Tangible products such as computers, food, clothing, cars and appliances

Intangible products (that can’t be held in your hand) like education, healthcare, insurance, recreation and travel.

Any activity that seeks to provide goods and services to others while operating at a profit.

A person who risks time and money to start and manage a business.

The total amount of money a business takes in during a given period by selling goods and services.

The amount of money a business earns above and beyond what it spends for salaries and other expenses.

Occurs when a business’s expenses are more than its revenues.

The chance an entrepreneur takes of losing time and money on a business that may not prove profitable.

Hospitals

Schools

Libraries

Playgrounds

Roads

Fire Protection

Police Protection

Environmental Programs

Support for People in Need

The amount of goods and services people can buy with the money they have.

The general well-being of a society in terms of its political freedom, natural environment, education, healthcare, safety, amount of leisure and rewards that add to personal satisfaction.

All the people who stand to gain or lose by the policies and activities of a business and whose concerns the businesses need to address.

-Customers

- Employees

- Stockholders

- Suppliers

- Dealers

- Community Members

- Media

- Elected Officials

- Bankers

- Environmentalists

Contracting with other companies (often in other countries) to do some of the firm’s functions, like production or accounting.

Foreign companies opening offices and factories in the United States.

An organization whose goals do not include making a personal profit for its owners or organizers.

1. Set ambitious, but realistic goals.

2. Allow all employees to work with the groups they are serving.

3.Give employees a break. Nonprofit work is draining.