Foundations of Business, 2nd Edition [2025]

Name: Foundations of Business, 2nd Edition [2025]
ISBN: 978-1-965417-03-4

Holly Jackson, PhD

doi:10.21974/srhz-v880

Book Title: Foundations of Business, 2nd Edition [2025]

Authors: Holly Jackson, PhD

Cover image for Foundations of Business, 2nd Edition [2025]

Book Description: Business Foundations was created for use in Virginia Commonwealth University's BUSN 201, Foundations of Business. In this course, students study basic foundational concepts of business environments, as well as business functions and practices. The content of this text, and the course, strives to also build awareness of corporate social responsibility and ethical business behavior. The practical application of the concepts gained in this course, and through this text, also assists students in gaining an integrated awareness of business, while practicing analytical skills needed for their advanced business courses and careers. The second edition contains updates for relevancy, plus a new section on Mentoring.

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Publication of this book was made possible by the Virginia Commonwealth University Affordable Course Content Awards grant program.

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Acknowledgments
Holly Jackson
Version History
Accessibility Statement
I. Fundamentals of Business
1. 1.1 Why is Apple Successful?
  Adapted by Stephen Skripak
2. 1.2 Getting Down to Business
  Adapted by Stephen Skripak
3. 1.3 Functional Areas of Business
  Adapted by Stephen Skripak
4. 1.4 External Forces that Influence Business Activities and PESTEL Analysis
  Adapted by Stephen Skripak
5. 1.5 Cases and Problems
  Lawrence J. Gitman, et al
6. 1. Glossary
  manika avasthi
II. Economics and Business
1. 2.1 What is Economics?
  Adapted by Stephen Skripak
2. 2.2 Perfect Competition and Supply and Demand
  Adapted by Stephen Skripak
3. 2.3 Monopolistic Competition, Oligopoly, and Monopoly
  Adapted by Stephen Skripak
4. 2.4 Measuring the Health of the Economy
  Adapted by Stephen Skripak
5. 2.5 Government’s Role in Managing the Economy
  Adapted by Stephen Skripak
6. 2.6 Cases and Problems
  [Author removed at request of original publisher], Published by University of Minnesota
III. Ethics and Social Responsibility
1. 3.1 “Mommy, Why Do You Have to Go to Jail?”
  Adapted by Stephen Skripak
2. 3.2 Misgoverning Corporations: An Overview
  [Author removed at request of original publisher], Published by University of Minnesota
3. 3.3 The Individual Approach to Ethics
  [Author removed at request of original publisher], Published by University of Minnesota
4. 3.4 Identifying Ethical Issues
  [Author removed at request of original publisher], Published by University of Minnesota
5. 3.5 The Organizational Approach to Ethics
  [Author removed at request of original publisher], Published by University of Minnesota
6. 3.6 Corporate Social Responsibility
  [Author removed at request of original publisher], Published by University of Minnesota
7. 3.7 Environmentalism
  [Author removed at request of original publisher], Published by University of Minnesota
8. 3.8 Stages of Corporate Responsibility
  [Author removed at request of original publisher], Published by University of Minnesota
9. 3.9 Cases and Problems
  [Author removed at request of original publisher], Published by University of Minnesota and Lawrence J. Gitman, et al
IV. Business in a Global Environment
1. 4.1 The Globalization of Business
  Adapted by Stephen Skripak with Ron Poff
2. 4.2 Opportunities in International Business
  Adapted by Stephen Skripak with Ron Poff
3. 4.3 The Global Business Environment
  Adapted by Stephen Skripak with Ron Poff
4. 4.4 The Economic Environment
  Adapted by Stephen Skripak with Ron Poff
5. 4.5 Trade Controls
  Adapted by Stephen Skripak with Ron Poff
6. 4.6 Financial Support for Emerging Economies: The IMF and the World Bank
  Adapted by Stephen Skripak with Ron Poff
7. 4.7 Cases and Problems
  [Author removed at request of original publisher], Published by University of Minnesota
V. Forms of Business Ownership
1. 5.1 The Ice Cream Men
  Adapted by Stephen Skripak
2. 5.2 Factors to Consider and Sole Proprietorship
  Adapted by Stephen Skripak
3. 5.3 Partnership
  Adapted by Stephen Skripak
4. 5.4 Corporation
  Adapted by Stephen Skripak
5. 5.5 Other Types of Business Ownership
  Adapted by Stephen Skripak
6. 5.6 Mergers and Acquisitions
  Adapted by Stephen Skripak
7. 5.7 Cases and Problems
  Lawrence J. Gitman, et al
