Review a sampling of the stories behind famous companies.

Canadian Business. (2017, September 21). 15 success stories of inspiring Canadian entrepreneurs. Canadian Business. https://www.canadianbusiness.com/innovation/canadian-entrepreneur-success-stories/#gallery/15-success-stories-of-inspiring-canadian-entrepreneurs/slide-1

Choose one of the stories and, connecting it to this unit's readings, explain how the story illustrates how to run a successful business. Why is the story important and interesting and how does it connect with some of the concepts from the readings in this unit?

READINGS

In this unit, we will start with a focus on general risk taking and profit making, which arguably is the central focus of a capitalist, free market system. With this new understanding of risk, risk taking and profits, we then move into discussions surrounding general economics and the concepts of supply and demand, and then begin to review how free markets are structured and work (which for the most part is in an efficient and rational manner, but as with many things, there are exceptions). Now, let's look a little more closely at the key points from this unit's readings.

Throughout this unit's readings, you will be introduced to many concepts all designed to set a context for understanding the general business environment. Some of the main ideas to take away include:

• The importance of risk and profit and the need to balance both for the benefit of stakeholders. The needs and wants of stakeholders are important to an organization if it is to be successful over the long term. And who are a business' stakeholders? Essentially, the stakeholders are everyone who has a vested interest in the business' success - owners, managers, customers, employees, suppliers, community groups, etc.
• The concept of entrepreneurship. Though entrepreneurship is not for everyone and running your own business is not something to take lightly, many individuals who are not fulfilled working for major corporations or those who are downsized, right-sized, etc., are creating futures and jobs by starting their own businesses. In many countries, including Canada and the US, small businesses (less than 50 employees) make up some 90+ percent of job growth. Are you an entrepreneur in the making? Perhaps your interest in the BBA program is a sign that the answer could indeed be yes!
• The business conditions in which businesses operate. Despite uncertainty, businesses of all sorts and in many different industries are able to thrive. We discuss economics and the age-old concepts of supply and demand and how by filling a need, economies can grow over time to increase wealth for constituents. This is not unlike the reason driving the creation of businesses - to create shareholder and stakeholder wealth. Usually, when a business does well, it hires more people, creates higher paying jobs, gives back more to the community and thus benefits to the larger community are increased.
• In addition to supply and demand, you will be introduced to market economies such as capitalism (or free-market economies as they are known), which are compared and contrasted to Socialist and Communist market economies (i.e. closed economies). There are benefits, strengths, weaknesses and consequences to both.