Business Entrepreneurship and High Cost Management

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? Capital, natural resources, human resources, entrepreneurship, and technology. Yes they will accelerate, all of these items are needed for a business to continue 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 the main ingredient for a healthy economy. Everyone stands to gain form a strong economy. With more people working the economy grows. 3. When did American business begin to concentrate on customer needs? Why? Doing the Marketing Era and the Relationship Era†¦show more content†¦Pepsi, Samsung TV and phones, M amp; M Candies. I know what I’m getting when I but these item. Samsung is base of price and value( I phone cost too much) Pepsi and M amp; M, taste there is no other company me that same item at that lower cost. 12. Entrepreneurship has clearly transformed the world economy. Choose 3 successful entrepreneurs, and use research to compare and contrast their management styles and philosophies. While you can certainly use local entrepreneurs—or even family members—some higher profile (and rather colorful) entrepreneurs include: Jeff Bezos, founder of Amazon; Debbi Fields, founder of Mrs. Fields Cookies; Richard Branson, founder of the Virgin Group; Anita Roddick, founder of The Body Shop; and Vishal Gondal, founder of Indiagames. If you were an entrepreneur, what approach do you think would be most effective for you? Why? Walmart , Sam Walton, Ford John Henry Ford, Amazon, Jeff Bezos. All 3 wanted to get the best product to the market at the best price (lowest), only Ford offered one item. Amazon didn’t want high cost management, Ford and Walmart is has high cost management. All 3 are successful because of the cost of the items and customer trust in the company. 13. Brainstorm a list of industries that the Internet has transformed. What are the reasons behind the changes? How do you anticipate that technology will transform business in the future? The U.S. Mail†¦ e-mails, faxs, paying onShow MoreRelatedWhat Does The Study of Regional Economy Teach Us?1436 Words   |  6 Pageslocation of an economic activity. Cost of raw materials contributes to the bulk of the total cost. Cheap and skilled labor is also necessary to give the best productivity with the use of latest technology. The third building block is imperfect mobility. Conveyance to the location plays a vital role. The location should easily be accessible to roads, rails and waterways as these are the efficient and low cost modes of transportation. 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