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Understanding Business: Profit Generation, Nonprofits, and Workplace Dynamics Beyond 2005

This chapter explores the essence of business as profit-seeking activities that supply goods and services essential to an economic system. It discusses the contrasting nature of not-for-profit organizations, such as The Nature Conservancy. Key concepts include the four factors of production: natural resources, capital, human resources, and entrepreneurship. Strategic partnerships are explored as essential for competitive advantage, along with challenges posed by demographic trends affecting workforce management. The chapter emphasizes the significance of diversity and the changing nature of work through outsourcing.

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Understanding Business: Profit Generation, Nonprofits, and Workplace Dynamics Beyond 2005

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Presentation Transcript

  1. Chapter 1 Business: 2005 and Beyond

  2. What is Business? • All profit-seeking activities and enterprises that provide goods and services necessary to an economic system. • Profits—rewards for businesspeople who take the risks involved to offer goods and services to customers.

  3. Not-for-Profit Organizations • Businesslike establishments that have primary objectives other than returning profits to their owners. • The Nature Conservancy fighting to save the world’s last great places

  4. Factors of Production Four basic inputs for effective operation: • Natural Resources - land, forests, mineral deposits • Capital – money, technology, tools, information, physical facilities • Human Resources – anyone who works • Entrepreneurship – willingness to take risks to create and operate a business

  5. Basic Rights in the PrivateEnterprise System

  6. Six Eras in the History of Business

  7. Strategic Alliances and Partnerships • Businesses must form partnerships with other organizations to take full advantage of available opportunities. • Partnership: an affiliation of twoor more companies with the shared goal of assisting each other in the achievement of common goals • Strategic alliance: partnership formed to create a competitive advantage for the businesses involved

  8. Preparing for Changes in the Workforce • In the coming decades, companies will face several trends that challenge their skills for managing and developing human resources. • Aging of the population. • Shrinking labor pool. • Increasingly diverse workforce. • The changing nature of work. • The new employer-employee partnership.

  9. The Changing Nature of Work • Outsourcing—Contracting with another business to perform tasks or functions previously handled by internal staff members • The military increases its backup from private companies

  10. Reaping the Benefits of Diversity • Blending individuals of different ethnic backgrounds, cultures, religions, ages, genders, and physical and mental abilities can enrich a firm’s success. • Coca-Cola promoting its diversity in employment

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