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Your Future in Business Begins Now

Your Future in Business Begins Now. Chapter 1. Chapter 1 Learning Goals. How do businesses and not-for-profit organizations help create our standard of living? How are social trends, such as more women entering the workforce, affecting business?

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Your Future in Business Begins Now

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  1. Your Future in BusinessBegins Now Chapter 1

  2. Chapter 1 Learning Goals • How do businesses and not-for-profit organizations help create our standard of living? • How are social trends, such as more women entering the workforce, affecting business? • How are demographic trends creating new opportunities for business? • What are the primary features of the world’s economic systems? • How can technological effectiveness help a firm reach its goals? • What are the trends in global competition?

  3. Learning Goal 1 • How do businesses and not-for-profit organizations help create our standard of living? • Standard of living is measured by the output of goods and services delivered by businesses and not-for-profit organizations. • Our quality of life is not simply the amount of goods and services available but also society’s general level of happiness.

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

  5. Standard of living: A country’s output of goods and services that people can buy • Although there is a positive relationship between a nation’s wealth & people’s happiness, the relationship is far from perfect • Germany & Japan’s gross national products are two times higher than Ireland’s, yet Irish people are more happy overall than German & Japanese (Source: American Psychologist, 54, 1999, p. 821-827)

  6. Factors of Production 1. Natural resources 2. Labor 3. Capital 4. Entrepreneurship 5. Knowledge

  7. The Environment of Business Demographicchange Entrepreneurs,managers,workers,customers Socialchange Evolvingeconomicsystems Globalcompetition Emergingtechnology

  8. Learning Goal 2 • How are social trends, such as more women entering the workforce, affecting business? • Increasing family incomes • Heightening demand for time-saving goods and services • Changing family shopping patterns

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

  10. Women’s Presence in the Workforce Source: AFL-CIO, 135.145.13.100/women/wwfacts.htm

  11. Learning Goal 3 • How are demographic trends creating new opportunities for business? • Computers and accessories appeal to Generation Y • Demand for products that appeal to the middle-aged and elderly markets • Increased multicultural marketplace creates new opportunities for business

  12. Demographics Relevant to Business Other Baby boomers29% GenerationX 16% Oldercustomers 23% Generation Y26% Source: Fortune, Sept. 28, 1998, p. 227

  13. Learning Goal 4 • What are the primary features of the world’s economic systems? • Capitalism: based on marketplace competition and private ownership of factors of production • Command economy: government owns virtually all resources and makes all economic decisions • Socialism: basic industries are owned by the government or by private sector under strong government control • Most economies are a mix of socialism and capitalism

  14. Evolving Global Economic Systems 1. Capitalism (private enterprise) 2. Communism (command economy) 3. Socialism 4. Mixed economic systems

  15. Learning Goal 5 • How can technological effectiveness help a firm reach its goals? • Increases efficiency • Lowers costs • Helps the firm grow by producing higher quality goods and services • The Internet • changing how companies sell and communicate • changing how and what consumers buy

  16. Technological Trends • Miniaturization • Internet • Developing technology in: • artificial intelligence, robotics, virtual reality, teleportation, flying cars, & nanotechnology (Source: CNET: www.cnet.com)

  17. Learning Goal 6 • What are the trends in global competition? • World is becoming more competitive • Exports continue to rise as a percentage of the world GDP • Free trade • offers greater opportunities abroad for U.S. firms • U.S. firms also face tougher competition at home • Efficient U.S. companies are meeting the global challenge

  18. Trends in Global Competition • Exports account for increasing proportion of world gross domestic product • More companies can compete globally • improved technology • improved communications • 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

  19. Learning Goal 7 • What are the first steps toward finding your first professional job? • Do a self-assessment • Do a skills assessment • Look at employment opportunities • Employers wish to hire people who are • Bright • Creative • Hard-working • Well-educated

  20. 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

  21. Learning Goal 8 • How can the Internet be a valuable tool in your job search? • Can help you to create a resume • Can post resume on sites with thousands of job openings • Can learn more about potential employers • Can learn more about geographic areas and cost of living in that area

  22. 5. Marketing, advertising & PR manager 6. Computer scientist 7. Service manager 8. Physical therapist 9. Special education teacher 10. General manager & top executive 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 Source: Friendly Exchange, Winter, 1999, p. 25

  23. Learning Goal 9 • How can you start off on the right track in your new job and, then later, move up to the next level? • Start off by • listening, learning and being nice to others • not trying to change the world immediately • finding a great mentor • Get promoted by • loving what you do and continuing to learn • being an internal entrepreneur • being really good at what you do

  24. Selecting the Right Job Fit Advancement and growth Compensation Training Site

  25. MBAs’ Ideal Employer Attributes • Good reference for future career • Competitive compensation • Exciting products/services • Variety of tasks or assignments • Immediate responsibility • Dynamic organization • Strong corporate culture • International relocation possibilities • Likable/inspiring colleagues • Training program Source: Fortune, Mar. 16, 1998

  26. Starting Out at Your First Job • Listen and learn • Do unto others • be pleasant and nice • Don’t start as a maverick • work within the system • Find a great mentor

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