Introduction to Business Essay

919 Words Apr 12th, 2013 4 Pages
Assignment one
1. What factors contribute to the rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why?
Human resources, capital, natural resources, entrepreneurship, and technology all play a factor in to a rapid change of pace. They are likely to increase because all of these factors are growing rapidly.
2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit?
Entrepreneurship is key to the economy and most economies support it. The entire economy is going to gain from an entrepreneurship starting a business. Because businesses can decrease the workplace environment and not pay as many
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legislation supports enforceable contracts, which is not the case in some other countries
• Corruption and bribery are relatively low in the U.S. compared to any other parts of the world
• Underlying issues such as high federal and consumer debt may threaten long-term health of the U.S. economy
Competitive environment
• Global competition has intensified to unprecedented levels
• Leading edge firms now focus on customer satisfaction more than ever before
• Delivering value has become vital for success
• Imagination, innovation, speed-to-market, and a top notch workforce are crucial elements of a completive edge
Technological environment
• New technology has created businesses and transformed others
• Technology can be a rich source of competitive advantage for fast moving firms or a major threat for slow adapters
• E-commerce continues to grow rapidly allowing firms to offer customized products at a comparable price to standardized products
Social environment
• U.S. culture is increasingly ethnically diverse with a rapid growing Hispanic population
• The American population is rapidly aging, offering both opportunities and threats for businesses
• Workers continue to seek more flexibility from their employers
• Consumers have begun to demand higher ethical standards from businesses
Global environment
• Economies around the world are increasingly interwoven
• Jobs are…