Find an example, illustration, or application of this week's topic from any source listed in this week's assignment.

Please post your example to the class (roughly 250+ words) and tie it very specifically into one or more of the concepts under discussion this week.

**Provide your own thoughts and ideas for this assignment. If you utilize an article for this assignment, appropriately site your sources. Do not plagiarize your responses for this assignment.

11:08 BUSN_1010-Week1-Assignments.docx Points) Find an example, illustration, or application of this week's business topics from any of the following sources: The news media (including newspapers, trade publications, magazines, online resources, etc....) Your own work experience (either past or present), or An interview with a business professional In the Course Documents section, I've provided instructions on how to access our online Library. Many students tell me that they'll access this site and then do a word search on one of the topics for the week. You may well find other sites that you'd like to share. If so, please be sure to include the URL (web address) so that others can access it too. For this assignment, please explain your business example to the class (roughly 250+ words) and tie it very specifically into one or more of the business concepts under discussion this week. Provide your own thoughts and ideas for this assignment. If you utilize an article for this assignment, appropriately site your sources. Do not plagiarize your responses for this assignment. Respond to two of the four discussion questions. You'll Previous Next Dashboard Calendar To Do nbox 11:01 KBack Chapter 1 Lecture Notes.docx ENTREPRENEURSHIP AND WEALTH BUILDING A BASIC CONCEPTS: Success in business involves finding a need and filling it 2. A business provides needed goods, jobs, and to people in the a. GOODS are tangible products such as computers, food, clothing, cars, and appliances b. SERVICES are intangible products that can't be held in your hand, such as education, health th care, insurance, recreation, and travel and 3. rich. Successfully filling a need may make you .A BUSINESS is any activity that seeks to provide goods and services to others while operating at a profit. 5. An ENTREPRENEUR is a person who risks time business. and money to start and manage a B. REVENUES, PROFITS, AND LOSSES . REVENUE is the total amount of money a business takes in during a given period by selling goods and services. 2 PROFIT is the amount a business earns above and beyond what it spends for salaries and other expenses 3. REVENUE-EXPENSES PROFIT 4. ALOSS occurs when a business's expenses are more than its revenues 5. Approximately 175,000 businesses in the U.S. fail each year (although this number may be overstated) C. MATCHING RISK WITH PROFIT RISK is the chance an entrepreneur takes of losing time and money on a business that may not prove profitable. 2 The lext uses the example of selling hot dogs during the salaries, and only then making a profit for supplies, rent Not all enterprises make the same amount of profit. The more RISKS you take, the HIGHER THE REWARDS may be. D. STANDARD OF LIVING AND QUALITY OF LIFE Previous Next Dashboard Calendar To Do nbox 11:02 Back Chapter 1 Lecture Notes.docx D. STANDARD OF LIVING AND QUALITY OF LIFE Entreprencurs PROVIDE EMPLOYMENT for other people. 2. They also PAY TAXES that are used for schools, hospitals, and other facilities. Businesses are part of an economic system that helps CREATE A HIGHER STANDARD OF LIVING and quality of life for everyone is the amount of goods and services people can buy with the moncy they have . Potential businesspeople must find a location with the right level of taxes and regulations. being of a society in terms of political freedom, natural environment,education, bealth care, safety amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide The combined efforts of businesses, nonprofit organizations, and govermment agencies are required to maintain a high quality of life E RESPONDING TO THE VARIOUS BUSINESS STAKEHOLDERS STAKEHOLDERS are all the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address. 