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Introduction to Business

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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?
Factors that contribute to the rapid pace of change in business are Natural Resources, Capital, Human Resources, and Entrepreneurship. It is said that it will likely accelerate over the next decade because of the economic stimulus package designed to not only create jobs, but also to build infrastructure.

2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit?
The role of entrepreneurship in the economy of a country is to inspire new business ventures that support wealth building and future prosperity. Entrepreneurs create new business opportunities in all areas of industry; they support the growth and health of a country's national economy. Without entrepreneurship, a country's economy may lack: innovation (research, development, new inventions and products), employment (entrepreneurs create jobs whenever they start new companies), and profits (entrepreneurs add value to the national economy by buying and selling products and services). People risk their time, money and other resources to start and manage a business. But, they also give hope to a better workforce. A lot of people; who are unemployed right now will find jobs that are more flexible and challenging, working for big and small business owners.

3. When did American business begin to concentrate on customer needs? Why?

American started to focus on customer needs after World War II. The balance of power shifted away from producers to customers. The reason was more intense competition, which gave consumers more choices. Under those circumstances, meeting customer needs became an imperative for business success.

4. How

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