INTRODUCTION TO BUSSINESS by university uos

MGT-100 (ITB) INTRODUCTION TO BUSSINESS

1. Current Issues in
Contemporary Business
Chapte
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2. Distinguish between business and not-
for-profit organizations.
Identify and describe the factors of
production.
Describe the private enterprise system,
including basic rights and
entrepreneurship.
Identify the six eras of business, and
explain how the relationship era—
including alliances, technology, and
environmental concerns—influences
contemporary business.
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Learning Goals
Explain how today’s business
workforce and the nature of work
itself is changing.
Identify the skills and attributes
managers need to lead businesses
in the 21st century.
Outline the characteristics that
make a company admired by the
business community.
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3. Profit-seeking activities and enterprises
provide goods and services necessary to an
economic system.
Profit-seeking is the reward for business
people who take the risk involved to offer
goods and services to customers.
What is Business?

4. Economic Systems
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Economic System
A nation’s system for allocating its resources
among its citizens, both individuals and
organizations
Factors of Production
Labor: Human resources – physical and intellectual
contribution
Capital: Financial resources
Entrepreneurs: Persons who risk starting a business
Physical resources: Tangible things used to
conduct business
Information resources: Data and other
information used by businesses
Market forecast, economic data, knowledge of
people
Natural Resources

5. Six Eras in the History of U.S.
Business

6. Dedicated workers who can foster
strong ties with customers
Capable of high-quality production
Able to compete in global markets
Technically savvy (good judgement)
Today’s Business Workforce

7. By 2030, the number of U.S. workers 65 or
older will reach 72 million.
Many baby boomers are hitting the peak of
their careers, while Generations X and Y are
launching their careers.
Technology has intensified the hiring
challenge by requiring workers to have
ever more advanced skills.
Changes in the Workforce:
Aging Population

8. Employee teams with individuals of
different genders, ethnic backgrounds,
cultures, religions, ages, and physical and
mental abilities are more effective.
Changes in the Workforce:
Diversity

9. Outsourcing is using outside vendors to
produce goods or fulfill services and
functions that were previously handled in-
house or in-country.
Offshoring is the relocation of business
processes to lower-cost locations overseas.
Changes in the Workforce:
Outsourcing

10. Younger workers are looking to something
other than work-comes-first
Telecommuting and job-sharing
Part-time and temporary workers are
growing
Collaboration is replacing working alone
Value risk-taking and innovation
Changes in the Workforce:
Innovation through
Collaboration

11. Critical-thinking
Creativity
Ability to lead change
Vision
The 21
st
-Century Manager

12. Critical thinking is the ability to analyze
and assess information to pinpoint
problems or opportunities.
Creativity is the capacity to develop novel
solutions to perceived organizational
problems.
Critical Thinking and Creativity

13. Guide employees and organizations
through changes
Managers must be comfortable with
tough decisions.
Factors that require organizational
change can come from external and
internal sources.
Ability to Lead Change