Intro to

Business

DRL
Business and Wealth Building
Business
Any activity that seeks to provide goods and
services to others while operating at a profit.

Entrepreneur
Any person who risks time and money to start
and manage a business.

DRL 2
Matching Risks with Profit
Risk
The chance an entrepreneur takes of losing time
and money on a business that may not prove
profitable.

Profit
The amount of money a business earns above and
beyond what it spends for salaries and other
expenses needed to run the operation.

DRL 3
Standard of Living and Quality of Life
Standard of Living
The amount of goods and services people can buy with the
money they have.

Quality of Life
General well-being of a society in terms of its political
freedom, natural environment, education, health care,
safety, amount of leisure and rewards that add to the
satisfaction and joy that other goods and services provide.

DRL
 Stakeholders
Stockholders

Customers

Employees

Media

Suppliers

Dealers

Bankers

Government

Surrounding
Community
Environmentalists

DRL 5
Entrepreneurship vs working for others
Working for others
• Getting benefits like paid vacation and
health insurance.

Entrepreneurs
• Have the freedom to make their own
decisions, more opportunity and possible
wealth.

DRL 6
Five (5) Factors of Production

Land Labor
Land and other Refers to the effort
natural resources are expended by an
used to make homes, individual to bring a
cars and other product or service to
products. the market.

DRL 7
Five (5) Factors of Production

Capital Entrepreneurship Knowledge

physical factors of the secret sauce that Information technology
production; facilities, combines all the other has revolutionized
including buildings factors of production into business, making it
a product or service for
used to produce and possible to quickly
the consumer market.
store manufactured determine wants and
goods. needs.

DRL 8
Business
Environment
A complex idea can be
conveyed with just a single
still image, namely making it
possible to absorb large
amounts of data quickly.

DRL 9