Chapter 1

In: Business and Management

Submitted By diannetrro
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Chapter One
Business Now: Change Is the Only Constant


Review Questions


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?
Technologies are a big contributor to the rapid pace of change in business because they are always coming out with new technology. They now can advertise on the Internet and you can shop on the Internet. Another factor is competitive environment because companies work to focus on customer satisfaction. I think the pace will accelerate over the next decade because the competition is so competitive, they are not only trying to beat their opponent but often trying to stand out and be creative to catch the buyer’s eyes.




2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit?
The role of entrepreneurship in the economy of a country is to inspire new business ventures that support wealth building and future prosperity. Entrepreneurs create new business opportunities in all areas of industry; they support the growth and health of a country's national economy. Without entrepreneurship, a country's economy may lack: innovation (research, development, new inventions and products), employment (entrepreneurs create jobs whenever they start new companies), and profits (entrepreneurs add value to the national economy by buying and selling products and services). People risk their time, money and other resources to start and manage a business. But, they also give hope to a better workforce. A lot of people; who are unemployed right now will find jobs that are more flexible and challenging, working for big and small business owners.






3. When did American business begin to concentrate on customer needs? Why?
American…...

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