UNIT 1
This Shark Is the World's Most Vicious Marketer - Businessweek
CHARACTERISTICS
of BUSINESS and
ETHICAL ISSUES
Did you know. . .?
29.6 million companies in 2008—99.9% small
businesses
2010 – latest report indicates there are 24,653,098
small businesses in the
United States.
2012 – latest reports indicate there are 27 million
small businesses in the United States with fewer
than 500 employees
Only 3 – 5% of small business owners make over
$250,000 per year (2012)
DEFINITION OF BUSINESS
The operation of an organization that
satisfies human needs and wants by
providing goods and services for the
purpose of making a profit.
YOUR JOB: Look up each word underlined and in red
above and write down definition. Provide additional
information, if asked.
•“organization”
•“needs” and “wants.” Define and give example.
•“goods” and “services” Define and give example.
•“tangible” and “intangible” Define and give example.
(not in definition, but relates to goods & services)
•“profit”
CIRCLE THE CORRECT ANSWER
1. Goods and services that are necessary for living such as food,
clothing, shelter are
NEEDS
WANTS
ADVERTISING
2. Goods and services that are not necessary for living such as
games, entertainment are NEEDS WANTS ADVERTISING
3. Many times people think they need things that they in fact want
due to the power of SCARCITY ADVERTISING DISTRIBUTION
4. A time when there are not enough goods and services to meet
people's needs is SCARCITY ADVERTISING DISTRIBUTION
5. This is an important part of economics that ensure people's
needs and wants are met.
SCARCITY
ADVERTISING
DISTRIBUTION
Understanding PROFIT, there are a few terms you
need to know:
“Earned income” (aka sales revenue)
Income earned from sale of product.
“Cost” (aka cost of goods sold)
Amount paid for product
“Gross Profit”
Sales dollars left after paying for the cost of goods sold
and before expenses taken out.
“Expenses”
Costs related directly to the product (wages, labor,
utilities, rent, insurance, etc.)
“Net Profit”
Gross profit minus expenses (costs incurred by a
business)
----You try doing the math
----We will go over this together
You're selling t-shirts for your company product. You purchase
100 t-shirts @ $5.00 per t-shirt from Hoover Design.
You sell your t-shirts at $8.00 per t-shirt. You incurred expenses:
$12.00 in advertising; and $30 in salaries to workers.
•
•
•
•
•
How much do you owe Hoover Design? (Cost of goods sold)
(formula: # of t-shirts ordered x COST per t-shirt)
How much revenue was earned from sale of your t-shirts?
(formula: # of t-shirts ordered x selling price per t-shirt)
What is your gross profit? (formula: Revenue-cost of goods sold)
What are your total expenses? (formula: add expenses together)
Have you made a net profit or a net loss? How much?
(formula: gross profit – expenses) If expenses greater than gross
profit—net loss; if expenses less than gross profit – net profit.
BUSINESSES ARE EITHER INDUSTRIAL
OR COMMERCIAL ENTERPRISES:
1. Industrial Business -- produce goods used by
other businesses or organizations to
make things; do not sell directly to consumers.
Ex: Company that mines iron ore to make
steel; power plants; factories, etc.
2. Commercial Business – sell directly to consumers.
Ex: retailers, banks, restaurants, hospitals, etc.
Did you know. . .?
King Camp Gillette’s father was a part-time patent agent and inventor.
Seventeen-year-old Gillette became a traveling salesman and, following
in his father’s inventive footsteps, tried to improve the products he sold.
While shaving one morning on the road, he had a brainstorm – to
develop a razor that had a safe, inexpensive and disposable blade. His
1904 patent of the double-edged “safety razor” blade changed the history
of shaving
Original
billboard
featuring
safety
razors
1904)
FYI:1905 Gillette ad
Three Major Activities
of a Business
NO. 1 ACTIVITY - PRODUCTION
defined as making a product or
providing a service
MANUFACTURING firms MAKE products
a) Manufacturing Firms --- prominence in U.S. in 1900’s.
-- uses tools to make a product,
-- no direct contact with consumer
-- ex: machinists, craftsman work,
electronics, engineering jobs, etc.
SERVICE firms PROVIDE services
b) Service Firms –
-- gained prominence in U.S. 1980’s
-- provide a service using specialized
assistance through use of skilled
workers
-- health care, restaurants, educators
hairstylists, banking, etc.