2. Stakeholders include customers, employees, stockholders, suppliers, bankers, people in the local community, environmentalists, and elected leaders 3. The challenge for companies of the 21st century will their stakeholders. be to recognize and respond to the needs of 4. To stay competitive, businesses may OUTSOURCE jobs to other countries a. OUTSOURCING means contracting with other companies (often in other countries) to do some or all of the functions of the firm, like its production or accounting tasks. b. Many companies have set up design and production facilities here in the United States, a practice known as INSOURCING cThe decision whether to outsource or to insource is based on what is best for all the Previous Next Dashboard Calendar To Do nbox 11:02 Back Chapter 1 Lecture Notes.docx NONPROFIT NONPROFIT ORGANIZATIONS such as govenment agencies, public schools, charities, and social causes a major contribution to the welfare of society. 2. ANO organization whose goals do not inclade making a personal profit for its owners or organizers .SOCIAL ENTREPRENEURS are people who use business principles to start and manage organizations that are not for profit and who help countries with their social issues 4. You need the SAME SKILLS to work in nonprofit ceganizations that you need in business Businesses, nomprofit organizations, and volunteer groups offen strive to accomplish the THE IMPORTANCE OF ENTREPRENEURS TO THE A. THERE ARE TWO WAYS TO SUCCEED IN same objectives BUSINESS: On way is to RISE UP THROUGH THE RANKS of a large company 2 BUSINESS The riskier path is to START YOUR OWN THE IMPORTANCE OFENTREPRENEURS The EACTORS OF PRODUCTION are the TO THE CREATION OF WEALTH resources used to create wealth LAND for nataral resources) b. LABOR (workers CAPITAL This includes machines, tools, buildings, or whatever is used in the production of goods, but not money ii. Money is used to buy factoes of d. ENTREPRENEURSHIP KNOWLEDGE 2 Some experts, including the late Peter Drucker, believe that the most important factoe of prodaction is KNOWLEDGE 3. Some countries are rich in land or labor, but these aren't critical to wealth creation. 4. What makes rich countries rich is not land labor, or capital; it is a combination of ENTREPRENEURSHIP and the effective use of KNOWLEDGE 5. Entreprencurship also helps make ome states and cities rich while others remain relatively poor Previous Next Dashboard Calendar To Do nbox 11:03 Back Chapter 1 Lecture Notes.docx II THE BUINESS ENVIRONMENT he sarrounding factors that cither help or hinder the 2. Theechnological environment 3. The . The global business eevionment Businesses that create jos and weath grow and THE ECONOMIC ANDL EGALENV IRONMENT Pcople are willng to risk starting businesses f they feel that the risk is acoeptable COVERNMENTS CAN LESSEN THE RISK of starting a business and increasing Mnimizing spending and koxping TAXES AND REGULATONS to a minimum b Allowing PRIVATE OWNERSHIP of Passing LAWS that enablc businesspcuple to wrile enorccable contracts d Establishing a CURRENCY that is tradabile in world markct business and poverement nepaively afflect the business community and the Govemments from different countries can . The United Nations adopted SUSTAINABLE DEVELOPMENT GOALS to end poverty and improve lives. THE TECHNOLOGIC AL ENVIRONMENT Few lochnical changes have had a more TECHNOL.OGY people communicale with one another HOW TECHNOLOGY BENEFTTS obots, the Intemt and peoductive producing the desirod ret EFFICIENCYmeans producing goods and services using the least amount of output you pemerate piven the amount of imput (such as hours workod Tools and tochnology incrcase productivity d Farmers use high lechnology to incrcase Previous Next Dashboard Calendar To Do nbox 11:04 Back Chapter 1 Lecture Notes.docx HE GROWTH OF E-COMMERCE a. E-COMMERCE is buying and selling of goods online b. There are two types of e-commerce BUSINESS-TO-CONSUMER (B2C BUSINESS-TO-BUSINESS (B2B) B2B E-COMMER(coessts of selling goods and services from one business another d. Traditional businesses need to learn how to deal with competition from B2B and B2C fis USING TECHNOLOGY TO BE a. The businesses that are most responsive b. Businesses can use technology fsuck as RESPONSIVE TO CUSTOMERS to customer wants and needs will succeed har codes on products) to become more . ADATABASE is an electronic storage file for information; one use of databases is to store vast amounts of information about . Databases also allow stores to carry fewer items and less invemory e However, gathering personal information about people has led