VI. The Challenges of Starting a Business
1. 6.1 Build a Better Baby and They Will Come
  [Author removed at request of original publisher], Published by University of Minnesota
2. 6.2 What Is an Entrepreneur?
  [Author removed at request of original publisher], Published by University of Minnesota
3. 6.3 The Importance of Small Business to the U.S. Economy
  [Author removed at request of original publisher], Published by University of Minnesota
4. 6.4 What Industries Are Small Businesses In?
  [Author removed at request of original publisher], Published by University of Minnesota
5. 6.5 Advantages and Disadvantages of Business Ownership
  [Author removed at request of original publisher], Published by University of Minnesota
6. 6.6 Starting a Business
  [Author removed at request of original publisher], Published by University of Minnesota
7. 6.7 The Business Plan
  [Author removed at request of original publisher], Published by University of Minnesota
8. 6.8 How to Succeed in Managing a Business
  [Author removed at request of original publisher], Published by University of Minnesota
9. 6.9 Cases and Problems
  [Author removed at request of original publisher], Published by University of Minnesota and Lawrence J. Gitman, et al
VII. Leadership and Management
1. 7.1 What is Leadership?
  David Pickersgill and Holly Jackson, PhD
2. 7.2 What is a Worthy Goal?
  David Pickersgill and Holly Jackson, PhD
3. 7.3 What do Leaders Do?
  David Pickersgill and Holly Jackson, PhD
4. 7.4 Common Styles of Leadership
  David Pickersgill and Holly Jackson, PhD
5. 7.5 Transformative Leadership
  David Pickersgill; Holly Jackson; and Christopher S. Reina, PhD
6. 7.6 What is Successful Management?
  Adapted by Stephen Skripak with Ron Poff
7. 7.7 What Do Managers Do?
  Adapted by Stephen Skripak with Ron Poff
8. 7.8 Planning
  Adapted by Stephen Skripak with Ron Poff; David Pickersgill; and Holly Jackson, PhD
9. 7.9 Controlling
  Adapted by Stephen Skripak with Ron Poff
10. 7.10 Decision Making Skills
  Adapted by Stephen Skripak with Ron Poff
11. 7.11 Cases and Problems
  [Author removed at request of original publisher], Published by University of Minnesota
VIII. Structuring Organizations
1. 8.1 Levels of Management: How Managers are Organized
  Adapted by Stephen Skripak with Ron Poff
2. 8.2 Organizational Structure: How Companies Get the Job Done
  Adapted by Stephen Skripak with Ron Poff
3. 8.3 The Organization Chart
  Adapted by Stephen Skripak with Ron Poff
4. 8.4 Delegating Authority
  Adapted by Stephen Skripak with Ron Poff
5. 8.5 Cases and Problems
  Lawrence J. Gitman, et al
IX. Motivating Employees
1. 9.1 Intrinsic and Extrinsic Motivation
  Adapted by Stephen Skripak with Ron Poff
2. 9.2 Maslow’s Hierarchy of Needs
  Adapted by Stephen Skripak with Ron Poff
3. 9.3 Two Factor Theory
  Adapted by Stephen Skripak with Ron Poff
4. 9.4 Expectancy Theory
  Adapted by Stephen Skripak with Ron Poff
5. 9.5 Equity Theory
  Adapted by Stephen Skripak with Ron Poff
6. 9.6 Cases and Problems
  Lawrence J. Gitman, et al
X. Managing Human Resources
1. 10.1 The Grounds of a Great Work Environment
  Adapted by Stephen Skripak with Ron Poff
2. 10.2 Human Resource Management
  Adapted by Stephen Skripak with Ron Poff
3. 10.3 Human Resource Development
  Adapted by Stephen Skripak with Ron Poff
4. 10.4 Diversity in the Workplace
  Adapted by Stephen Skripak with Ron Poff
5. 10.5 What Makes a Great Place to Work?
  Adapted by Stephen Skripak with Ron Poff
6. 10.6 Performance Management
  Adapted by Stephen Skripak with Ron Poff
7. 10.7 Cases and Problems
  [Author removed at request of original publisher], Published by University of Minnesota
XI. Recognizing and Respecting the Rights of All
1. 11.1 Diversity and Inclusion in the Workforce
  Lawrence J. Gitman, et al
2. 11.2 Accommodating Different Abilities and Faiths
  Lawrence J. Gitman, et al
3. 11.3 Sexual Identification and Orientation
  Lawrence J. Gitman, et al
4. 11.4 Income Inequalities
  Lawrence J. Gitman, et al
5. 11.5 Animal Rights and the Implications for Business
  Lawrence J. Gitman, et al
6. 11.6 Cases and Problems
  Lawrence J. Gitman, et al
XII. Union/Management Issues
1. 12.1 Labor Unions
  Adapted by Stephen Skripak with Ron Poff
2. 12.2 Collective Bargaining
  Adapted by Stephen Skripak with Ron Poff
3. 12.3 Union and Management Tactics
  Adapted by Stephen Skripak with Ron Poff
4. 12.4 Why Managers Often Resist Unionization Efforts
  Adapted by Stephen Skripak with Ron Poff
5. 12.5 The Future of Unions
