Buiness Chapter 1 Outline

In: Business and Management

Submitted By kngrubb
Words 3102
Pages 13
Keisha Grubb
Chapter 1 Outline
Business Now: Change is the Only Constant

1:1) Business Now: Moving at Breakneck Speed * Technologies forge instant connections across the globe. * Successful firms : Seek the opportunities and avoid the pitfalls, carefully evaluate risks, complete understand their market, adhere to ethical practices * Their core goal: To generate long-term profits by delivering unsurpassed value to their customers. * Over the past few years explosive growth in Facebook and Twitter has played a pivotal park in forging a new role for both businesses and consumers in today's dynamic business environment. * Census Data : * The median household income is the U.S. is roughly $50,000. * The top 40% of Americans earns 75% of the money. * Four in ten kids are born to single moms/ * By 2010, birthrates had dropped to an all-time record low. * 60% of Americans now live in the South and West regions. * 26% of men make six or more cell phone calls a day.
1:1a) Business Basics: Some Key Definitions * Business- any organization that provides goods and services in an effort to earn a profit. * Profit- The Money that a business earns in sales (or revenue) , minus expenses, such as the cost of goods and the cost of salaries REVENUE – EXPENSES = PROFIT (or LOSS) * Loss- When a business incurs expenses that are greater than its revenue. * Despite the meltdown of 2008, American new business creation hit a 15-year high in 2009-2010. * Entrepreneurs – People who risk their time, money, and other resources to start and manage a business. * As entrepreneurs create wealth for themselves, they produce a ripple effect that enriches everyone around them. * The impact of one successful entrepreneur can extend to the far reaches of the economy. * Standard of Living – The quality and…...

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