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Summary The Contemporary Dynamic Business World

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A snapshot of the summary - The Contemporary Dynamic Business World

  • 1 The Contemporary Dynamic Business World

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  • What's succes in the business world based on?
    Finding a need and satisfying it
  • Why do companies contribute to the quality of life of everyone?
    They create jobs and pay taxes, which are of great financial help for local and national communities.
  • What is a loss?
    A company experiences a loss when it spends more than it receives. 
  • What is the standard of living?
    The number of goods and services a person can buy with the money he owns.
  • How do you keep strong employees at nonprofits?
    You can't offer high salaries.
    1. Set ambitious, realistic goals
    2. Allow all employees to work with the groups they're serving.
    3. Give employees a break.
    --> workers accept lower wages, because they're helping a good cause.
  • What are the ups and downs of entrepreneurship?
    UPS: freedom to succeed, own decisions, high possibility of wealth, hire your own staff.
    DOWNS: fail, no paid vacations, no health insurance, no daycare
  • What is the business environment?
    It exists out of the surrounding factors that either stimulate of hinder the company's development. 
  • Which 5 factors form the business environment?
    1. The economic and legal environment 
    - freedom of ownership
    - contract laws
    - elimination of corruption
    - tradable currency
    - minimum taxes/regulation
    2. technological environment 
    - information technology
    - databases 
    - barcodes
    - internet
    3. Competitive environment 
    - customer service
    - stakeholder recognition
    - employee service
    - concern for the environment
    4. social environment
    - diversity
    - demographic changes
    - family changes
    5. Global business environment
  • When are people willing to start a new business? 
    When the risk of losing money is not too high
  • How can the government promote business?
    1. Minimising spending and keeping taxes/regulation low
    2. Allowing private ownership
    3. Miming interference with the free exchange of goods/services
    4. Passing laws that enable businesspeople to write enforceable contracts
    5. Establishing a currency that's tradable in world markets
    6. Minimising corruption
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