B A 2020 Lecture Notes - Lecture 1: Ups & Downs, Insourcing, Outsourcing

• School: Wayne State University
• Department: Business Administration
• Course: B A 2020
• Professor: Deric B Williams

Document Summary

Success in business is often based on the strategy of finding a need and filling it. *business: any activity that seeks to provide goods and services to others while making profit. *entrepreneurship: person who risks time and $ to start a business. *nonprofit: organization who doesn"t make profit for its owners or organizers. Successfully filling a market = make $ and provide jobs for others. *revenue: total amount of $ a business takes in during a given time period by selling goods and services. *profit: amount of $ a business earns after all other expenses. *loss: when a business"s expenses are more than revenue. *risks: chance an entrepreneur takes of losing time and $ on a business that may or may not prove profitable. *standard of living: amount of goods and services people can buy with the $ they have".