to IDENTIE THEFT, obtaining individuals personal information, such as Social Security and crods card numbers, for illegal purposes. f. The Federal Trade Commission says that mallions of Americans are victims of identity theft each year THE COMPETITIVE ENVIRONMENT . Making quality products is not enough to stay competitive world market-now you have to offer quality products and outstanding service at compctitive priceS 2. COMPETING BY EXCEEDING CUSTOMER EXPECTATIONS Customers today want good quality a low prices plas great service b. Business is more CUSTOMER- DRIVEN-customers' wants and ncods comE first c. Suecessful companies mut LISTEN TO CUSTOMERS so determine their wants and needs and then adjast their products, Previous Next Dashboard Calendar To Do nbox 11:05 Back Chapter 1 Lecture Notes.docx 3. COMPETING BY RESTRUCTURING AND EMPOWERMENT a. To meet the needs of customers, firms must enable their frontline workers to RESPOND QUICKLY TO CUSTOMER REQUESTS workers the responsibility, authority, freedom training, and equipment they need to respond quickly to customer requests. It sometimes takes years to restructure an to empower numbers c. E. THE SOCIAL ENVIRONMENT DEMOGRAPHY is the statistical study of the human population in regard to its size, density, and other characteristics, such as age, race, gender, and income. 2. MANAGING DIVERSITY a. Today diversity includes many more population groups, including seniors, people with disabilities, singles, the devout, and so on. b. The number of legal and illegal IMMIGRANTS has had a dramatic impact on cities and businesses. 3. THE INCREASE IN THE NUMBER OF OLDER CITIZENS a. US. citizens aged 65-74 are the RICHEST demographic group in U.S. society. b. By2030, over 20% ofthe population will be over 63-years-old c. Think of the career opportunities of providing goods and services for older adults d. Paying Social Security to seniors wil drain huge amounts of moncy from the economy e. Soon there will be LESS MONEY COMING INTO the Social Security systemm than will BE GOING OUT 4. THE INCREASE IN THE NUMBER OF SINGLE-PARENT FAMILIES a. SINGLE PARENTS have encouraged such as FAMILY LEAVE and programs FLEXTIME Previous Next Dashboard Calendar To Do nbox 11:05 Back Chapter 1 Lecture Notes.docx te American 1BOW GLOBAL CHANGES AFFECTYOU IREunRAL AND MANMTI RING IND C PRIGRESS IN THE SERICE INDUSTRIES FUTURE INB Previous Next Dashboard Calendar To Do nbox 11:08 BUSN_1010-Week1-Assignments.docx Points) Find an example, illustration, or application of this week's business topics from any of the following sources: The news media (including newspapers, trade publications, magazines, online resources, etc....) Your own work experience (either past or present), or An interview with a business professional In the Course Documents section, I've provided instructions on how to access our online Library. Many students tell me that they'll access this site and then do a word search on one of the topics for the week. You may well find other sites that you'd like to share. If so, please be sure to include the URL (web address) so that others can access it too. For this assignment, please explain your business example to the class (roughly 250+ words) and tie it very specifically into one or more of the business concepts under discussion this week. Provide your own thoughts and ideas for this assignment. If you utilize an article for this assignment, appropriately site your sources. Do not plagiarize your responses for this assignment. Respond to two of the four discussion questions. You'll Previous Next Dashboard Calendar To Do nbox 11:01 KBack Chapter 1 Lecture Notes.docx ENTREPRENEURSHIP AND WEALTH BUILDING A BASIC CONCEPTS: Success in business involves finding a need and filling it 2. A business provides needed goods, jobs, and to people in the a. GOODS are tangible products such as computers, food, clothing, cars, and appliances b. SERVICES are intangible products that can't be held in your hand, such as education, health th care, insurance, recreation, and travel and 3. rich. Successfully filling a need may make you .A BUSINESS is any activity that seeks to provide goods and services to others while operating at a profit. 5. An ENTREPRENEUR is a person who risks time business. and money to start and manage a B. REVENUES, PROFITS, AND LOSSES . REVENUE is the total amount of money a business takes in during a given period by selling goods and services. 