  Adapted by Stephen Skripak with Ron Poff
6. 12.6 Cases and Problems
  Lawrence J. Gitman, et al
XIII. Teamwork and Communications
1. 13.1 The Team and the Organization
  [Author removed at request of original publisher], Published by University of Minnesota
2. 13.2 Why Teamwork Works
  [Author removed at request of original publisher], Published by University of Minnesota
3. 13.3 The Team and Its Members
  [Author removed at request of original publisher], Published by University of Minnesota
4. 13.4 The Business of Communication
  [Author removed at request of original publisher], Published by University of Minnesota
5. 13.5 Communication Channels
  [Author removed at request of original publisher], Published by University of Minnesota
6. 13.6 Forms of Communication
  [Author removed at request of original publisher], Published by University of Minnesota
7. 13.7 Cases and Problems
  [Author removed at request of original publisher], Published by University of Minnesota
XIV. Marketing: Providing Value to Customers
1. 14.1 A Robot with Attitude
  [Author removed at request of original publisher], Published by University of Minnesota
2. 14.2 What Is Marketing?
  [Author removed at request of original publisher], Published by University of Minnesota
3. 14.3 The Marketing Mix
  [Author removed at request of original publisher], Published by University of Minnesota
4. 14.4 Pricing a Product
  [Author removed at request of original publisher], Published by University of Minnesota
5. 14.5 Placing a Product
  [Author removed at request of original publisher], Published by University of Minnesota
6. 14.6 Promoting a Product
  [Author removed at request of original publisher], Published by University of Minnesota
7. 14.7 Interacting with Your Customers
  [Author removed at request of original publisher], Published by University of Minnesota
8. 14.8 The Product Life Cycle
  [Author removed at request of original publisher], Published by University of Minnesota
9. 14.9 The Marketing Environment
  [Author removed at request of original publisher], Published by University of Minnesota
10. 14.10 Careers in Marketing
  [Author removed at request of original publisher], Published by University of Minnesota
11. 14.11 Cases and Problems
  [Author removed at request of original publisher], Published by University of Minnesota
XV. Product Design and Development
1. 15.1 Riding the Crest of Innovation
  [Author removed at request of original publisher], Published by University of Minnesota
2. 15.2 What Is a Product?
  [Author removed at request of original publisher], Published by University of Minnesota
3. 15.3 Where Do Product Ideas Come From?
  [Author removed at request of original publisher], Published by University of Minnesota
4. 15.4 Identifying Business Opportunities
  [Author removed at request of original publisher], Published by University of Minnesota
5. 15.5 Understand Your Industry
  [Author removed at request of original publisher], Published by University of Minnesota
6. 15.6 Forecasting Demand
  [Author removed at request of original publisher], Published by University of Minnesota
7. 15.7 Breakeven Analysis
  [Author removed at request of original publisher], Published by University of Minnesota
8. 15.8 Product Development
  [Author removed at request of original publisher], Published by University of Minnesota
9. 15.9 Protecting Your Idea
  [Author removed at request of original publisher], Published by University of Minnesota
10. 15.10 Cases and Problems
  [Author removed at request of original publisher], Published by University of Minnesota
XVI. Operations Management in Manufacturing and Service Industries
1. 16.1 Operations Management in Manufacturing
  [Author removed at request of original publisher], Published by University of Minnesota
2. 16.2 Facility Layouts
  [Author removed at request of original publisher], Published by University of Minnesota
3. 16.3 Managing the Production Process in a Manufacturing Company
  [Author removed at request of original publisher], Published by University of Minnesota
4. 16.4 Graphical Tools: PERT and Gantt Charts
  [Author removed at request of original publisher], Published by University of Minnesota
5. 16.5 The Technology of Goods Production
  [Author removed at request of original publisher], Published by University of Minnesota
6. 16.6 Operations Management for Service Providers
  [Author removed at request of original publisher], Published by University of Minnesota
7. 16.7 Producing for Quality
