Stat101

• What is the main focus of BUS 101 Chapter 1?

  Taking risks and making profits
• What are the learning objectives of this lecture?

  • Describe profit and risk relationship
  • Compare entrepreneurs and employees
  • Analyze economic environment effects
  • Describe technology effects on businesses
  • Demonstrate competition strategies
  • Analyze social changes
  • Identify global challenges
  • Review past trends for future graduates
• What is the definition of business?

  Activity providing goods and services for profit
• What are the definitions of goods and services?

  • Goods: Tangible products like computers and food
  • Services: Intangible products like education and healthcare
• Why is success in business based on market adaptation?

  To meet changing consumer needs and preferences
• How is tax money used by businesses and employees?

  To build public facilities and support communities
• What is an entrepreneur?

  A person who risks time and money to start a business
• Who are some notable entrepreneurs mentioned?

  Anita Roddick, Steve Jobs, Bill Gates
• What are the ups and downs of entrepreneurship?

  Ups:

  • Freedom to succeed
  • Make own decisions
  • High possibility of wealth
  • Hire own staff

  
  

  Downs:

  • Freedom to fail
  • No paid vacations
  • No health insurance
  • No daycare
• What is the definition of risk in business?

  Chance of losing time and money on a business
• What is revenue?

  Total money received from selling goods and services
• What is profit?

  Money earned above expenses of running a business
• What is the difference between standard of living and quality of life?

  Standard of living is about goods/services; quality of life is well-being
• What are stakeholders in a business context?

  People who gain or lose from business activities
• What is the difference between outsourcing and insourcing?

  • Outsourcing: Contracting functions to other companies
  • Insourcing: Foreign companies opening offices in the country
• What is a non-profit organization?

  An organization not focused on personal profit
• What are examples of non-profit organizations in the US?

  • United Way
  • Salvation Army
  • American Red Cross
  • American Heart Association
  • American Cancer Society
• What are examples of non-profit organizations in KSA?

  • Sultan bin Abdulaziz Al Saud Foundation
  • Saudi ADHD Society
  • Misk Foundation
• What factors contribute to wealth creation in countries?

  Entrepreneurship and effective use of knowledge
• What does the business environment consist of?

  • Economic and legal factors
  • Technological factors
  • Social factors
  • Competitive factors
  • Global business environment
• How can the government promote business?

  By minimizing spending and regulations
• Why is ethics important in business?

  It relies on honesty and integrity for success
• What are the benefits of technology in business?

  • Increases effectiveness and efficiency
  • Enhances productivity
  • Supports e-commerce
• What is e-commerce?

  Buying and selling goods on the Internet
• What is identity theft?

  Obtaining personal information for illegal purposes
• What is empowerment in a business context?

  • Giving frontline workers decision-making power
  • Allowing quick responses to customer requests
• What is demography?

  Statistical study of population characteristics
• What are the important changes to the global environment?

  • Growth of global competition
  • Increase of free trade
  • Development of efficient distribution systems
  • Advances in communication systems
• What are the costs associated with wars in the global environment?

  Billions of dollars and increased security costs
• What is climate change?

  • Movement of the planet's temperature over time
• What is greening in business practices?

  • Trend toward saving energy and reducing harm
• What are the eras of business evolution?

  1. Agriculture Era
  2. Manufacturing Era
  3. Service Era
  4. Information-Based Era
• How did technology impact the Agricultural Era?

  Increased efficiency and reduced number of farmers
• What characterized the Manufacturing Era?

  Jobs moved from farms to factories
• What is the significance of the Service Era?

  Generated most employment increases since mid-1980s
• What is the role of information technology in business?

  Transforms how businesses operate and communicate
• What are key business terms to know?

  • Business
  • Goods
  • Revenue
  • Business environment
  • Identity theft
  • Risk
  • Database
  • Loss
  • Services
  • Demography
  • Nonprofit organization
  • Standard of living
  • E-commerce
  • Outsourcing
  • Stakeholders
  • Empowerment
  • Productivity
  • Technology
  • Entrepreneur
  • Profit
  • Factors of production
  • Quality of life