Business: Ethics

What I have learned helps me understand the statement of inquiry, businesses interact in a global environment and are held accountable by society for their actions, as the idea of business ethics and what is morally right or wrong are the values on which societies judge businesses. If a business engages in unethical behaviour by intentionally acting in a bad manner, then there will be repercussions in terms of the reputation of the company and its ties with stakeholders, as was the case with the recent Volkswagen scandal. We looked at how businesses…Read more …

Business: Economics

What I've learned about economics is closely linked to this unit's statement of inquiry, understand that businesses operate within a system whose structure is influenced by external factors, as the system here is the market—a medium that allows both buyers and sellers to make exchanges with regards to a good or service. The structure of the system, the supply and demand curves, can be influenced by external factors. For example, a change in the number of sellers, price of other produceable goods, can shift the supply curve and a change in tastes and preferences…Read more …

Business: Competition

What I've learnt about competition in business relates to the relevant statement of inquiry, understand that businesses operate within a system whose structure is influenced by external factors, as the competitor pyramid could be regarded as a system in which businesses operate. Firstly, competition refers to a situation where two or more firms offer essentially the same (direct) or similar (indirect) products. The system here is the market: for example, the market for a general need or want such as "electronic appliances" or something more specific such as the market for "e-book readers".…Read more …

Business: Chain of Production

The content on chain of production relates to the statement of inquiry, understand that business operate within a system whose structure is influenced by external factors, as the chain of production consisting of all the different sectors can be viewed as an interdependent system. Businesses in the primary sector, involved in extracting raw materials, will need transportation businesses in the tertiary sector to ship these materials to businesses in the secondary sector, in order for a product to be manufactured. The commercial services for the manufactured product (e.g. distribution, advertising, retailing) would require…Read more …

Business: Types of Organisations

What I've learned about types of business organisations has helped me understand the statement of inquiry to a greater extent. I now know that an entrepreneur might want to change their business form, from a private limited company to a public limited company for example, to remain competitive over time. As the business sees the need to expand, it might opt to "go public" - sell their shares on the stock market - to gain more finances to expand. This fits within the relevant global context, orientation in time and space, because the…Read more …

Business: Industry Associations

The content on industry associations relates to the statement of inquiry, understand that entrepreneurs must innovate in order to remain competitive over time, as sometimes being in a trade association may help a group of businesses (i.e. an industry) to remain competitive. For example, in order for the automobile industry to remain competitive, it must collectively lobby against the government on some of its anti-automobile policies. This is for the collective benefit of the whole group of suppliers, manufacturers, etc. In fact, it relates to the global context orientation in space and time as it…Read more …

Business: Invention and Innovation

What I've learned about the difference between an invention, innovation, and the factors that drive innovation has enriched my understanding of the statement of inquiry, understand that entrepreneurs must innovate in order to remain competitive over time, because the means by which entrepreneurs innovate are driving factors. The job of the entrepreneur is to take an invention - a new idea for a product or process - and turn it into a successful commercial creation that adds value to the market. Moreover, this also links with the global context, orientation in space and time,…Read more …

Business: Entrepreneurship

What I've learned about successful entrepreneurs relates to the statement of inquiry, understand that entrepreneurs must innovate in order to remain competitive over time, because in order to innovate successfully, an entrepreneur must possess certain traits or aptitudes. Without motivation from need for achievement, need to influence, or autonomy, somebody would not see the need to become an entrepreneur and assume the risks of a business. Without aptitudes like perseverance, self-assurance, and attitude towards failure, an entrepreneur would not have a high chance of success. Both motivation and aptitudes are needed for an entrepreneur…Read more …

Starting a Business

Starting a business is at the heart of entrepreneurship and the link is very evident — entrepreneurs are simply people who are willing to take the calculated risk to set up a business. The class investigated several case studies of successful businesses, like Starbucks, Apple, IKEA, etc. and did some research on the steps it took for an entrepreneur to start it up and develop it into something hugely successful. I came up with a few generalizations about enterprises and entrepreneurship after some extra research and found that many of these concepts, conceivably,…Read more …

Needs and Wants

The concept of "needs" and "wants" forms the basic premise as to why businesses even exist, because without demand from peoples' needs and wants there would be no supply, nor would entrepreneurs need to innovate in order to remain competitive - this unit's statement of inquiry. In fact, there would be no competition at all if that were the case! Therefore, I've learned that it is important not only for businesses to offer goods or services that satisfy the current needs and wants of consumers, but also for them to produce new, innovative…Read more …