Three Major Activities of a Business
continued
NO. 2 ACTIVITY - MARKETING
defined as putting the right product in the
right place, at the right time, at the right price.
also known as the 4P’s of Marketing
or Marketing Mix
4 P’S OF MARKETING
1. Product -- Right product to satisfy needs of
target customer. Is there a demand for
your product?
2. Price -- Right product offered at right price.
3. Place -- Right product at right price
available at right place to be
bought by customers. ex: air
conditioners when it’s 100 degrees.
4. Promotion -- Informing potential customers
(target customer) of the availability of
the product, its price, and its place.
Marketing Mix
These four elements adjusted until the right
combination is found that serves the needs of the
product's customers, while generating optimum
income.
Three Major Activities of a Business
continued
NO. 3 ACTIVITY- FINANCE
money matters
related to running a business
FINANCE relates to questions such
as these:
What is profit? revenue – costs
What is cash flow? From where a
company receives its cash, and
how it spends it
What is owner’s equity? Increases
when the net income of the
company increases; decreases
if the net income decreases
(company has a loss)
Two things necessary to compete:
“Being effective is about accomplishing your purpose
with intended results, while being efficient is about
accomplishing purpose with least waste of time,
resources, and effort.”
TWO SAMPLES TO HELP YOU
UNDERSTAND THE DIFFERENCE:
NO. 1: A surgeon is very skilled, perhaps the best in the country.
The impending job is to operate on the patient's left knee. However,
the surgeon doesn't perform all the steps of the process leading up
to the surgery. Someone else marks the right knee for surgery. The
surgeon was skilled and he was fast and he was efficient BUT he
performed the surgery on the wrong knee. He was NOT effective
because he operated on the wrong knee.
NO. 2: Think of a company that was successful making buggy
whips as automobiles became the mode of transportation. Assume
that the processes used to make buggy whips were perfect. The
relationships of internal and external suppliers and customers were
perfect. The suppliers and customers teamed together to make
perfect buggy whips. The buggy whips were delivered on or ahead
of schedule at the lowest possible cost.
This company was very efficient BUT the company was doing
the wrong things efficiently.
The company and its strategists were not very effective. If
effective, they would have anticipated the impact automobiles and
gotten into a different market.
BOTTOM LINE: YOU MUST BE EFFICIENT AND EFFECTIVE TO BE
SUCCESSFUL IN BUSINESS.
You know now that you can you be
effective and not efficient.
You can be efficient and not effective.
YOUR TURN
SELECT THE BEST ANSWER BELOW
WE WILL GO OVER THIS TOGETHER
REMEMBER: “Being effective is about accomplishing your purpose
with intended results, while being efficient is about accomplishing
purpose with least waste of time, resources, and effort.”
Two guys, Mark and John, are trying to change a flat tire on their
cars (each one has his own car).
1) Mark starts by taking out the jack and placing it under the car.
He doesn’t know where to position it, so he goes by trial and error
and wastes a lot of time doing it. After 20 minutes he finally
manages to fix it, so he proceeds to lift the car and change the tire.
WAS MARK 1) EFFICIENT, NOT EFFECTIVE; 2) EFFECTIVE, NOT
EFFICIENT, OR 3)EFFECTIVE AND EFFICIENT?
2) John starts by grabbing a towel and cleaning the tire. He wants
to make the thing shiny before he changes it. He is very good and
fast at cleaning every little detail of the tire.
WAS JOHN: 1) EFFICIENT, NOT EFFECTIVE; 2) EFFECTIVE, NOT
EFFICIENT, OR 3)EFFECTIVE AND EFFICIENT?
3) Now if we had Peter, a third person, who could change the flat
tire using the right steps and doing it quickly.
WAS PETER: 1) EFFICIENT, NOT EFFECTIVE; 2) EFFECTIVE, NOT
EFFICIENT, OR 3) EFFECTIVE AND EFFICIENT?
Achieving Effectiveness
1. Achieving effectiveness requires common sense and
skill
2. It requires TQM – Total Quality Management—
commitment to excellence accomplished by teamwork,
innovation, and continual quality improvement
THREE PRESTIGIOUS AWARDS FOR QUALITY
IMPROVEMENT:
a) Malcolm Baldrige
National Quality
Award U.S.only
b) Deming Award
Japan only
Dr. W. Edward
Deming
C) ISO – Industrial Organization
for Standardization (1987)—
network of national standards
institutes from 140 countries
working in partnership
Quality rated International
MUST BE RENEWED
award
YEARLY
EVERYONE IS 100% RESPONSIBLE FOR
THE FINISHED PRODUCT
HOW CAN A COMPANY BECOME
EFFICIENT?
