Q Your Future in the Changing World of Business The one constant of business is that it is always changing. Whether it is a new trend, a pandemic, competition, or environmental influences, businesses must remain agile and ask, “What do we do now?” Businesses respond, within certain limitations, by producing and selling legal goods or services at any price they choose. This system of business, in which individuals decide what to produce, how to produce it, and at what price to sell it, is called free enterprise. Why Study Business? College graduates, on average, can earn much more than high-school graduates over the course of their lifetimes. As you begin your college experience, you have the opportunity to take courses in many different areas. Let’s examine reasons for studying business: • Help in choosing a career: This course, will introduce you to many different areas of business. Consider what gives you personal satisfaction and what motivates you as you narrow down your field of study. • Be a successful employee: This course, as well as resources from your college or university can help you develop the skills you will need in your future career. You will also need to develop “soft skills” like leadership, emotional intelligence, and analytical skills as well as characteristics such as honesty and integrity, dependability, and a willingness to work hard. Employers will also expect that you can adapt to the business’s cultural (or workplace) diversity. • To improve your management skills: Managers must possess four important skills as follows: o Interpersonal skills: The ability to deal effectively with individual employees, other managers within the firm, and people outside the firm. o Analytic skills: The ability to identify problems correctly, generate reasonable alternatives, and select the “best” alternatives to solve problems. o Technical skills: The skills required to accomplish a specific kind of work being done in an organization. o Conceptual skills: The ability to think in abstract terms in order to see the “big picture.” • To start your own business: Many people aspire to be entrepreneurs. To be successful, entrepreneurs must have many of the same characteristics that successful employees and managers have. • To become a better informed consumer and investor: You are surrounded by some aspect of business every day. Studying business then, can help you be a better-informed consumer. Further, if you have an interest in investing to help you accomplish financial goals, then understanding and studying business will be helpful. 1._______ help managers with the skills required to accomplish a specific kind of work. 2.Which of the following is not true of analytic skills? 3.Understanding which soft skills and characteristics businesses are looking for is part of which reason for studying business?

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