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Lecture 1 - What is a business

Management (MGT)
Course Code
Chris Bovaird

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Definition of business
A b u sines s is an organiz e d effort
Someb o d y h as to h ave an ide a an d b e motivated
Organiz e d effort to make, p ro d u c e , provide or supply somethin g
Tim Horton s, Microsoft
Provides coffe e , pro d u c e s software
Warner Brother; make the movies
GM makes and tries to sell u s c a rs
Furnishes, makes avail able something that p eo ple want
They try an d sell u s that pro d u ct o r servic e
They h ave to d o these to make a profit
9 8 % of b u sines s es in Canada employ les s than 2 0 p eo ple
Small b u sines s es
Big b u sines s es are g et ti ng small er
Busines s: ch a racteristi cs
Customers n e e d an d want thin g s and they will p ay for them
Self-employ ed entrepreneurs (example: someo n e tutoring other stu d ents, b ab y sit tin g)
The mo n ey that comes in from the p ro d u ct or servic e of the b u sines s is ‘r even u es or sa
There is a cost to running the b u sines s when they sell somethin g
Cost to sellin g pizz a, iPo d or even b urger
There is a cost to the p rovider
Every ti me they sell, mo n ey g o es o u t costs or ex p enses
Profit an d los s
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