2 PROFIT is the amount a business earns above and beyond what it spends for salaries and other expenses 3. REVENUE-EXPENSES PROFIT 4. ALOSS occurs when a business's expenses are more than its revenues 5. Approximately 175,000 businesses in the U.S. fail each year (although this number may be overstated) C. MATCHING RISK WITH PROFIT RISK is the chance an entrepreneur takes of losing time and money on a business that may not prove profitable. 2 The lext uses the example of selling hot dogs during the salaries, and only then making a profit for supplies, rent Not all enterprises make the same amount of profit. The more RISKS you take, the HIGHER THE REWARDS may be. D. STANDARD OF LIVING AND QUALITY OF LIFE Previous Next Dashboard Calendar To Do nbox 11:02 Back Chapter 1 Lecture Notes.docx D. STANDARD OF LIVING AND QUALITY OF LIFE Entreprencurs PROVIDE EMPLOYMENT for other people. 2. They also PAY TAXES that are used for schools, hospitals, and other facilities. Businesses are part of an economic system that helps CREATE A HIGHER STANDARD OF LIVING and quality of life for everyone is the amount of goods and services people can buy with the moncy they have . Potential businesspeople must find a location with the right level of taxes and regulations. being of a society in terms of political freedom, natural environment,education, bealth care, safety amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide The combined efforts of businesses, nonprofit organizations, and govermment agencies are required to maintain a high quality of life E RESPONDING TO THE VARIOUS BUSINESS STAKEHOLDERS STAKEHOLDERS are all the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address. 2. Stakeholders include customers, employees, stockholders, suppliers, bankers, people in the local community, environmentalists, and elected leaders 3. The challenge for companies of the 21st century will their stakeholders. be to recognize and respond to the needs of 4. To stay competitive, businesses may OUTSOURCE jobs to other countries a. OUTSOURCING means contracting with other companies (often in other countries) to do some or all of the functions of the firm, like its production or accounting tasks. b. Many companies have set up design and production facilities here in the United States, a practice known as INSOURCING cThe decision whether to outsource or to insource is based on what is best for all the Previous Next Dashboard Calendar To Do nbox 11:02 Back Chapter 1 Lecture Notes.docx NONPROFIT NONPROFIT ORGANIZATIONS such as govenment agencies, public schools, charities, and social causes a major contribution to the welfare of society. 2. ANO organization whose goals do not inclade making a personal profit for its owners or organizers .SOCIAL ENTREPRENEURS are people who use business principles to start and manage organizations that are not for profit and who help countries with their social issues 4. You need the SAME SKILLS to work in nonprofit ceganizations that you need in business Businesses, nomprofit organizations, and volunteer groups offen strive to accomplish the THE IMPORTANCE OF ENTREPRENEURS TO THE A. THERE ARE TWO WAYS TO SUCCEED IN same objectives BUSINESS: On way is to RISE UP THROUGH THE RANKS of a large company 2 BUSINESS The riskier path is to START YOUR OWN THE IMPORTANCE OFENTREPRENEURS The EACTORS OF PRODUCTION are the TO THE CREATION OF WEALTH resources used to create wealth LAND for nataral resources) b. LABOR (workers CAPITAL This includes machines, tools, buildings, or whatever is used in the production of goods, but not money ii. Money is used to buy factoes of d. ENTREPRENEURSHIP KNOWLEDGE 2 Some experts, including the late Peter Drucker, believe that the most important factoe of prodaction is KNOWLEDGE 3. Some countries are rich in land or labor, but these aren't critical to wealth creation. 