Aging Workforce Increasing Diversity Pyramid vs. Web Trends in Business Source: Keying In- Newsletter of the National Business Education Association, March 2003 Self-Directed, Empowered Employees Communication Skills Decision-Making Skills Teamwork Leadership Continual Learning