Business Today
I’ve been watching the 2012 presidential debates, and it’s no question that the economy and jobs is one of the main platforms that Obama and Romney are debating over. Obama wants better educated students to make better employees (mainly in science). Romney wants to cut taxes to stimulate business growth and let the free market take care of things. Both of these things would affect the job market. As far as which one is the best idea, well, that’s for you to decide and vote for. I only bring it up here, because jobs are in short supply for a businessman today. Hiring is especially slow in the Northwest, said one report (CBS).
What are the trends, developments, opportunities, and challenges?
The trend is that the number of unemployed individuals is climbing. This is a challenge, but I believe the opportunity is there for those who can see it and take it. Diversify! Specialize! If you’re good enough, and you have a unique niche that you’re passionate about, people will come banging at your down to find what you have.
Social Trends impacting business?
Networking and family ties can help someone find a job. That’s the way it’s been for a long time, and probably how it will continue to be in the future. It’s important to build my network now.
Economic Trends? What is happening in the economy? Is the economy increasing / declining? What impact is this having upon business?
The economy is struggling right now. It has ever since the housing market crisis. I talked to a business owner in Shelley, Bob Butler, who is struggling to make ends meet. Civil engineering has provided his family with a decent living until recently. His margins are getting less and less, and things are costing more. His investments have drained his cash and stagnated his financial situation. That’s just one person, but the economy as a whole is down. The impacts on all business are negative. If the economy hurts, most everyone hurts.
Competitive Forces? Is business becoming more or less competitive generally speaking?
Business is definitely becoming more competitive. More people are cutting out middle managers. People are hired to do the job of 2 people. Employee benefits have definitely made it hard on business owners to continue to employ and pay their employees as they have done in the past. So you have to become competitive to keep ahead in the market. If you’re going to do something, do your best at it.
Technological trends and forces? Impact of Internet, mobile computing, social networking?
I heard Clark Gilbert talk about this once at a forum at BYU-Idaho. There are technologies that have come out that have had enormous impacts on business. The thing is that it has to be the right time. The telephone was thought to be way ahead of it’s time, but turned out to be huge! Everyone has a phone now. So the trick is to see an opportunity at the right time. People didn’t demand tablets until just recently, and now they’re huge!
It’s important for companies to keep up with technology, but not expect that the latest technology will take their company from Good to Great (Jim Collins).
Legal and Regulatory forces? More or less governmental controls?
There needs to be regulation in certain areas, such as how much a bank can lend, but less regulation in other areas, such as requiring a medical procedure to be on list to be able to get it covered by a governmental health insurance. So it’s a case by case thing. But usually let the free market take care of things. Look at the differences in USPS versus FedEx and UPS.
The Job Market
I looked up a couple of articles that gave me an idea of what the market, as a whole, is looking like. It appears that areas such as energy, health care, retail, transportation, scientific research, and finance type careers have a good outlook if someone is looking for an entry level job in those fields with a bachelor’s degree. Top degrees were in computer science, accounting, ag science, agriculture business, communications, public relations, marketing, finance and economics.
Here’s an interesting statistic from the BLS: “The average person born in the latter years of the baby boom (1957-1964) held 11.3 jobs from age 18 to age 46, according to the U.S. Bureau of Labor Statistics. Nearly half of these jobs were held from ages 18 to 24.” That means that I could have 11 jobs in my lifetime. That’s high turnover! I think there is still high movement of employees today, but I don’t know.
Jobs are expected to grow both for dentistry and for marketing. So whatever I decide to do, there is a good outlook for these things. I’ve got to make sure that I’m differentiated from others though. I’ve heard businessman are a dime a dozen, so I’ve got to find my niche!
Key Business Terms
http://www.cbsnews.com/8301-505145_162-57332329/10-job-market-trends-college-grads-need-to-know/ “10 Job Market Trends College Grads Need to Know” by Lynn O'Shaughnessy
http://www.bls.gov
www.wikipedia.org
http://www.investopedia.com
What are the trends, developments, opportunities, and challenges?
The trend is that the number of unemployed individuals is climbing. This is a challenge, but I believe the opportunity is there for those who can see it and take it. Diversify! Specialize! If you’re good enough, and you have a unique niche that you’re passionate about, people will come banging at your down to find what you have.
