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Chapter 1

Chapter 1 - September 13th 2011.docx

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School
Department
Business
Course
BUSI 1600U
Professor
Shaprio, Morden
Semester
Winter

Description
Management of the Enterprise th September 13 2011 Chapter 1: Managing Within the Dynamic Business Environment Objectives of Business: - Growth - Profit o The award of the business. - Money/Cash o Needs for paying employees, suppliers, bank, etc. o Is important for maintaining a cash flow. A business is any activity that seeks to provide goods and services to others while operating at a profit; A profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses. Since not all business make a profit, starting a business can be risky. Objectives of a Business: - To survive/survival. (Very, very important element.) o First year or two is very crucial for a business to survive. o The next importance is the 5year mark. o If it can survive when the economy goes down. - Growth o To continue getting an award/profit. - Social Responsibility o A member of unity in which it opts in. o Have certain social responsibilities to the workers, to the community. o Example. Tim Horton’s responsibility of soccer teams, camps. - Notional Profit Earning a Buck: Risk Reward Trade-Offs - Starting a business involves a risk. - The profit is the reward for having taken the risk. - Risk is the chance an entrepreneur takes of losing time and money on a business that may not prove profitable. - Different people have different tolerances for risk. - Suppliers want to be paid - Government wants compliance - Employees want security - Investors - Customers want value - Surrounding Community wants “equity” - Stalkholders want returns Stakeholders: Those who stand to gain or lose. Offshoring and Outsourcing - Offshoring entails sourcing part of the purchased inputs outside of the country. o In Canada, most of the offshoring that occur is in the States. - Outsourcing means contracting with other companies to do some or all of the functions of a firm, such as production or accounting. There are 2 ways t
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