2: The Foundations of Business
- Page ID
- 18192
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Learning Objectives
- Describe the concept of stakeholders and identify the stakeholder groups relevant to an organization
- Discuss and be able to apply the PESTEL macro-business-environment model to an industry or emerging technology
- Explain other key terms related to this chapter including: entrepreneur; profit; revenue.
- 2.0: Prelude - Why Is Apple Successful?
- In 1976 Steve Jobs and Steve Wozniak created their first computer, the Apple I. They invested a mere $1,300 and set up business in Jobs’ garage. Three decades later, their business—Apple Inc.—has become one of the world’s most influential and successful companies. Jobs and Wozniak were successful entrepreneurs: those who take the risks and reap the rewards associated with starting a new business enterprise.
- 2.1: Introduction
- As the story of Apple suggests, today is an interesting time to study business. Advances in technology are bringing rapid changes in the ways we produce and deliver goods and services. The Internet and other improvements in communication (such as smartphones, video conferencing, and social networking) now affect the way we do business. Companies are expanding international operations, and the workforce is more diverse than ever.
- 2.2: Getting Down to Business
- Let’s begin our discussion of business by identifying the main participants of business and the functions that most businesses perform. Then we’ll finish this section by discussing the external factors that influence a business’ activities.
- 2.3: Getting Down to Business
- The activities needed to operate a business can be divided into a number of functional areas. Examples include: management, operations, marketing, accounting, and finance. Let’s briefly explore each of these areas.