INCREASE EFFICIENCY BY
a)
Specialization
b)
Technology and Innovation
c)
Reorganization
can be accomplished by:
1)Downsizing—cut back goods and
services provided--shrinking firm
size/number of employees.
(aka: job cuts/ layoffs)
2)Empowerment—letting workers
decide how to perform their work
tasks and offer ideas on how to
improve work processes.
(IBM, GE, General Motors,
Honeywell)
TWO MEASURES OF A NATION’S
WEALTH
The first is:
Gross Domestic Product--GDP
Total market value of
all final goods
produced and services
provided in a country
in one year.
2013 -15,557.8 (January 2013)
2012 - $15,467.8 billion
2011 -15,006.4 BI (1st qtr.)
2010 -14.639.6 B (2nd qtr.)
2009 -14.075 BI (1ST qtr.)
2008 -14.33 T
2007 -13.22 T
2006 -13.2 T
2005 -12.36 T
2004 -11 T
2003 -9 T
TAKE A LOOK
AT THIS?
Und
U.S. NATIONAL DEBT CLOCK
Underground Economy
Income that escapes being recorded in the
GDP & is estimated in trillions of dollars
IS THE GDP AND GNP THE SAME THING?
U.S. Gross Domestic Product, or GDP, is the amount of
goods and services, measured at market prices,
produced within the country during a particular time
period (usually a year). 1991 Economic Report to the
President used GDP rather than GNP and it continues
today.
Gross National Product, or GNP, is the amount of goods
and services produced by residents of a country,
regardless of where that production takes place.
Ex: German-owned car factory operating in the US, the
profits from the factory would be counted as part of
German GNP rather than US GNP
The second measure of a nation’s wealth:
Individual Well Being
Financial condition of individuals
INDIVIDUAL WELL BEING ANSWERS QUESTIONS
SUCH AS:
HOW ARE YOU DOING?
DO YOU HAVE A NEW JOB, HIGHER
INCOME?
DID YOU TAKE A VACATION THIS YEAR?
DID YOU BUY A NEW HOME?
DO YOU HAVE MORE MONEY TO SPEND?
Let’s look at current unemployment in the U.S.
and then answer the following questions:
Current Unemployment Rates for States Historical Highs/Lows
1. What is Ohio’s 2012 rate of unemployment?
2. What state has the highest unemployment rate?
3. What state has the lowest unemployment rate?
LOOK UP THE NATIONAL UNEMPLOYMENT RATE
FOR THE U.S. 2013
Entrepreneur
One who starts, manages, and owns a business.
Simply put: one who says “WHAT IF?”
SUCCESS DEPENDS ON TWO THINGS:
BEING EFFECTIVE & BEING EFFICIENT
WHO IS THIS ENTREPRENEUR?
Get in, get it done, get it done right, and get
out,” ______ once said. Indeed, this has been
his motto from his earliest days assisting his
father’s real estate business to his multimillion dollar deals in the high stakes world of
Manhattan real estate. He has earned a
reputation as a ruthless, cunning and suave
businessman who can spot a business
opportunity a mile away. He has turned the
deal-making process into an art form and he
has demonstrated that he can come back
swinging after even the hardest of challenges
to wind up again on top. Estimated to be
worth over $2 billion, ________ has secured
his name as one
of the greatest entrepreneurs
DONALD TRUMP
of the 20th century.
SMALL BUSINESS
Any business that is operated by one
or up to 500 employees.
a) 98% of all businesses in US (approx. 3.8M) are
classified “small”. (Mom and Pop Operations)
b) revenue generated accounts for half of GDP.
c) half of all small businesses close within first
five years.
d) mostly retail/service businesses
e) earn many less than $200,000 in yearly
revenues
f) over half the total number of workers in this
country are employed by businesses with
fewer than 500 employees.
Did you know, “the Donald” was bankrupt?
