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Title: The Changing Face of Business http://www.wileybusinessupdates.com


1
The Changing Face of Business http//www.wileybu
sinessupdates.com
1
Chapter
2
Learning Goals
Distinguish between business and not-for-profit
organizations. Identify and describe the factors
of production. Describe the private enterprise
system, including basic rights and
entrepreneurship. Identify the six eras of
business, and explain how the relationship
eraincluding alliances, technology, and
environmental concernsinfluences contemporary
business.
Explain how todays business workforce and the
nature of work itself is changing. Identify the
skills and attributes managers need to lead
businesses in the 21st century. Outline the
characteristics that make a company admired by
the business community.
3
What is Business?
  • Profit-seeking activities and enterprises provide
    goods and services necessary to an economic
    system.
  • Profit-seeking is the reward for business people
    who take the risk involved to offer goods and
    services to customers.
  • See Fortune 500 for a list of major U.S.
    companies.
  • 3

4
Educational Attainment of the Population 18 Years
and Over, by Age, Sex, Race, and Hispanic Origin
2011
Table 1. Educational Attainment of the Population 18 Years and Over, by Age, Sex, Race, and Hispanic Origin 2011 Table 1. Educational Attainment of the Population 18 Years and Over, by Age, Sex, Race, and Hispanic Origin 2011 Table 1. Educational Attainment of the Population 18 Years and Over, by Age, Sex, Race, and Hispanic Origin 2011 Table 1. Educational Attainment of the Population 18 Years and Over, by Age, Sex, Race, and Hispanic Origin 2011 Table 1. Educational Attainment of the Population 18 Years and Over, by Age, Sex, Race, and Hispanic Origin 2011 Table 1. Educational Attainment of the Population 18 Years and Over, by Age, Sex, Race, and Hispanic Origin 2011 Table 1. Educational Attainment of the Population 18 Years and Over, by Age, Sex, Race, and Hispanic Origin 2011 Table 1. Educational Attainment of the Population 18 Years and Over, by Age, Sex, Race, and Hispanic Origin 2011 Table 1. Educational Attainment of the Population 18 Years and Over, by Age, Sex, Race, and Hispanic Origin 2011 Table 1. Educational Attainment of the Population 18 Years and Over, by Age, Sex, Race, and Hispanic Origin 2011
All Races Educational Attainment Educational Attainment Educational Attainment Educational Attainment Educational Attainment Educational Attainment Educational Attainment Educational Attainment Educational Attainment Educational Attainment Educational Attainment Educational Attainment
All Races Total None High school graduate Some college no degree Associate's degree, occupational Associate's degree, academic Bachelor's degree Master's degree Professional degree Professional degree Doctoral degree Doctoral degree
Both Sexes                        
.18 years and over 231,194 914 70,316 45,245 9,227 11,384 41,943 16,154 2,993 2,993 3,079 3,079
.25 years and over 201,543 857 61,911 34,203 8,550 10,497 39,286 16,015 2,980 2,980 3,062 3,062
..65 to 69 years 12,160 81 4,154 1,903 401 489 1,808 1,180 206 206 316 316
..70 to 74 years 9,254 61 3,495 1,369 280 324 1,222 610 162 162 165 165
..75 years and over 17,764 191 6,576 2,615 448 444 1,978 912 256 256 266 266
Male                        
.18 years and over 112,301 425 35,082 21,393 4,169 4,736 20,137 7,231 1,870 1,870 1,916 1,916

