A1 - Business & Economic Systems, due Thurs Feb. 14

31 Jan 2019 in BUS 110

Assigned Thurs, Jan 31, 2019; Due Thurs, Feb 14 @ 23:59 PM via submission portal; Handout: PDF

The objective of this assignment is describe the trends reshaping the business, microeconomic, and macroeconomic environments and competitive arena in terms of your own business venture.

Format

• At least 3 pages concisely answering the following questions
• A reference page with at least 3 citations (APA format)
• Single-spaced, Times New Roman, font-size 12pt, 1-inch margins, last name and page number on top-left corner

Brainstorming

1. Choose a field (e.g., education, healthcare, design) that you are passionate about. Briefly explain, in at least 4-7 sentences, why you chose this field/topic.
2. List 3 to 5 issues that exist in your chosen field.
3. For each issue, describe a good or service that could be used/developed to solve it.
4. Narrow down your ideas using criteria such as the level of passion you have for such a venture, the time and resources required to develop such a product, etc. Explain, in at least 4-7 sentences, why you chose this solution as opposed to the other solutions generated in step 3.
5. Finally, assess (in 4-7 sentences) what makes your good or service new and/or innovative. Why do you believe your solution is something that hasn’t been done or thought of before?

Industry Case Study

Select a not-for-profit organization whose mission is related to the business venture you brainstormed in the previous section. What are the organization’s objectives? What resources does it need to achieve those goals? Select a mainstream for-profit business that provides a similar service/goal and compare the two organizations. How does each use the five factors of production?

Entrepreneur Case Study

From either of the two organizations you studied in the previous section, select an individual (except for the CEO or founding members) at the company who you consider to be an entrepreneur. What makes this individual an entrepreneur? Which qualities of or ideas from this individual would you use when developing your business venture?

Thinking Like A Chief Officer

How could you track, measure, or even quantify the following influences in the business environment? Then, describe how this information can help in making business decisions?

Give examples as to how these factors influence your business.

1. Economic Influences (e.g., unemployment rates, inflation, government policies)
2. Political & Legal Influences (e.g., industry regulations, ethical concerns)
3. Demography (e.g., industry diversity, workforce diversity)
4. Social Factors (e.g., the attitudes, values, and lifestyles of the consumer market)
5. Technology (e.g., the need for certain technology, keeping on-top of technological innovations)

Submission Portal

Upload your assignment submissions here: https://goo.gl/forms/ws0EhJ79Tzdu63bg2