Today, the Trump brand has come to symbolize all that
is lavish and extravagant. From his marble-lined hotels
to his billion-dollar golf courses, little about Donald
Trump would suggest bankruptcy. However, in his
early years, Donald Trump was no different from every
other entrepreneur who struggles to grow their
business.http://www.americanprogress.org/
In fact, he came so close to the brink of
issues/2011/10/small_business.ht
bankruptcy
on more than one occasion that his
ml
success today is all the more remarkable.
Donald Trump: CNBC The Billionaire Inside - YouTube
Growth of Small Business
Most large businesses began as small businesses.
Most large businesses began as small businesses.
a) Tandy - 1919 as leather supply store (acquired
RadioShack 1963; 2000 took RadioShack name,
2009 – shortened name to “The Shack”
b) Starbucks - began in 1971 when three academics—
English teacher Jerry Baldwin, history teacher
Zev Siegel, and writer Gordon Bowker—opened
a store called Starbucks Coffee, Tea, and Spice
in the touristy Pikes Place Market in Seattle.
Each invested $1,350 and borrowed another
$5,000. Chose the name Starbucks in honor of
Starbuck, the coffee-loving first mate in Herman
Melville's Moby Dick.
c) Papa Johns - In 1984, "Papa" John Schnatter (22)
knocked out a broom closet located in the back of his
father's tavern (Mick's Lounge), sold his prized 1972
Z28 Camaro, purchased $1,600 worth of used restaurant
equipment, and began selling his pizzas to the
tavern's customers.
Papa John Telling the Papa John's Story - YouTube
Do you know who Bette Nesmith Graham is?
She dropped out of high school and worked as a secretary.
As a single mother she worked at the Texas Bank & Trust in
Dallas. The advent of electric typewriters raised problems for
Graham: She discovered that errors made using the new
typewriter ribbons could not be erased. An amateur artist, she
invented a white liquid that could be painted over the
typewritten error. Initially she named her invention "mistake
out." She made the liquid in her kitchen and rounded up her
son and his friends to bottle the liquid in her garage. Orders
for the product--renamed "Liquid Paper"--poured in. Liquid
Paper soon became a standard product in all offices. In 1979,
Graham sold Liquid Paper to the Gillette Company for 47
million dollars plus royalties for every bottle sold till 2000.
Graham died in 1980.
FYI: Her son, Mike Nesmith, was the drummer for the
Monkey’s singing group—way back in the 60’s.
Growth of Franchise Business
Franchise — legal agreement between a company and
distributor to sell a product or service under special
conditions
Franchisor
parent corporation
Franchisee
your business
Franchisee pays initial fee to franchisor
3 - 9%
Franchisee gets help in store site
selection, guidance, training, advice
KEY TO FRANCHISE:
Exclusive right to sell
franchisor's product under
their name.
High success rate—only 5-10% fail
WHY DO YOU THINK THE SUCCESS RATE
FOR A FRANCHISE IS SO MUCH HIGHER
THAN THAT OF A SMALL BUSINESS?
Subway royalties and fees
are based on gross sales
MINUS
sales tax
a) royalty fee is 8% to company
b) 4.5% advertising fee
Fred DeLuca, 59
1.5B fortune
Disadvantages of Franchise Ownership:
1) Costly to implement.
2) Ongoing royalties cut into profits.
3) Franchisors require franchisees to follow their
operations manual to a tee to ensure
consistency limiting franchisee creativity.
4) Franchisees must be very good at following
directions in order to maintain the image and
level of service already established.
Advantages of Franchise Ownership:
1) Higher likelihood of success.
2) Products, services, and business operations
already established & proven business formula.
3) ONLY 5-10% OF FRANCHISES FAIL
4) Bankers likely to loan money as successful
franchise chains lower risk of repayment default.
5) Image and brand awareness recognized.
Consumers comfortable purchasing items familiar
with and working with companies they know/trust.
6) Franchise companies provide extensive training
and support to franchisees to help them succeed.
7 ) Products and services advertised at local/
national level by the main franchise companies.
Risks of Ownership
to any business owner:
a)
b)
c)
d)
e)
f)
g)
Competition from other businesses
Price increases
Style changes
Competition from new products
Changes in economic conditions
(recession)
Unsatisfactory profits
Loss of business through
unforeseen events (flood, fire, etc)
Obligations of Ownership:
1.
2.
3.
4.
5.
6.
To customers
To workers
To management
To competitors
To investors
To public
TO TREAT PEOPLE FAIRLY,
HONESTLY, AND ETHICALLY
INTRAPRENEURSHIP
A.
