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Business Basics

chapter 1

Better Business
1st Edition
Poatsy · Martin

Slide presentation prepared by Pam Janson


Stark State College of Technology

© 2010 Pearson Education, Inc. 1


All rights reserved. No part of this publication may be
reproduced, stored in a retrieval system, or transmitted, in
any form or by any means, electronic, mechanical,
photocopying, recording, or otherwise, without the prior
written permission of the publisher. Printed in the United
States of America.

© 2010 Pearson Education, Inc. 2


Learning Objectives
1. What are profits, and how do businesses and non-
profit organizations compare?
2. What is the difference between a good and a service,
and what are the factors of production?
3. How do competition, the social environment,
globalization, and technological growth challenge and
provide opportunities to business owners?
4. What are four types of businesses?
5. How do sole proprietorships, partnerships,
corporations, and limited liability companies (LLCs)
differ from one another as forms of business?
6. How do life skills translate to the business environment?

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Basic Business Definitions
• Businesses: sell goods
and services to earn
profit
• Profit
• Nonprofit
organizations
• Good
• Service

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Benefits of Businesses
• The proprietor benefits from earned profits.
• Society benefits from goods and services
provided.
• Communities benefit from the employment
opportunities.
• Businesses contribute to the quality of life
by creating higher standards of living for
society.

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The Factors of Production
• Labor
• Natural resources
• Capital
• Entrepreneurs
• Technology

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How Does Competition
Influence Business?
• Competition forces companies to
o Improve their product offerings.
o Lower their prices.
o Promote their brands.
o Focus on customer satisfaction.
o Seek workers with interpersonal,
communication, and decision-making
skills.

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How Does the Social
Environment Affect Businesses?
• An aging population
• Increasing diversity
• The Green
Movement
o Environmental
concerns
o New product
opportunities

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Globalization
• Multinational enterprises
• Offshoring
• Benefits to the U.S. economy
o Lower prices for goods
o Increased competition stimulates innovation
• Risks to the U.S. economy
o U.S. jobs lost to overseas workers
o Increased competition
o Fluctuation in the dollar value
o Security and patent protection concerns
o Unstable political climates in foreign countries

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Technological Changes
• Technology is expensive and time-consuming.
• Benefits include lower costs and improved
productivity, security, and communications.
• Telecommuting, teleconferencing and other
tools help human relations and globalization.
• The Internet aids company operations.
o E-commerce (B2B and B2C) streamline sales.
o Businesses must provide online security and
privacy.

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Types of Businesses:
Local and Regional
• Managing money is the most
significant special challenge of these
businesses
o Poor financial
planning
o Undercapitalization
o Taxes and
insurance costs

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Types of Businesses:
National
• A national business has several outlets
throughout the country
• Special challenges
o Finances
o Laws that vary from state to state
o Supply chain management

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Types of Businesses:
Multinational
• Special challenges
o Different countries’ laws
o Cultural differences
o Economic differences

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Types of Business Ownership

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The Players in
Business Ownership
• Corporate stakeholders include
employees, shareholders, investors,
suppliers, and society at large
• Sole proprietorships usually have
fewer stakeholders than large
corporations

© 2010 Pearson Education, Inc.


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Taking Business Personally
• Are you a sole proprietorship or a partnership?
• How do you receive funding?
• What are your expenses?
• How does the social environment affect your
life?
• How does globalization affect your life?
• How do you keep up with new technology?
• What sort of e-commerce do you use?
• How do you keep your “business” secure
• What types of goals do you have?

© 2010 Pearson Education, Inc.


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Chapter Summary
1. What are profits, and how do businesses and non-
profit organizations compare?
2. What is the difference between a good and a service,
and what are the factors of production?
3. How do competition, the social environment,
globalization, and technological growth challenge and
provide opportunities to business owners?
4. What are four types of businesses?
5. How do sole proprietorships, partnerships,
corporations, and limited liability companies (LLCs)
differ from one another as forms of business?
6. How do life skills translate to the business environment?

© 2010 Pearson Education, Inc.


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Publishing as Prentice Hall