Introduction to Business

Management
A business can be defined as a decision-making organization
established to produce goods and/or provide services. Goods are
physical products, e.g., food, clothes, furniture, cars and
smartphones. Services are intangible products, e.g., haircuts,
tourism, public transport, banking, insurance education, and
healthcare.

Goods and services differ in four ways. Specifically, services are:

Intangible – Unlike goods, services are not physical in their nature.

Inseparable – The service received is attached to the people who deliver

the service and the processes used to deliver the service.

Perishable – Services do not last but are usually consumed at the time
of purchase.

Variable – services are heterogeneous, i.e., each customer experience is

unique.
Entrepreneurs
hip &
Entrepreneur
Characteristics of Entrepreneur

•Creativity •Decisiveness •Drive (motivation)

•Flexibility and open-

•Effective communicator •Leadership
mindedness

•Planner •Risk tolerance •Risk management

•Teamwork •Time management •Vision

Name the
famous
entrepreneur
who
A successful
• Risk taker (willing to take calculated
entrepreneur needs to business risks)
be a RISER. One way • Innovative (creative / original thinking)
that might be useful to
remember the • Strategist (strategic thinking)
important traits of a • Enthusiastic (passion / energetic / drive)
successful
entrepreneur is that • Resilient (ability to accept constructive
the acronym "RISER": feedback and setbacks).
 ATL Activity - Famous
Entrepreneurs posters
Students should investigate an entrepreneur of their choice, and report back on the
main achievements / accomplishments of the person. Students should include
reference to how the entrepreneur impacts the nature of the business in question.
They could gather information such as:

• Line(s) of business
• Leadership / management style
• Historical perspective – how did s/he get involved in business?
• What makes them successful in business?
• Net wealth at the time of writing
• Fun facts - for example, Jack Ma (Founder of Alibaba) was once an English
teacher, having failed his English proficiency three times as well as being the only
applicant during a recruitment round not to be hired by KFC
Discussion
questions:
Q1. What are the possible reasons for
the challenges faced by McDonald's in Iceland?

Q2. What are the positive economic prospects

for businesses operating in Iceland?
Opportunities and challenges of different business
ventures

• Form groups of 3-5 students.

• Picks up a chit
• Discuss the challenges and opportunities that they are likely to
experience while starting the business on their chit.
• Create a list with a minimum four challenges
and four opportunities.
True or False
True or False
References
• DP Business Management: Unit 1 - Intro to
BM.” Subscription Websites for IB Teachers &
Their
Classes, www.thinkib.net/businessmanagement/pag
e/43522/unit-1-intro-to-bm.

• Hoang. Business Management 4th Edition. 2018.