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Lecture 03
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楊志遠Jerry Yang
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Chapter 1 Review-1 What is Business?
1. Meanings of business defined as commerce, occupation and organization
2. Four productive resources & cost : land, capital, enterprise, labor.
3. Forces of supply and demand determine market price.
4. Business model makes competitive advantage and the difference between profit and profitability
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Chapter 1 Review-2What is Business?
4. “Invisible had of the market” lead to
increasing profit and wealth.
5. Business organizations creat to
structure business exchanges and
facilitate business commerce.
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Four productive resources & cost : land, capital, enterprise, labor.
3 - 6Meanings of business defined as:commerce, occupation and organization
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Business Functions for Competing Advantages
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Chapter 2 Review-1The Evolution of Business: Commerce,
Occupation, and Organizations
1. The possession of property rights control productive resources.
2. Feudalism( 封建制度 ) disappears and the issues in combining land and labor speed the accumulation of capital.
3. Money functions its development promote the rapid development of capital and enterprise.
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4. Mercantilism (重商主義) system, speed the development in global trade.
5. Industrial revolution and the development of capitalism, unionism, and the middle class system make the society and business evolved.
6. Forms of business organization used to manage business commerce changed over time.
Chapter 2 Review-2The Evolution of Business: Commerce,
Occupation, and Organizations
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Entrepreneurs, Managers, and
Employees
© 2007 The McGraw-Hill Companies, Inc., All Rights Reserved.
McGraw-Hill/IrwinIntroduction to Business
Chapter Three
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Chapter 3Entrepreneurs, Managers, and Employees
• Describe the nature of entrepreneurship and the kinds of entrepreneurial opportunities that can increase the profitability of business commerce, occupations, and organizations.
1. Identify the process of creative destruction leads to the emergence of new companies, the decline of established companies and raises an society’s standard of living.
2. Appreciate( 察知 ) the problems involved in aligning the interests of manager with those of a company’s owners.
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Chapter 3Entrepreneurs, Managers, and Employees
4. Distinguish the three different levels of managers and understand the different roles they perform to increase efficiency, effectiveness, and profitability.
5. Differentiate two main approaches employees can take to performing their roles in a company and the way their performance affects their long term career prospects.
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Chapter 3Entrepreneurs, Managers, and Employees
• Globalization of the marketplace has heightened the complexity and competition in business today
• Entrepreneurs, Managers and employees are being pressured to use resources more efficiently and effectively and become more productive than their competitors
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Chapter 3Entrepreneurs, Managers, and Employees
Entrepreneurs•The person providing the enterprise, that spirit, energy, expertise, and insight not only seize business opportunities but must satisfy the customers product needs at a profit
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Chapter 3Entrepreneurs, Managers, and Employees
• If you behave as an entrepreneur and take
advantage of occupational
opportunities, this will be a major
determinant of your future ability to
build human capital and personal
wealth
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Chapter 3Entrepreneurs, Managers, and Employees
• A first- mover advantage may be thought of as not necessarily the best product on the market but the first on the market
• Competitors then develop “me-too” products.
• Evaluate Pringles – a first-mover or me-too product? Why?
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Chapter 3Entrepreneurs, Managers, and Employees
•Intrapreneurship ( 內部創業 )• The entrepreneurial activity that takes place inside an
established company
• G. Pinchot said "Intrapreneurs are employees who
behave like entrepreneurs on behalf of the company.
They are the visionaries who act”
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Chapter 3Entrepreneurs, Managers, and Employees
Intrapreneurship( 內部創業 )• They become the hands-on drivers of a specific
innovation within an organization. Research shows that intrapreneurs are an essential ingredient of the successful innovation process
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Chapter 3Entrepreneurs, Managers, and Employees
• Entrepreneurs are intrinsically (本質上) motivated and driven by personal or inner motives not extrinsically (動機上) motivated and not driven by money or personal wealth
• Evaluate the success of G. Pinchot as an entrepreneur and relate to intrapraneuring
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Chapter 3Entrepreneurs, Managers, and Employees
• Entrepreneurs may be guilty of “creative destruction” by driving old, inefficient companies out of business by new, more efficient business commerce, occupations, and organizations
• Isn’t this capitalism?
