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Chapter 1

Understanding Canadian Business [BUSI1600] - Chapter 1 Notes

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

Description
BUSI1600Chapter 1 Notes MANAGING WITHIN THE DYNAMIC BUSINESS ENVIRONMENT Matching Risk with Profit ProfitThe amount of money a business brings in above and beyond what it pays out in salaries and expenses RevenueThe total amount of money a business takes in during a given period by selling goods and services LossOccurs when a business expenses are more than its revenues RiskThe chance an entrepreneur takes of losing time and money on a business that may not prove profitable The higher the risk generally the more profitable the businessBusiness and Entrepreneurship Revenues Profits and Losses BusinessAny activity that seeks to provide goods and services to others while operating at a profit Businesses provide people with the opportunity to become wealthy EntrepreneurA person who risks time and money to start and manage a business Entrepreneurs are not solely motivated by money Sometimes they are more interested in providing a product or service to better the life of societyResponding to the Various Business Stakeholders StakeholdersAll of the people who stand to gain or lose by the policies and activities of a business Customers Employees Financial Institutions Investors Environmentalists Govt All of the stakeholders have an interest in the company and its operations and their interests must be considered Generally a board of directors who make decisions on behalf of the business are held responsible by stakeholders for any malpractice OutsourcingContracting with other companies to do some or all of the functions of a firm OffshoringSourcing a part of the purchased inputs outside of the country Although outsourcing and offshoring are legal they are not always the best decisions for stakeholders Regardless of temptation to make extra money businesses have a responsibility to act upon the best interest of their stakeholdersUsing Business Principles in NonProfit Organizations Businesses cannot satisfy all of their stakeholders because at the end of the term they still have to turn a profit NonProfit Organizations fill in the spaces where profitable businesses simply cannot operate NonProfit OrganizationAn organizations whos goals are not to make a personal profit for its owners or organizers Social EntrepreneursPeople who start and run a nonprofit organization
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