Exploring the World of Business and Economics Chapter Analysis
The particular chapter of “Exploring the World of Business and Economics” can be effective to understand the latest trends of the international business and how to adopt different strategies to align with the competitive business environment (Pride et al.). The start of the chapter explains the feature that how all the people are closely connected with each other when it comes to the negative implications of the prevailing business crisis. The provided information regarding the international economic crunch can be helpful to understand the different paradigms of world economics and business and adopt necessary steps to avoid this particular problem in future effectively. The information provided in the specific chapter can be effective to apprehend the possible indicators of the economic crisis and how there can be the form of adaptability to deal the ever-changing paradigm of the world economy (Heading: Your Future in the Changing World of Business, Paragraph: 1st, Page: 4).
Another viable approach discusses by the authors in this particular chapter is about the effective positioning in the business world. It effectively demonstrates that how the business graduate can successfully sustain its position in the global world of business. It indicates that the feature of change can be characterized as the key to success in the business. People need to be proactive and adaptable to the changing facets of the business. The certain example of Joe Dudley provided in the first chapter of the book can be considered as one of the effective examples which motivate about the aspect of enterprise business (Heading: Your Future in the Changing World of Business, Paragraph: 2nd, Page: 4). The particular example of the Joe Dudley can be the effective approach which provides necessary directions about the start of the business. It indicates that start of the business from the lower level can be the initial start of the successful business if effective business strategies are adapted.
This particular chapter also provides the effective indications about the managing the business career. It provides necessary indication that different studied features of business can be successfully applied into the real business world (Heading: Why Study Business, Paragraph: 2nd, Page: 5). Undoubtedly, the features of the business direction can be a roadmap to becoming a successful employer by considering the different facets of the competitive and diverse business world. It successfully shows that diversity is one of the crucial element when it comes to working in the multi-facet business organizations. It can be identified in the form of race, ethnicity, and gender, etc. Proper identification of the prospect of business is the necessary feature which was successfully described. It helps to understand the different dimensions of the business. It provides the clear insights that how the element of business is related to the other basic needs of any society. There are the clear indications about the overall feature of the business activity concerning to the four crucial pillars of human resources, informational resources, material resources, and financial resources.
Another aspect which is successfully apprehended in this particular chapter is related to the current status of the business in the country (Heading: American Business Today, Paragraph: 1st, Page: 27). It is immensely helpful to understand the key practices of the business to successfully adopt the effective business approaches successfully align with the current trend of the business. It thoroughly discusses the process of evolution in case of business in the country. It successfully defines different procedures of business which were applied in the different span of time in the country and how they play their role in the overall business development. The most effective approach adopted by the authors is that they demonstrate the necessary opinion of the successful businessman which ultimately helps to understand the key to success in the business world. The successful business approach of Madison Robinson successfully described to understand that what can make a person a successful entrepreneurial in the today’s competitive world.
Analysis of Chapter# 2 (Being Ethical and Socially Responsible)
Two necessary and crucial features of the business are discussed in this particular chapter. It successfully explains the idea that how it is immensely crucial for everyone to remain an ethical and socially responsible person with the help of proper business practices. There is the great level of relevance between the business practices and the consideration of the responsibilities of the society. The different features of ethics are successfully described, and it also indicates the successful implementation of aspects of ethics in business. It can be immensely helpful to apply those particular ethical norms in the actual business world. Different examples of the ethical foundations of the business can also be helpful to make the necessary inferences about the importance and proper implementation of the ethics in the business. These aspects can be described in the form of fairness and honesty. Real life examples of the unethical practices in the business can also be helpful to understand the true direction in business related to the ethical foundations.
A proper explanation of the different factors which can affect ethical behavior can also be helpful to make the ethical business decisions when it comes to the actual business situations (Heading: Factors Affecting Ethical Behavior, Paragraph: 1st, Page: 41). It successfully provides the guidance about the feature of business that what is ethical to adopt in the business world and what should be avoided from the entrepreneur. It helps to expand the necessary form of business knowledge to make the effective and efficient decisions concerning the ethical aspect of the business. It shows that effective and unbiased business decisions can only be possible with the proper and detail knowledge of the business matter. It will be effective for the decision maker to consider all the business features which can influence the business decision. It explains that there is the existence of the three main factors which can influence business decisions. These particular elements can be characterized as the features of individual factors, social factors, and the crucial form of opportunity.
This particular chapter also identifies the aspects which can be used to enhance the ethical behavior related to the facet of the business. It is helpful to figure out that who can assist to enhance the feature of business ethics specifically related to the societal needs and considerations. It successfully defines the three main pillars of the society which can play their role in the proper overall implementation of the feature of the business ethics. It becomes possible for the individual to make the make the necessary inferences related to the adoption of the ethical perspective in the overall business regime. It shows that government of the country can also play an important role in the proper implementation of the ethics in the feature of business (Heading: Encouraging Ethical Behavior, Paragraph: 2nd, Page: 43). It can be possible with the help of the proper legislation which encourages and ensure the feature of ethical business in the country. Individual’s role can also not be ignored when it comes to the adoption of the ethical characteristics of the business. It successfully indicates that it is crucial for every business individual to consider the feature of the social responsibility and play an effective role to ensure the fundamental rights of all the people related to the society.
The particular aspects of ethics and social behavior related to the paradigm of business can be helpful to align the profitable approach of the business with the overall development of the society. It provides the necessary indication that why the aspect of social responsibility for the business and how it can be achieved. It is essential for the decision makers to adopt the particular code of ethics, so business decisions provide benefits to the overall perspective of the society.
Pride, W. M., et al. Foundations of Business. Cengage Learning, 2016, https://books.google.com.pk/books?id=JX1TCwAAQBAJ.