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Canada (161,877)
Commerce (1,696)
Rita Cossa (56)
Chapter 01

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Department
Commerce
Course
COMMERCE 1E03
Professor
Rita Cossa
Semester
Winter

Description
CHAPTER 1Managing Within the Dynamic Business EnvironmentLEARNING OBJECTIVESAFTER YOU HAVE READ AND STUDIED THIS CHAPTER YOU SHOULD BE ABLE TOLO1Describe the relationship of businesses profit to risk assumptionLO2Discuss the importance of stakeholders and nonprofit organizations to business activitiesLO3Explain how entrepreneurship is critical to the wealth of an economy and list the five factors of production that contribute to wealthLO4Review the six elements that make up the business environment and explain why the business environment is important to organizationsLO5Understand how the service sector has replaced manufacturing as the principal provider of jobs but why manufacturing remains vital for CanadaPROFILEGetting to Know Mike Lazaridis of Research In Motion LtdMike Lazaridis is known in the global wireless community as a visionary innovator and engineer of extraordinary talent He traces his passion for his work to his hometown of Windsor Ontario where his love of science and fascination with electronics were nurtured in supportive family and school environments Lazaridis studied electrical engineering at the University of Waterloo but dropped out two months before graduation Using a small loan from his parents and a contract with General Motors he founded Research In Motion Ltd RIM in 1984RIM is a competitor in the ICT information and communications technologyor technologies sector ICT is an umbrella term that includes any communication device or application encompassing radio television cellular phones computer and network hardware and software satellite systems and so on as well as the various services and applications associated with them such as videoconferencing and distance learning The ICT sector contributed 57 billion to Canadas gross domestic product in 2007 accounting for 47 percent of Canadian output Research and development RD spending in the ICT sector has been steadily increasing over the years and is now at 60 billion representing 38 percent of total Canadian private sector RD expenditures ICT sector employment is characterized by a highly educated workforce The top three industries that employ the largest share of universityeducated personnel are communications equipment software and computer services and computer equipmentAs RIMs President and CoCEO Lazaridis is responsible for product strategy research and development product development and manufacturing In fiscal 2009 ended 28 February 2009 the company generated approximately US11 billion in revenues Today RIM is a leading designer manufacturer and marketer of innovative wireless solutions for the worldwide mobile communications market Through the development of integrated hardware software and services that support multiple wireless network standards RIM provides platforms and solutions for seamless access to timesensitive information RIM technology also enables a broad array of thirdparty developers and manufacturers to enhance their products and services with wireless connectivity RIMs portfolio of awardwinning products services and embedded technologies are used by thousands of organizations around the world and include the BlackBerry wireless platform the RIM BlackBerry Smartphone product line software development tools radiomodems and softwarehardware licensing agreements The brand is becoming more global with products increasingly being introduced in new markets such as Vietnam Malawi and Egypt Students and professionals alike have embraced the products For example do you know that a secure BlackBerry Smartphone was developed for US President Barack Obama after he insisted on keeping a BlackBerryWilliam G Nickels138463226doc1Lazaridis advocates for education and scientific research He is a member of the Natural Sciences and Engineering Research Council of Canada NSERC the Ontario Research and Innovation Council and a Governor of the Information Technology Association of Canada He supports his community and country through generous philanthropic gifts made possible by his success in business He has donated 100 million to the University of Waterloo to help establish the Institute for Quantum Computing His gift of 150 million established the Perimeter Institute for Theoretical Physics As a result of his leadership and tireless effort more than 100 million has been generated in additional private and public sector funding for this world centre of excellence based in Waterloo and affiliated with more than 30 Canadian universitiesIn recognition of his contributions Lazaridis has won many awards Some examples include sharing Canadas most prestigious innovation prize The Ernest C Manning Principal Award He was named an Officer to the Order of Canada in 2006 chosen as Canadas Outstanding CEO of the Year in 2006 listed on the TIME 100 List of Most Influential People in 2005 previously recognized as Canadas Nation Builder of the Year and was a recipient of Ontarios Entrepreneur of the Year award He has been inducted into both the Canadian Business Hall of Fame and Canadas Telecommunications Hall of FameThe purpose of this text is to introduce you to the exciting and challenging world of business Each chapter will begin with a story similar to this one You will meet more successful entrepreneurs who have started a business You will also learn about people who work for companies and have succeeded far beyond their original expectations You will learn about all aspects of business management human resource management marketing accounting finance and more You will also learn about businesses of all sizes We begin by looking at some key terms and exploring the rapidly changing business environment so that you can prepare to meet tomorrows challenges todayWilliam G Nickels138463226doc2Sources RIMs Executive TeamMike Lazaridis Research In Motion Ltd 2009 httpwwwrimnetnewsroom mediaexecutiveindexshtml RIM 2008 Annual Report Research in Motion Ltd 2009 httpwwwshareholdercomvisitorsDynamicDocdocumentcfmDocumentID2259CompanyIDRIMM Canadian ICT Sector Profile Industry Canada 10 July 2008 httpwwwicgccaepicsiteictticnsfenhit07229ehtml Brian Banks and Mark Evans Two Men and Their Baby Financial Post Business November 2006 35 and ICT Definition SearchCIOMidmarketcom 14 January 2004 httpsearchciomidmarkettechtargetcomsDefinition0sid183gci 92840500htmlH1BUSINESS AND ENTREPRENEURSHIP REVENUES PROFITS AND LOSSESThousands of people have learned that one of the best ways to become a success in Canada or almost anywhere else businessin the world is to have a career in business Ais any activity that seeks to provide goods and services to Profitothers while operating at a profitis the amount of money a business earns above and beyond what it spends for salaries and other expenses Since not all businesses make a profit starting a business can be risky An entrepreneur is a person who risks time and money to start and manage a businessbusinessAny activity that seeks to provide goods and services to others while operating at a profitprofitThe amount a business earns above and beyond what it spends for salaries and other expensesWilliam G Nickels138463226doc3
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