Welcome to Unit 1: Introduction to Business! In this unit, we will explore the fundamentals of business: what defines a business, how businesses are categorized from a profit perspective, and some important terms we’ll rely on throughout the semester like profit, loss, and value.
By the end of this unit, you should be able to:
- Explain the concept of business
- Distinguish between for-profit and nonprofit businesses
- List and explain the four factors of production required to sustain a business
- Identify the primary functional areas within a business and describe their contribution to the organization
- Identify business stakeholders and describe their relationship with business organizations
- Identify the external forces that shape the business environment
In order to successfully complete this unit, you’ll need to do the following:
1. Read this Open Educational Resource (free to access): Module 1: Why It Matters: Role of Business¹
2. Watch this Introduction to Business video on YouTube (embedded below)2
3. Read this Harvard Business Review article on whether your business should be For-Profit or Nonprofit.3
As always, if you need more information, you can ask me a question. For information on due dates, check our Course Schedule.
Sources:
1Why It Matters: Role of Business. Authored by: Linda Williams and Lumen Learning. License: CC BY: Attribution
2Alanis Business Academy on YouTube: https://www.youtube.com/watch?v=UnQTs_q7Juo
3Should Your Business Be Nonprofit or For-Profit? in Harvard Business Review. Authored by: Jane Chen (February 01, 2013): https://hbr.org/2013/02/should-your-business-be-nonpro
