Your Future in Business Begins Now

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Your Future in BusinessBegins Now BA 151
Introduction to Business With Melissa Brown
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Chapter Overview

• 1. Factors of Production
• 2. Social Trends
• 3. Economic Systems
• 4. Trends in Technology
• 5. Trends in Global Competition

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• Business
• An organization that strives for a profit by
  providing goods and services desired by its
  customers

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Not-For-Profit

• Their focus is on meeting goals or promoting
  ideas
• Humane Society, Red Cross, Green Peace
• Do NFPs face the same challenges as For Profit
  organizations?

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• Standard of living
• A countrys output of goods and services that
  people can buy
• Although there is a positive relationship between
  a nations wealth peoples happiness, the
  relationship is far from perfect
• Germany Japans gross national products are two
  times higher than Irelands, yet Irish people are
  more happy overall than German Japanese
  (Source American Psychologist, 54, 1999, p.
  821-827)

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Factors of Production

• 1. Natural resources
• 2. Labor
• 3. Capital
• 4. Entrepreneurship
• 5. Knowledge

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The Environment of Business
Demographicchange
Entrepreneurs,managers,workers,customers
Socialchange
Evolvingeconomicsystems
Globalcompetition
Emergingtechnology
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Social Trends in Business

• 1. Increase in component lifestyles
• 2. Increase in dual-income families
• more spending money
• more products geared toward women

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Womens Presence in the Workforce
Source AFL-CIO, 135.145.13.100/women/wwfacts.htm
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Demographics Relevant to Business
Other
Baby boomers29
GenerationX 16
Oldercustomers 23
Generation Y26
Source Fortune, Sept. 28, 1998, p. 227
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Evolving Global Economic Systems

• 1. Capitalism (private enterprise)
• 2. Communism (command economy)
• 3. Socialism
• 4. Mixed economic systems

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Technological Trends

• Miniaturization
• Internet
• Developing technology in
• artificial intelligence, r
• Robotics, virtual reality, teleportation,
  flying cars (Source CNET www.cnet.com)

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Trends in Global Competition

• Exports account for increasing proportion of
  world gross domestic product
• More companies can compete globally
• improved technology
• improved communications

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Global Competition

• More companies meeting ISO 9000 and ISO 14000
  standards
• Ford was the 1st US Automaker to require ISO
  14000 certification of suppliers (Source
  globenet)
• Increased productivity
• downsizing
• increased use of technology

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Talent War Among Employers

• In 20 years, the scarcest resource may be TALENT

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Steps in getting your career off on the right
track

• 1. Who am I?
• identify your strengths, interests, values
• 2. What can I do?
• Assess your abilities, skills, experience
• 3. Finding my first professional job
• - research occupations and companies

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10 Best Jobs for the 21st Century
1. Systems analyst 2. Computer engineer 3.
Engineering, mathematical, natural science
manager 4. Securities financial services sales
worker

• 5. Marketing, advertising PR manager
• 6. Computer scientist
• 7. Service manager
• 8. Physical therapist
• 9. Special education teacher
• 10. General manager top executive

Source Friendly Exchange, Winter, 1999, p. 25
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Selecting the Right Job

• Fit
• Advancement and growth
• Compensation
• Training
• Site

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THE END