.25 years and over 97,220 380 30,370 16,137 3,861 4,321 19,017 7,181 1,862 1,862 1,911 1,911
..65 to 69 years 5,600 28 1,813 800 185 210 909 536 156 156 227 227
..70 to 74 years 4,242 28 1,387 644 116 130 623 352 117 117 130 130
..75 years and over 7,239 68 2,232 1,089 160 163 984 483 202 202 211 211
Female                        
.18 years and over 118,893 489 35,234 23,852 5,058 6,648 21,806 8,923 1,123 1,123 1,163 1,163
..18 to 24 years 14,570 12 3,694 5,786 369 472 1,537 89 5 5 11 11
.25 years and over 104,323 477 31,541 18,065 4,689 6,176 20,269 8,834 1,118 1,118 1,151 1,151
..65 to 69 years 6,561 52 2,341 1,103 217 279 899 644 49 49 88 88
..70 to 74 years 5,012 32 2,108 725 164 194 599 258 45 45 36 36
..75 years and over 10,525 123 4,344 1,526 287 281 994 429 54 54 56 56
http//www.census.gov/hhes/socdemo/education/data/cps/2011/tables.html http//www.census.gov/hhes/socdemo/education/data/cps/2011/tables.html http//www.census.gov/hhes/socdemo/education/data/cps/2011/tables.html http//www.census.gov/hhes/socdemo/education/data/cps/2011/tables.html http//www.census.gov/hhes/socdemo/education/data/cps/2011/tables.html http//www.census.gov/hhes/socdemo/education/data/cps/2011/tables.html
5
Employment Size of Firms - US http//www.census.go
v/econ/smallbus.html
All firms 27,281,452
Nonemployer firms 21,351,320
Employer firms 5,930,132
Firms with 1 to 4 employees (or with no employees as of Mar 12, 2012) 3,617,764 61.01 61.01
Firms with 5 to 9 employees 1,044,065 17.61 78.61
Firms with 10 to 19 employees 633,141 10.68 89.29
Firms with 20 to 99 employees 526,307 8.88 98.16
Firms with 100 to 499 employees 90,386 1.52 99.69
Firms with 500 employees or more 18,469 0.31 100.00
6
Employment Size of Firms California http//www.c
ensus.gov/epcd/susb/latest/ca/CA--.HTM
All firms 717,133
Firms with 1 to 4 employees (or with no employees as of Mar 12) 434,466 60.58 60.6
Firms with 5 to 9 employees 123,345 17.20 77.8
Firms with 10 to 19 employees 74,972 10.45 88.2
Firms with 20 to 99 employees 65,362 9.11 97.4
Firms with 100 to 499 employees 13,168 1.84 99.2
Firms with 500 employees or more 5,820 0.81 100.0
7
Factors of Production
  • Natural Resources
  • Capital
  • Human Resources
  • Entrepreneurship
  • Occupational Outlook Handbook

8
The Private Enterprise System
  • Capitalism
  • Adam Smith is the father of capitalism.
  • Invisible Hand
  • Economic system determines business ownership,
    profits, and resources
  • Rewards firms for their ability to serve the
    needs of consumers
  • Minimized government intervention
  • Competition is the battle among businesses for
    consumer acceptance.
  • 8

9
Basic Rights in a Private Enterprise System
10
Entrepreneurship
  • An Entrepreneur
  • Is a risk-taker
  • Takes financial, personal, social, and career
    risks
  • Sees a potentially profitable opportunity
  • Devises a plan to achieve success in the
    marketplace and earn those profits
  • Fuels the U.S. economy
  • Provides innovation

Entrepreneurial thinking is important within
large firms.
11
Six Eras in the History of U.S. Business
12
Managing Relationships through Connections
  • Relationship Management
  • Activities to build and maintain mutually
    beneficial ties with customers and other parties
  • Relationship management depends on technology.

13
Strategic Alliances and Partnerships
  • A partnership is an affiliation of two or more
    companies that help each other achieve common
    goals.
  • A strategic alliance is a partnership formed to
    create a competitive advantage for both parties
    (see Amazon).

14
Todays Business Workforce
  • Dedicated workers who can foster strong ties with
    customers
  • Capable of high-quality production
  • Able to compete in global markets
  • Technically savvy

15
Changes in the Workforce Aging Population
  • By 2030, the number of U.S. workers 65 or older
    will reach 72 million.
  • Many baby boomers are hitting the peak of their
    careers, while Generations X and Y are launching
    their careers.
  • Technology has intensified the hiring challenge
    by requiring workers to have ever more advanced
    skills.
  • U.S. Census Bureau

16
Changes in the Workforce Shrinking Labor
Pool/Diversity
  • Economists predict the U.S. labor pool could soon
    fall short by as many as 10 million people.
  • The two fastest-growing ethnic populations in the
    United States are Hispanics and people of Asian
    origin.
  • Employee teams with individuals of different
    genders, ethnic backgrounds, cultures, religions,
    ages, and physical and mental abilities are more
    effective.

17
Changes in the Workforce Outsourcing
  • Outsourcing is using outside vendors to produce
    goods or fulfill services and functions that were
    previously handled in-house or in-country.
  • Offshoring is the relocation of business
    processes to lower-cost locations overseas.

18
Changes in the Workforce Innovation through
Collaboration
  • Younger workers are looking to something other
    than work-comes-first
  • Telecommuting and job-sharing
  • Part-time and temporary workers are growing
  • Collaboration is replacing working alone
  • Value risk-taking and innovation

19
The 21st-Century Manager
  • Critical-thinking
  • Creativity
  • Ability to lead change
  • Vision

20
Critical Thinking and Creativity
  • Critical thinking is the ability to analyze and
    assess information to pinpoint problems or
    opportunities.
  • Creativity is the capacity to develop novel
    solutions to perceived organizational problems.

21
Ability to Lead Change
  • Guide employees and organizations through changes
  • Managers must be comfortable with tough
    decisions.
  • Factors that require organizational change can
    come from external and internal sources.

22
What Makes a Company Admired?
  • Solid profits
  • Stable growth
  • Safe and challenging work environment
  • High-quality goods and services
  • Business ethics and social responsibility
  • Fortunes list of Most Admired Companies

23
End of Chapter Video (Click below to start or
pause the video)
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