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Chapter 1

Chapter 1 Managing Within the Dynamic Business Environment .doc

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University of British Columbia
COMM 100
David Crawford

Chapter 1 The Dynamic Business Environment Business: Any activity that seeks to provide goods and services to others while operating at a profit. Profit: The amount a business earns above and beyond what it spends for salaries and other expenses. Entrepreneur: a person who risks time and money to start and manage a business. Revenue: the total amount of money a business takes in during a given period by selling goods and services. Loss: a business’s expense are more than its revenues. Risk: the chance an entrepreneur takes of losing time and money on a business that may not prove profitable. Stakeholders: all of the people who stand to gain or lose by the policies and activities of a business. E.g: customers, employees, banks, government... Businesses can also influence government policies through the activities and efforts of their associations, lobbyists, and trade unions. Offshoring( 离离离离 ): sourcing part of the purchased inputs outside of the country. Outsourcing ( 离离 ): contracting with companies to do some or all of the functions of a firm within or outside of the country. Non-profit organization : organization whose goals do not include making a personal profit for its owners or organizaers. E.g hospitals, schools. Most business failures are due to poor management or problems associated with cash flow. As a potential business owner, you need to do research, calculate the risks and the potential rewards of each decision. Working for others is that somebody else assumes the entrepreneurial risk and provides you with benefits. Five Factors of Production -Land (natural resources): are used to make homes , cars, and other products. -Labour (workers
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