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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.

Explain how today’s business workforce is changing.

Describe how 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.

Profit-seeking activities and enterprises provide goods and services necessary to an

economic system.

Profit is the reward for businesspeople who take the risk involved to offer goods and

services to customers.

Natural Resources Capital Human Resources Entrepreneurship

Capitalism(Private Enterprise) Adam Smith is the father of

capitalism. Economic system determines business

ownership, profits and resources Rewards firms for their ability to serve the

needs of consumers Minimized government intervention To compete, each firm must find a competitive differentiation

– the unique combination of organizational abilities, products, and approaches.

The risk-taker Provides innovation Entrepreneurial thinking is important inside of large firms.

Relationship Management Relationship management involves gathering

knowledge of customer needs and preferences and applying that understanding to get as close to the customer as possible.

Relationship management depends upon technology.

A partnership is an affiliation of two or

more companies that help each other

achieve common goals.

A strategic alliance is a partnershipformed to create

a competitiveadvantage for both

parties.

Dedicated workers who can foster strong ties with customers

Capable of high-quality production

Ability to compete in global markets

firm’s competitive differentiation

Blending individuals of different genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities.

Diverse employee teams and workforces tend to perform tasks more effectively and develop better solutions to business problems because of their varied perspectives and experiences. Attention to diversity issues can help them avoid damaging legal battles.

Outsourcing is usingoutside vendors to produce goods or fulfill services and functions that were previously handled

in-house or in-country.

Off-shoring is the relocation of business

processes to lowercost locations

overseas.

Workers want a flexible work-life balance that rewards them for their skills.

Part-time and temporary workers are growing

The relationship between employees and workers needs to be a valuable partnership that drives innovation through collaboration.

and Innovation Through Collaboration

Critical-thinking Creativity Ability to lead change Vision

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.

Guide employees and organizations through changes

Managers must be comfortable with tough decisions.

Organizational change may come internally from new company goals, emerging employee needs, labor union demands or production problems.

External forces might include feedback from customers, developments in the international marketplace, economic trends, and new technologies.

Changes brought on by technology, the marketplace and global competition require leadership.

Solid profits

Stable growth

Safe and challenging work environment

High-quality goods and services

Business ethics and social responsibility