BUSI 1800 Chapter Notes - Chapter 1: Nonprofit Organization, Outsourcing, Economic System
2 Feb 2017
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Success in business finding a need & filling it. Services: intangible products; ie. items that cannot be held in your hand (ex. Business: any activity that seeks to provide goods & services to others while operating @ a profit. Entrepreneur: person who risks time & money to start and manage a business: needs reliable accountants/lawyers/managers, have to go to financial institutions or venture capital firms to borrow $ Matching risk w/ profit: risk: the chance of loss, the degree of probability of loss, & the amt of possible loss. The change an entrepreneur takes of losing time & $ on a business that might not be profitable. Business environtment: research to find balance b/w risk & profit. Requires combined efforts of businesses, non-profit organizations, gov"t agencies. Responding to the various business stakeholders: stakeholders: people who stand to gain/lose by the policies & activities of a business, and whose concerns the business needs to address.
