The markets are becoming increasingly global.
Businesses have to keep track of the global market whether or not they are global because their competition can be from overseas.

Agriculture – manufacture – service evolution of business

IT’s becoming the norm to set up businesses overseas

Trading helps standard of living and quality of life
Overseas company investments = money coming into host country
Most high-end engineering companies make intellectual property
Trial court – laws are try
Epilate court –
Supreme Court -
Special courts – court for patents and stuff Patents can get invalidated
Tax breaks
Four pillars: right to (choice, competition, run a business and keep much of the profits, work for whomever)

When you start a business, it’s usually a sole proprietorship
Venture capitalists - look to invest in entrepreneurial business to gain future money (this is with risk, and future money has less value)

Technical skills, conceptual skills, person-managing skills – all three levels of management require these three skills (high at the top is conceptual, high at the bottom is technical)
Profitability = Net Income* / Total Investment Net Income = Revenue – Expenses
SSP – sustained superior performance When a position is valuable, reflects tradeoffs, supported by activities, are consistent with opportunities, threats, strengths and weaknesses
One business cycle is on average 5 to7 years
Strategy has to be consistent with opportunities
Value chain framework
Six aspects of the firm: (Six S’s) Staff, Stucture, Systems, Skills, Style, and Shared value

HR – human resource
Whether something is valuable nor rare is the company’s call
Inimitable – easiness to copy product
Good strategy and good implementation = profit

Evaluate a company to tell whether or not a company is good or