Intrapreneur—entrepreneurship within a company.
--employee who is given funds and freedom to
create a department within a company to develop a new
product, process or service.
--employee risks neither salary nor savings
--company benefits by keeping creative employees
--consumers benefits from new and better
products introduced at a quickened pace.
1. 3M
2. Macintosh
3.
Intel
DID YOU KNOW. . .?
In the early 1970s, Art Fry was in search of a bookmark for his church
hymnal that would neither fall out nor damage the hymnal. Fry noticed
that a colleague at 3M, Doctor Spencer Silver, had developed an
adhesive in 1968 that was strong enough to stick to surfaces, but left no
residue after removal and could be repositioned. Arthur Fry took some of
Spencer Silver's adhesive and applied it along the edge of a piece of
paper. His church hymnal problem was solved!
Arthur Fry soon realized that his "bookmark" had other potential functions
when he used it to leave a note on a work file, and co-workers kept
dropping by, seeking "bookmarks" for their offices. This "bookmark" was
a new way to communicate and to organize. 3M Corporation crafted the
name Post It Note for Arthur Fry's new bookmarks and began production
in the late 70s for commercial use.
B. ESOP – Employee Stock Ownership Plan
-- Employees buy shares in company
--15 million American workers own stock in
companies.
--United Airlines, Proctor & Gamble, Avis.
--ESOP's have shown to increase productivity
--ownership motivates employees to make their
company a success.
CLICK ON THE LINK BELOW:
READ THE ARTICLE AND
RESPOND TO THE QUESTIONS BELOW:
Grocer gives employees grocery stores
1) Why did Joe Leuken decide to transfer ownership
of his three stores to his 400 employees?
2) In what form will ownership transfer to his
employees?
3) How will the amount of ownership of the stores be
determined for the employees?
ETHICAL?
A computer input error led to long lines at
Valero gas station in Wilmington when
motorists were tipped off that premium gas
was being dispensed at $1.10 a gallon.
Owner Kenny Nguyen said the station lost
about $21,000. (2011)
ETHICS
Ethics involves learning what is right or wrong, and then
doing the right thing
?ethics story?? – YouTube
BUT "the right thing" is not nearly as straightforward as
conveyed in a great deal of business ethics literature.
Most ethical dilemmas in the workplace are not simply a
matter of "Should Bob steal from Jack?" or "Should Jack
lie to his boss?"
Business Ethics
—it's coming to know what it right or wrong in the workplace
and doing what's right -- this is in regard to effects of
products/services and in relationships with stakeholders.
Ethical Behavior
— respecting basic moral principles like: honesty, fairness,
equality, respecting the dignity, diversity and rights of other
people and sticking to these principles.
Code of Ethics
— formal, published collection of values and rules that are
used to guide the behavior of an organization toward its
various stakeholders.
A credo (credo - a set of fundamental beliefs or a guiding principle.” For a
company, a credo is like a mission statement.) generally describes the
highest values to which the company aspires to operate. It
contains the `thou shalts.' A code of ethics specifies the
ethical rules of operation. It's the `thou shalt nots." 76% of
corporations surveyed had codes of ethics.
DO YOU CONSIDER YOURSELF AN
ETHICAL PERSON?
Do you cheat on tests and term papers,
give your homework to a friend, etc.?
Is this practice ethical because it is
generally accepted among students
Why is it accepted?
Is it right or wrong for an employee to
occasionally steal office supplies from
an employer?
LET’S TAKE THE ETHICS GUY’S QUIZ:
?How Ethical Are You? Take The Ethics
Guy's Quiz on CNN?? – YouTube
FIVE BASIC PRINCIPLES OF BUSINESS
ETHICS:
1. DO NO HARM
2. MAKE THINGS BETTER
3. RESPECT OTHERS
4. BE FAIR
5. BE COMPASSIONATE
EQUAL EMPLOYMENT
TITLE VII OF THE CIVIL RIGHTS ACT OF
1964
outlaws discrimination based of sex,
race, color, national origin or religion.
GLASS CEILING
invisible barrier to job advancement.
1963—FIRST WOMAN TO GO INTO SPACE –
Valentina Tereshkova, a Soviet Cosmonaut.
1983 - Astronaut Sally Ride, a physicist and the
first American woman to travel into outer
space.
STICKY FLOOR SYNDROME
being trapped in entry-level jobs-low-paying employment, usually
minimum-wage type jobs with little or
no chance of advancement.