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Chapter 3Entrepreneurs, Managers, and Employees
•Capitalism is grounded in the
protestant ethic that we are stewards
(服務者) of all resources and we
have an obligation to use these
resources to the best of our ability
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Chapter 3Entrepreneurs, Managers, and Employees
• Compare this to the Industrial
Revolution, IT revolution and
the changing role of the
computer
• Evaluate the IT versus
Industrial Revolution and
relate to Capitalism
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Chapter 3Entrepreneurs, Managers, and Employees
•Enterprise and entrepreneurship is a
vital 重大的) ingredient (組成部分) of business survival and success
and needs a catalyst (催化劑) to
allow a business to prosper and grow
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Chapter 3Entrepreneurs, Managers, and Employees
•As the business grows, the
entrepreneurs needs to delegate – give
up decision-making authority over
work activities to other people
•Managers, coordinate and control to
achieve a goal
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Chapter 3Entrepreneurs, Managers, and Employees
Management
• A process of the skillful use of resources
to accomplish a purpose or goal
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Chapter 3Entrepreneurs, Managers, and Employees
•Top managers, especially, are provided with extremely high financial rewards (高鐵董事長 殷琪)
•Stock options – the right to buy company stock at a fixed price in the future
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Chapter 3Entrepreneurs, Managers, and Employees
•Stock options not only motivate
managers to make competent
decisions but help the company build
its capital and thus its stock price
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Chapter 3Entrepreneurs, Managers, and Employees
•Public stock corporations are usually created with a board of directors to protect the stockholders interests
•The chief executive officer (CEO) reports directly to the Board
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Chapter 3Entrepreneurs, Managers, and Employees
•The CEO creates a hierarchy of managers including top, middle and first-level managers or supervisors
• This hierarchy is usually illustrated as a triangle because of the number of managers in each level
• Evaluate the role of the CEO and relate to the hierarchy of management
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Chapter 3Entrepreneurs, Managers, and Employees
• A second dimension to managers is their
business functional expertise and need to
be both effective and efficient
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Chapter 3Entrepreneurs, Managers, and Employees
Effectiveness vs. Efficiency • Effectiveness is “doing the right thing” • Effectiveness focuses on task• Efficiency is “doing things right” • Efficiency focuses on resource • Evaluate the value, importance and significance of effectiveness and efficiency -- $299.00 ?
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Chapter 3Entrepreneurs, Managers, and Employees
Effectiveness vs. Efficiency
•A high level of efficiency and effectiveness facilitates high profitability
• Low efficiency and low effectiveness leads to bankruptcy
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Chapter 3Entrepreneurs, Managers, and Employees
Business Functions•Production•Distribution•Finance•Personnel
• Most businesses are structured and managed in a similar functional model
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Chapter 3Entrepreneurs, Managers, and Employees
Management Functions
•Planning•Leading•Organizing •Controlling resources• Interrelated functions within the management
process
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Chapter 3Entrepreneurs, Managers, and Employees
Management Functions
•Planning is choosing the business model and allocating resources and selecting goals
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Chapter 3Entrepreneurs, Managers, and Employees
Management Functions
•Organizing is creating task, culture and reporting relationships to coordinate and motive individuals to achieve the firm’s goals
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Chapter 3Entrepreneurs, Managers, and Employees
Management Functions
•Leading is creating a vision using power, influence, and persuasion for individuals to follow
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Chapter 3Entrepreneurs, Managers, and Employees
Management Functions
•Controlling is evaluating the
accomplishment of the planned
goals and adjusting as needed
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管理四大功能
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Chapter 3Entrepreneurs, Managers, and Employees
•Employees, not decision makers, perform a role or a set of tasks within a specific job in the organization
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Chapter 3Entrepreneurs, Managers, and Employees
Performing job tasks more efficiently and effectively or “going to the next step” will help you to build human capital
•You are investing in yourself and your increasing capital will give you the opportunity to build personal wealth
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Chapter 3Entrepreneurs, Managers, and Employees
•This “extra effort” is the first step in managing your career
•Education is the single most important factor that will build your human capital, wealth and well being
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Chapter 3Entrepreneurs, Managers, and Employees
•Searching for the right occupation is challenging
• If you send out 100 resumes, you may get as many as five interviews
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Chapter 3Entrepreneurs, Managers, and Employees
•Employers look for similar
work styles and values and
norms in their employees and
tend to hire within these
characteristics
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Chapter 3Entrepreneurs, Managers, and Employees
• There is a very specific work culture or climate with any given organization
• You need to recognize this culture or “firm fit” in order to increase your attractiveness to the company in the initial interview
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Chapter 3Entrepreneurs, Managers, and Employees
•Your resume needs to reflect not only the perquisite skills, attitude, and abilities but also dress and appearance (照片與裝扮)
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Chapter 3Entrepreneurs, Managers, and Employees
Five Career Stages
• Preparation for work• Organizational
• Early career• Mid-career • Late career
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Chapter 3Entrepreneurs, Managers, and Employees
• How well you manage the challenges involved at each stage determine your long-term prosperity and well-being
• Evaluate Switching Careers video as an employee and relate to it also as a Manager
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Chapter 3Entrepreneurs, Managers, and Employees
SWOT Analysis –
a strategic planning tool to identify:•STRENGTHS
•WEAKNESSESS•OPPORTUNITIES
•THREATS
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