GMGT 1010 Lecture Notes - Lecture 4: Human Capital
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GMGT 1010 Full Course Notes
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Information technology have revolutionized business, making it possible to quickly determine wants and needs and to respond with desired goods and services. In management, the most important factor is knowledge. Countries rich today is a combination of entrepreneurship and the effective use of knowledge: in non-developed countries, they do not having savings for capital and factors of production, education, productivity, human capital is not developed in these countries. Entrepreneurs use what they"ve learned (knowledge) to grow their businesses and increase wealth. Business environment: the surrounding factors that either help or hinder the development of businesses. Creating the right business environment is the foundation for social benefits. Need to monitor it carefully and do what they can to adapt as it changes the legal environment: Governments can do a lot to lessen the risk of starting and running a business through the laws (acts) that are passed by its elected officials.