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Meeting The Challenge of Today's Dynamic Business Environment
Meeting The Challenge of Today's Dynamic Business Environment
Business Defined
The production and distribution
of goods and services
to satisfy the needs and wants of
the consumer
hopefully, at a profit
NICKELS • M CHUGH • M CHUGH
© The McGraw-Hill Companies, Inc., 2002 All Rights Reserved.
Business Environment
Objectives of Business (Figure 1.2)
Survival
Profit Social
Growth Responsibility
1
10/3/2010
Entrepreneurship
vs. Factors of Production
Employment
• Opportunities For Entrepreneurs Land Entrepreneurship
• Matching Risk With Profit
– Revenue - Expense = Profit(Loss) Labor
– Risk
Capital Knowledge
2
10/3/2010
2%
Source: Hudson Institute as reported in Arnold Packer, “Retooling the American Worker,” Washington Post
70.5% Contract
Average Skill Workers
Level: 2.6 15% Permanent
Employees
35%
Contingent
16.1% Workers
25%
6.6% Outsourced
6.8%
Suppliers
25%
Level 1 Level 2 Level 3 Level 4 Level 5 Level 6
3
10/3/2010
Dealing With A
Global Environment Multicultural Workforce
• Quality
ý Show Respect for Culture/Value of
Others
• Productivity ý Avoid Stereotyping
ý Include All Workers in Acculturalization
ý Be Empathetic But Be Yourself
• Changes
ý Avoid Imposing Your Culture/Values on
Others
4
10/3/2010
Source:USA Today
Key Terms
• Revenue 7
• Business 4
• Risk 7
• Downsizing 5
• Services 25
• Entrepreneur 4
• Standard of living 4
• Factors of production 9
• Goods 24
• Loss 7
• Non profit organization 5
• Profit 4
• Quality 19
• Quality of life 4