Business Dynamics and Creative Fields Overview

Welcome and Announcements

• Introduction by Prof. Ron Williams
• Overview of course syllabus and content
• Self-assessment questions for student reflection

Icebreaker Activity

• Form groups of 3–5
• Identify 10 uncommon commonalities
  • Avoid obvious traits (e.g., being human)
  • Ideas: travel experiences, unique foods, hobbies, pets
• Share most interesting/commonality with the class

Learning Objectives for Creatives

• Role of creative businesses in the economy
• Evolution of modern business
• Significance of nonprofit organizations
• Core factors of production and their economic impact
• Today's business environment and key dimensions
• Influence of current trends on creative career choices

Key Concepts: Business Dynamics

• Business: An organization providing goods/services to earn a profit
• Profit: Revenue - Expenses; losses occur when expenses exceed revenue
• Entrepreneurs: Individuals risking resources to start/manage a business
• Value: Relationship between price and benefits of goods/services

Business Influence on Quality of Life

• Improvement in standard of living
• Contributions through innovation

Historical Context of Business

• Eras of American Business:
  • Industrial Revolution (mid-1700s to mid-1800s): Technological advances drive industrialization
  • Entrepreneurship Era (late 1800s): Rise of large-scale entrepreneurship
  • Production Era (early 1900s): Refinement of production processes
  • Marketing Era (post-WWII): Emergence of brands for consumer differentiation
  • Relationship Era (current): Focus on long-term customer relationships

Nonprofits and Economic Contribution

• Nonprofits: Organizations focusing on community contribution rather than profit
  • Areas: Health, human services, arts, culture
• Role in community economic stability and growth

Factors of Production

• Four basic elements:
  • Natural Resources: Raw materials in natural state
  • Capital: Synthetic resources needed for production
  • Human Resources: Contributions from workforce (intellectual, creative, physical)
  • Entrepreneurship: Creation of opportunities through resource harnessing

The Business Environment Overview

• Economic Environment: Governments stabilize, reduce risks, and promote growth
• Competitive Environment: Importance of building relationships with customers and understanding market competition
  • Speed-to-Market: Advantage in launching products quickly

Social and Global Environments

• Social Environment: Shared values, attitudes, customs affecting business
  • Notable factors: Diversity, ethics, and social responsibility
• Global Environment: Impact of technology and free trade on international business
  • Current challenges: War, terrorism, diseases affecting global economies

Discussion Activities

• Assess rapid changes contributing to the business landscape
• Evaluate influences of external environmental changes in creative fields

Personal Reflection

• Pursuing passion increases chances of financial and personal success
• Choice of career should align with personal interests
• Reflect on motivations for choosing a specific creative field