Social Trends impacting business?
Networking and family ties can help someone find a job. That’s the way it’s been for a long time, and probably how it will continue to be in the future. It’s important to build my network now.
Economic Trends? What is happening in the economy? Is the economy increasing / declining? What impact is this having upon business?
The economy is struggling right now. It has ever since the housing market crisis. I talked to a business owner in Shelley, Bob Butler, who is struggling to make ends meet. Civil engineering has provided his family with a decent living until recently. His margins are getting less and less, and things are costing more. His investments have drained his cash and stagnated his financial situation. That’s just one person, but the economy as a whole is down. The impacts on all business are negative. If the economy hurts, most everyone hurts.
Competitive Forces? Is business becoming more or less competitive generally speaking?
Business is definitely becoming more competitive. More people are cutting out middle managers. People are hired to do the job of 2 people. Employee benefits have definitely made it hard on business owners to continue to employ and pay their employees as they have done in the past. So you have to become competitive to keep ahead in the market. If you’re going to do something, do your best at it.
Technological trends and forces? Impact of Internet, mobile computing, social networking?
I heard Clark Gilbert talk about this once at a forum at BYU-Idaho. There are technologies that have come out that have had enormous impacts on business. The thing is that it has to be the right time. The telephone was thought to be way ahead of it’s time, but turned out to be huge! Everyone has a phone now. So the trick is to see an opportunity at the right time. People didn’t demand tablets until just recently, and now they’re huge!
It’s important for companies to keep up with technology, but not expect that the latest technology will take their company from Good to Great (Jim Collins).
Legal and Regulatory forces? More or less governmental controls?
There needs to be regulation in certain areas, such as how much a bank can lend, but less regulation in other areas, such as requiring a medical procedure to be on list to be able to get it covered by a governmental health insurance. So it’s a case by case thing. But usually let the free market take care of things. Look at the differences in USPS versus FedEx and UPS.
The Job Market
I looked up a couple of articles that gave me an idea of what the market, as a whole, is looking like. It appears that areas such as energy, health care, retail, transportation, scientific research, and finance type careers have a good outlook if someone is looking for an entry level job in those fields with a bachelor’s degree. Top degrees were in computer science, accounting, ag science, agriculture business, communications, public relations, marketing, finance and economics.
Here’s an interesting statistic from the BLS: “The average person born in the latter years of the baby boom (1957-1964) held 11.3 jobs from age 18 to age 46, according to the U.S. Bureau of Labor Statistics. Nearly half of these jobs were held from ages 18 to 24.” That means that I could have 11 jobs in my lifetime. That’s high turnover! I think there is still high movement of employees today, but I don’t know.
Jobs are expected to grow both for dentistry and for marketing. So whatever I decide to do, there is a good outlook for these things. I’ve got to make sure that I’m differentiated from others though. I’ve heard businessman are a dime a dozen, so I’ve got to find my niche!
Key Business Terms
- Markets- a demand for a particular commodity or service
- Globalization- developed so as to make possible international influence or operation
- Emerging Markets- Up and coming commodities or services
- Trade Policy- Regulations made on exchanges between two parties, usually between two countries
- Comparative advantage- The things or things that gives an individual or organization an advantage as compared to a similar individual or organization.
- Strategy- a plan of action or policy designed to achieve a major or overall aim
- Value Creation- The process of developing worth in a product or service
- Economics- the branch of knowledge concerned with the production, consumption, and transfer of wealth.
- Monetary Policy- Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability.
- Fiscal Policy- the use of government revenue collection (taxation) and expenditure (spending) to influence the economy.
- Inflation-a general increase in prices and fall in the purchasing value of money
- Dow Jones Industrial Average- a stock market index.
- Weak dollar vs. Strong Dollar- A strong dollar occurs when the U.S. dollar has risen to a level against another currency that is near historically high exchange rates for the other currency relative to the dollar. 1.1 is a strong dollar, whereas .7 would be a weak dollar.
http://www.cbsnews.com/8301-505145_162-57332329/10-job-market-trends-college-grads-need-to-know/ “10 Job Market Trends College Grads Need to Know” by Lynn O'Shaughnessy
http://www.bls.gov
www.wikipedia.org
http://www.investopedia.com