4. What makes rich countries rich is not land labor, or capital; it is a combination of ENTREPRENEURSHIP and the effective use of KNOWLEDGE 5. Entreprencurship also helps make ome states and cities rich while others remain relatively poor Previous Next Dashboard Calendar To Do nbox 11:03 Back Chapter 1 Lecture Notes.docx II THE BUINESS ENVIRONMENT he sarrounding factors that cither help or hinder the 2. Theechnological environment 3. The . The global business eevionment Businesses that create jos and weath grow and THE ECONOMIC ANDL EGALENV IRONMENT Pcople are willng to risk starting businesses f they feel that the risk is acoeptable COVERNMENTS CAN LESSEN THE RISK of starting a business and increasing Mnimizing spending and koxping TAXES AND REGULATONS to a minimum b Allowing PRIVATE OWNERSHIP of Passing LAWS that enablc businesspcuple to wrile enorccable contracts d Establishing a CURRENCY that is tradabile in world markct business and poverement nepaively afflect the business community and the Govemments from different countries can . The United Nations adopted SUSTAINABLE DEVELOPMENT GOALS to end poverty and improve lives. THE TECHNOLOGIC AL ENVIRONMENT Few lochnical changes have had a more TECHNOL.OGY people communicale with one another HOW TECHNOLOGY BENEFTTS obots, the Intemt and peoductive producing the desirod ret EFFICIENCYmeans producing goods and services using the least amount of output you pemerate piven the amount of imput (such as hours workod Tools and tochnology incrcase productivity d Farmers use high lechnology to incrcase Previous Next Dashboard Calendar To Do nbox 11:04 Back Chapter 1 Lecture Notes.docx HE GROWTH OF E-COMMERCE a. E-COMMERCE is buying and selling of goods online b. There are two types of e-commerce BUSINESS-TO-CONSUMER (B2C BUSINESS-TO-BUSINESS (B2B) B2B E-COMMER(coessts of selling goods and services from one business another d. Traditional businesses need to learn how to deal with competition from B2B and B2C fis USING TECHNOLOGY TO BE a. The businesses that are most responsive b. Businesses can use technology fsuck as RESPONSIVE TO CUSTOMERS to customer wants and needs will succeed har codes on products) to become more . ADATABASE is an electronic storage file for information; one use of databases is to store vast amounts of information about . Databases also allow stores to carry fewer items and less invemory e However, gathering personal information about people has led to IDENTIE THEFT, obtaining individuals personal information, such as Social Security and crods card numbers, for illegal purposes. f. The Federal Trade Commission says that mallions of Americans are victims of identity theft each year THE COMPETITIVE ENVIRONMENT . Making quality products is not enough to stay competitive world market-now you have to offer quality products and outstanding service at compctitive priceS 2. COMPETING BY EXCEEDING CUSTOMER EXPECTATIONS Customers today want good quality a low prices plas great service b. Business is more CUSTOMER- DRIVEN-customers' wants and ncods comE first c. Suecessful companies mut LISTEN TO CUSTOMERS so determine their wants and needs and then adjast their products, Previous Next Dashboard Calendar To Do nbox 11:05 Back Chapter 1 Lecture Notes.docx 3. COMPETING BY RESTRUCTURING AND EMPOWERMENT a. To meet the needs of customers, firms must enable their frontline workers to RESPOND QUICKLY TO CUSTOMER REQUESTS workers the responsibility, authority, freedom training, and equipment they need to respond quickly to customer requests. It sometimes takes years to restructure an to empower numbers c. E. THE SOCIAL ENVIRONMENT DEMOGRAPHY is the statistical study of the human population in regard to its size, density, and other characteristics, such as age, race, gender, and income. 2. MANAGING DIVERSITY a. Today diversity includes many more population groups, including seniors, people with disabilities, singles, the devout, and so on. b. The number of legal and illegal IMMIGRANTS has had a dramatic impact on cities and businesses. 3. THE INCREASE IN THE NUMBER OF OLDER CITIZENS a. US. citizens aged 65-74 are the RICHEST demographic group in U.S. society. b. By2030, over 20% ofthe population will be over 63-years-old c. Think of the career opportunities of providing goods and services for older adults d. Paying Social Security to seniors wil drain huge amounts of moncy from the economy e. Soon there will be LESS MONEY COMING INTO the Social Security systemm than will BE GOING OUT 4. THE INCREASE IN THE NUMBER OF SINGLE-PARENT FAMILIES a. SINGLE PARENTS have encouraged such as FAMILY LEAVE and programs FLEXTIME Previous Next Dashboard Calendar To Do nbox 11:05 Back Chapter 1 Lecture Notes.docx te American 1BOW GLOBAL CHANGES AFFECTYOU IREunRAL AND MANMTI RING IND C PRIGRESS IN THE SERICE INDUSTRIES FUTURE INB Previous Next Dashboard Calendar To Do nbox