COMPARABLE WORTH
Paying workers equally for jobs
with similar but not identical
job requirements.
CURRENT TRENDS IN BUSINESS
EMPLOYERS, IN EFFORT TO PRODUCE MORE AND
KEEP COSTS DOWN, HAVE INCREASED DEMANDS ON
WORKERS:
1. LONGER HOURS TO MEET JOB
REQUIREMENTS
2. INCREASE IN JOB RESPONSIBILITIES
3. INCREASE IN JOB PACE
WORKERS HAVE LESS TIME AT HOME INCREASING STRESS
FEWER EMPLOYEES TAKING VACATION TIME DUE TO JOB
INSECURITY
WORKPLACE ROMANCES ON RISE
SEXUAL HARASSMENT ON RISE
INCREASE IN USE OF DRUGS/ VIOLENCE/LAWSUITS
Employer Practices
1. Redesigning Jobs
2.Improving Health and Safety
3.Adapting to Workers Needs
4.Family and Medical Leave Act
– up to 12 weeks
5.Child Care
6.Wellness and Fitness
Programs
7.No Smoking
8.Quality of Work Life (QWL)—
organized efforts to improve
jobs by involving workers in
decision making
(empowerment)
9.Workers uniform protection
10.Work from home
NATURAL RESOURCE ISSUE
water
minerals coal
What aregas
our “seven”
natural
oil
living
things
resources:
and the land itself
1. Need to do a better job managing the
environment.
2. Must come up with alternatives due to
shortage of natural resources.
3. Need to address issue that many
businesses rely on resources that cannot
be replaced (ex: oil, natural gas, coal).
4. Need to develop ways to conserve natural
resources.
5. Need to use less of our natural resources.
6. Need to develop and use renewable
energy resources such as water, wind
power to produce electricity.
7. Need mandatory recycling – the reuse of
products.
8. What do we do about pollution and the
affects on the land we use, the water we
drink, and the air we breathe.
How Business Responds to
Social Problems
Social Responsibility
—accepting the duty to contribute to the
well being of its stakeholders
FRONTLINE/World Ghana: Digital Dumping
Ground | PBS
STAKEHOLDERS – any individual/group
affected by a firm’s actions
STAKEHOLDERS EXPECT BUSINESSES TO
BE RESPONSIVE:
ex: donating $$ to flood victims,
scholarships, community clean-up,
community involvement (little league
teams), charity contributions
GENERATIONAL CONFLICTS:
LOST GENERATION (1883-1900) came to age following WWI - viewed,
as a result of their war experiences and the social upheaval of the time, as
cynical, disillusioned, and without cultural or emotional stability.
GREATEST GENERATION (1901-1924) young adults during WWII era.
“Great" as a result of the strife and turmoil they endured prevailing against
great war machine, and suffering through the Great Depression.
SILENT GENERATION (1925-1945) children during Great Depression –
impacted by depression—least understood generation.
BABY BOOM GENERATION (1946-1964) the baby boomers represent
the largest generational birth cohort in U.S. history–nearly 76.5 million in total
(10,000 per day will retire for next 19 years beginning 2011)
POST-BABY BOOMERS – GENERATION X (1965 - 1980) regarded
as disillusioned, cynical, or apathetic - tend to change jobs often
NET GENERATION - Internet generation(1977-1997) job hoppers
WOMEN STOPPED BY GLASS CEILING—QUIT, START OWN BUSINESS
MILLENNIALS (Y-GENERATION (80’s) - Communicate by Social
networking, computer skilled; Motivated, creative, quick-thinkers,
strong-willed, passionate.
GENERATION Z (90’s) internet generation, “digital natives” – those
who grow up immersed in digital technologies, for whom a life fully integrated
with digital devices is the norm
GENERATION AO (Always-On Generation) (2000’s – 2020)
influenced since their early childhood by connectivity afforded by easy
access to people and the world’s knowledge through the Internet.
Nimble, quick-acting multitaskers who count on Internet as their
external brain; predictions Gen AO will exhibit instant gratification and
quick fixes; a loss of patience, and a lack of deep-thinking ability.
GREED
—
America’s Worst Enemy
1. Good when it produces the
enterprise and drive that energizes
capitalism.
2. Bad when it leads to violation of
fair business practices and harms
the interests of millions of
investors and workers, morally or
economically