Lecture 01 - Intro to Business - Midterm - Quiz 1 (1)(1).pdf

Introduction to business

1. THE CHANGING FACE OF BUSINESS
PPT 01 - MIDTERM
Taught by: Abdullah Al Fahad
UIU Course: BUS 1102

2. WHAT IS A BUSINESS?
Definition01: Any activity that seeks to provide goods or
services to public while legally operating at a profit is a
business.
Definition02: All profit-seeking activities and enterprises
that provide goods and services necessary to an
economic system.
Note: The quest for profit given to owners is a central focus of business
because without profits, a company could not survive.

3. EXAMPLES OF GOOD & SERVICES
Examples of Goods: Automobiles, Breakfast cereals,
and Smart phones
Examples of services: Insurance, Hair styling, Cricket
match, Concerts.

4. NOT FOR PROFIT ORGANIZATION
Businesslike establishments whose primary objectives
is different than returning profits to their owners. They
often depend on donations from well wisher and the
objective has a humane focus.
For example:
The Corporate Angel Network: A Not-for-Profit
Organization providing flights to cancer patients in need
The Corporate Angel Network

5. COMPETITIVE ADVANTAGE
Competitive Advantage: Competitive advantage refers to factors that allow
a company to produce goods or services better or more cheaply than its
rivals.
For example: Bangladesh has a unique geographical location. Bangladesh
can give access to seaports to landlock countries like Nepal or Bhutan or
even east Chinese territories.
3 key examples of competitive advantages:
Brand Scale Patents/IP

6. STRATEGIC ALLIANCE
Strategic Alliance: Partnership formed to create a competitive advantage
with the key businesses involved in your industry or even key players of
other industries that somewhat relate to your operations.
It is almost mandatory to have a competitive advantage to create a strategic
alliance, otherwise why would big players shake hands with you?
Example: A new pharmaceutical company singing a MOU with big pharmaceutical
company such as Walgreens or CVS Health in USA for a small specific product
because you have a competitive advantage generating that specific product at a lower
cost.

7. THE GREEN ADVANTAGE
The Green Advantage: The need to develop
environmentally friendly products and processes to earn
the trust of consumers.
As environmental concerns continue to influence consumers’
choices of everything from yogurt to clothing to cars, many
observers say the question about “going green” is no longer
whether, but how.
Forest Stewadrship Council
"Grown Wooden Eyewear" at Shark Tank Australia

8. OUTSOURCING & OFFSHORING
Outsourcing:
Outsourcing involves using outside (outside the office) vendors
to produce goods or fulfill services and functions instead of
inside the company because it financially more lucrative to do
so.
Example: A Bangladeshi IT firm doing a small project for a hospital in North
Carolina, USA.
Offshoring:
Offshoring is the relocation of business processes to lower-cost
locations overseas.
Example: You moved a part of your business to Bhutan because its more cost
effective there, but you are still in control of the business.

9. ADVANTAGES OF OUTSOURCING
Increased efficiency - Choosing an outsourcing company that specializes in
the process or service you want to outsource. This may help you achieve a
more productive, efficient work and often in greater quality.

Controlled costs - Cost-savings achieved by outsourcing can help you save
money and release capital for investment in other areas of your business.
Improved focus on core business activities - Outsourcing can free up your
business to focus on its core functions, allowing your staff to concentrate on
their main tasks and on the future strategy.
Risk Sharing: Since the outsourced vendor is a specialist, they plan your
risk-mitigating ideas better.

10. DISADVANTAGES OF OUTSOURCING
Service delivery – Since outsourced, service delivery time or expectation may fall 
behind at times and you must be patient until the outsource company redelivers.
Confidentiality and security – Outsourcing often involve handing over confidential 
data which may put these data at risk. For example: NID, payroll, landed cost
details, margins etc.
Lack of flexibility ( Less Agile) – The outsourced company could prove too rigid to 
accommodate change.
Hidden Costs: Although outsourcing most of the times is cost-effective, at
times, the hidden costs involved in a contract may pose a financial threat.
Management difficulties - Anytime, changes in management at the outsourced 
company could lead to difficulties.
Instability - The outsourcing company could go out of business and instable your 
project.
Public Backlash : If you’re taking work outside country, your business very well 
may run into ill will from citizens would like to keep those jobs inside country.
Time issue: If the outsourcing company is overseas, it might be difficult to
synchronize schedules.

11. ENTREPRENEUR
Entrepreneur: A person who seeks a profitable opportunity and takes
the necessary risks to set up and operate a business.
Companies that had a humble beginning but flourished under the
entrepreneur’s adventurous will 

12. 4 MUST HAVE QUALITIES OF A MANAGER IN 21
ST

CENTURY:
4 quality a manager must have in 21
st
century
1.Vision: The ability to perceive marketplace needs and what an
organization must do to satisfy them
2.Critical Thinking: The ability to analyze and assess information
to pinpoint problems or opportunities
3.Creativity: The capacity to develop novel solutions to perceived
organizational problems
4.Ability to lead change: The capacity to guide their employees
and organizations through the changes brought about by
technology, marketplace demands, and global competition

13. CHANGING WORKFORCE IN 21
ST
CENTURY:
5 aspects of changing workforce in 21
st
century:
1.A big size of aged work force retiring
2.Shrinking labor pool due to low birth rate
3.Increasingly diverse workforce
4.Changing nature of work processes such as outsourcing & pilot
projects
5.Flexibility and mobility on demand such as remote or hybrid
work style

14. BUSINESS ETHICS AND CORPORATE SOCIAL
RESPONSIBILITY
Business Ethics:
Business ethics refers to the standards of conduct and moral
values involving decisions made in the work environment. If
business ethics are not followed in the greed of temporary profit,
all business eventually face a downfall.
Corporate Social Responsibility :
CSR is a management philosophy that includes
contributing resources to the community,
preserving the natural environment,
and developing or participating in nonprofit programs designed to
promote the wellbeing of the general public.

15. FOOD FOR INSPIRATION
Dr. Shuvo Roy
“Inventor and research lead of artificial kidney”
Did you know that Bangladeshi-born scientist and bioengineer at University of
California, San Francisco (UCSF), Dr. Shuvo Roy, is leading research to develop
the world’s first artificial kidney to treat End-Stage Renal Disease (ESRD)?
Approximately 2 million globally have end stage renal disease, and 40,000 people
in Bangladesh die from kidney failure every year. For them, and tens of millions
more who have some form of Kidney Disease, Dr. Roy is the face of hope.
News Link:
http://www.theindependentbd.com/post/78851
Profile:
https://profiles.ucsf.edu/shuvo.roy#narrative
Youtube:
https://www.youtube.com/watch?v=MoxAsSeR-0M

16. FOOD FOR THOUGHT