  [Author removed at request of original publisher], Published by University of Minnesota
8. 16.8 Cases and Problems
  [Author removed at request of original publisher], Published by University of Minnesota and Lawrence J. Gitman, et al
XVII. Using Financial Information and Accounting
1. 17.1 Future Glory
  Lawrence J. Gitman, et al
2. 17.2 Accounting: More than Numbers
  Lawrence J. Gitman, et al
3. 17.3 The Accounting Profession
  Lawrence J. Gitman, et al
4. 17.4 Basic Accounting Procedures
  Lawrence J. Gitman, et al
5. 17.5 The Balance Sheet
  Lawrence J. Gitman, et al
6. 17.6 The Income Statement
  Lawrence J. Gitman, et al
7. 17.7 The Statement of Cash Flows
  Lawrence J. Gitman, et al
8. 17.8 Analyzing Financial Statements
  Lawrence J. Gitman, et al
9. 17.9 Trends in Accounting
  Lawrence J. Gitman, et al
10. 17.10 Cases and Problems
  Lawrence J. Gitman, et al
XVIII. Personal Finances
1. 18.1 Where Does Your Money Go?
  [Author removed at request of original publisher], Published by University of Minnesota
2. 18.2 Financial Planning
  [Author removed at request of original publisher], Published by University of Minnesota
3. 18.3 Time Is Money
  [Author removed at request of original publisher], Published by University of Minnesota
4. 18.4 The Financial Planning Process
  [Author removed at request of original publisher], Published by University of Minnesota
5. 18.5 A House Is Not a Piggy Bank: A Few Lessons from the Subprime Crisis
  [Author removed at request of original publisher], Published by University of Minnesota
6. 18.6 Cases and Problems
  [Author removed at request of original publisher], Published by University of Minnesota
XIX. Managing Information and Technology
1. 19.1 Data versus Information
  [Author removed at request of original publisher], Published by University of Minnesota
2. 19.2 Managing Data
  [Author removed at request of original publisher], Published by University of Minnesota
3. 19.3 Types of Information Systems
  [Author removed at request of original publisher], Published by University of Minnesota
4. 19.4 Computer Networks and Cloud Computing
  [Author removed at request of original publisher], Published by University of Minnesota
5. 19.5 Data Communications Networks
  [Author removed at request of original publisher], Published by University of Minnesota
6. 19.6 Security Issues in Electronic Communication
  [Author removed at request of original publisher], Published by University of Minnesota
7. 19.7 Careers in Information Management
  [Author removed at request of original publisher], Published by University of Minnesota
8. 19.8 Cases and Problems
  [Author removed at request of original publisher], Published by University of Minnesota
XX. The Legal and Regulatory Environment of Business
1. 20.1 Law and the Legal System
  [Author removed at request of original publisher], Published by University of Minnesota
2. 20.2 Criminal versus Civil Law
  [Author removed at request of original publisher], Published by University of Minnesota
3. 20.3 Negligence Torts
  [Author removed at request of original publisher], Published by University of Minnesota
4. 20.4 Product Liability
  [Author removed at request of original publisher], Published by University of Minnesota
5. 20.5 Some Principles of Public Law
  [Author removed at request of original publisher], Published by University of Minnesota
6. 20.6 Cases and Problems
  [Author removed at request of original publisher], Published by University of Minnesota
XXI. Professionalism
1. 21.1 Resume
  Bryan Rose
2. 21.2 Email Etiquette
  Bryan Rose
3. 21.3 Making Conversation
  Bryan Rose
4. 21.4 Elevator Pitch & Career Fair (In-Person & Virtual) Prep
  Bryan Rose
5. 21.5 LinkedIn & Handshake
  Bryan Rose
6. 21.6 Interviewing 101
  Bryan Rose
XXII. Mentoring
1. 22.1 An Introduction to Mentorship
  Nicholas Williams and Caitin Burns
2. 22.2 Preparing for Mentorship: Contexts and Spaces
  Nicholas Williams and Caitin Burns
3. 22.3 Understanding Communication Styles in Mentoring Relationships
  Nicholas Williams and Caitin Burns
4. 22.4 Asking the Right Questions
  Nicholas Williams and Caitin Burns
5. 22.5 Showing Up with Authenticity
  Nicholas Williams and Caitin Burns
6. 22.6 The Value of Showing Appreciation and Gratitude
  Nicholas Williams and Caitin Burns
7. 22.7 Closing Out Your Mentorship
  Nicholas Williams and Caitin Burns
8. Additional Training Resources: Mentoring
  Nicholas Williams and Caitin Burns
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Book Information

