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
Please note: you do not need to complete the activities listed in this resource.
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
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
