iContact: Blazing the Trail for Email Marketing
Length of Video: Approximately 11 1/2 minutes
Video Learning objectives
Explore how an entrepreneurial business can be successful
Discuss the relationship between profit and risk
Identify the factors that contribute to standard of living
Explain how the five factors of production lead to wealth
Key people and companies
Ryan Allis and Aaron Houghton Co-founders of the Email Marketing firm, iContact.
Video Overview
The video introduces entrepreneurship, the importance of filling a customer need, the relationship between risk and profit, and the role successful business plays in enhancing quality of life and standard of living. The importance of stakeholders, the tradeoffs between profitability and employees needs is explored. The five factors of production leading to wealth creation are discussed in some detail. The various influences on the business environment including economic, legal, technological, social, competitive, and global environments are explained. The power of a compelling vision as it influences future business potential provides students with a goal to strive for.
Major Issues
The importance of entrepreneurship
The key relationship and decisions stemming from profit and risk.
The role that successful business plays in contributing to standard of living and quality of life.
The tradeoffs relating to profitability and employees needs
The five factors of production leading to wealth creation
The importance and impact of the elements of the business environment
How Video Relates to this Chapter's Learning Goals
Explain the difference between profit and loss.
Profit or loss is dependent upon revenues (income generated through sales) and expenses incurred by the business. When revenues exceed expenses, there is a surplus or a profit. However, when expenses are greater than revenues, then the company is said to have a loss.
Explain how a successful business impacts the standard of living.
Successful business contributes to elevating the standard of living and enhancing the quality of life enjoyed by individuals in a society. The factors that contribute to successful entrepreneurship in the United States include freedoms, education, the natural environment, a fair tax code, and quality health care.Provide examples that demonstrate the potential tradeoffs dealing with maximizing profitability and satisfying employees needs.
Every business faces decisions regarding the maximization of profit. If a company maximizes profit to be re-invested in the firm, it may not be able to satisfy all of the needs of its employees. For example, if a company needs to cut costs to remain viable and competitive, it may not be able to invest in practices that contribute to environmentally progressive programs. If a company finds it more cost effective to outsource its employment then it may negatively impact the community in which it is located by denying employment to community residents.
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