Book Description

Business Foundations was created for use in Virginia Commonwealth University’s BUSN 201, Foundations of Business. In this course, students study basic foundational concepts of business environments, as well as business functions and practices. The content of this text, and the course, strives to also build awareness of corporate social responsibility and ethical business behavior. The practical application of the concepts gained in this course, and through this text, also assists students in gaining an integrated awareness of business, while practicing analytical skills needed for their advanced business courses and careers. The second edition contains updates for relevancy, plus a new section on Mentoring.

Publication of this book was made possible by the Virginia Commonwealth University Affordable Course Content Awards grant program.

ISBN: 978-1-965417-03-4 (Digital Online)
ISBN: 978-1-965417-04-1 (PDF)
ISBN: 978-1-965417-05-8 (EPUB)

Authors

Holly Jackson, PhD

License

Icon for the Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License

Foundations of Business, 2nd Edition [2025] Copyright © 2025 by Holly Jackson, PhD is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted.

Subject

Business studies: general

Metadata

Title: Foundations of Business, 2nd Edition [2025]
Authors: Holly Jackson, PhD
License: Foundations of Business, 2nd Edition [2025] Copyright © 2025 by Holly Jackson, PhD is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted.
Primary Subject: Business studies: general
Publisher: VCU Libraries
Publisher City: Richmond, VA
Publication Date: May 13, 2025
Digital Object Identifier (DOI): https://doi.org/10.21974/srhz-v880
Ebook ISBN: 978-1-965417-03-4