Page 65 - Introduction to Business

CHAPTER 1 What Is Business? 39

obstacles and pursue transparent policies that encourage foreign investment and
competition.
The IT revolution has barely started, yet its impact is being felt globally. Unlike
changes brought about by such technological revolutions as electricity and the rail-
road, which took decades to spread around the globe, the IT revolution has been
almost instantaneous. This reinforces the fact that IT and globalization are closely
related. By reducing communications costs, IT has helped to globalize production
and has encouraged a freer flow of goods and services, including capital, across
national boundaries. In fact, IT acts as a catalyst in the globalization process by
bringing down operating costs.
Internet and related technologies make many societies (especially political
authorities in such societies as China, Central Asia, and the Middle East) uneasy.
Political authorities in some societies, especially in nondemocratic ones, wonder if
uncensored information from countries abroad will corrupt local cultures and
bring about social and political instability. Advances in communications technol-
ogy could also shift the balance of power between ordinary people and their gov-
ernment and make dissent and tax avoidance safer. Internet-related communica-
tions help make societies and corporations less hierarchical because of greater
access to everyone concerned. However, it is unlikely that Internet and related
technologies will remain or even thrive completely free of government interference.
Most people like what modern technology has to offer. Developing countries are
now making the same transition that the United States, Europe, and Japan made
earlier, only they’re making it faster and cheaper. In the transition period, this could
cause political strain, especially in nondemocratic societies. Failure to adapt is
bound to hurt some countries more than others. As current technologies get
cheaper, they will spread the world over. While some governments will hold their
countries back, the vast majority will move them forward. 16

reality How has the Internet changed your daily life?
CH ECK

Careers in Business

Just as the study of business is fascinating, so are careers in business, and they are
as varied as the topics of study and as rewarding as the study itself. Successful com-
pletion of an undergraduate degree in business opens up a world of challenges and
opportunities for motivated graduates. Careers in business are well-paying, espe-
cially in countries that practice the free enterprise system. Professional opportuni-
ties for business graduates occur in the private sector and in the public and not-for-
profit sectors of an economy.
In the private sector, careers can be developed in publicly held corporations, in
privately held businesses, or in small businesses as an entrepreneur. In the public
and not-for-profit sectors, career opportunities exist in federal, state, and local gov-
ernment agencies; in not-for-profit organizations or nongovernmental organiza-
tions (NGOs); and in colleges and universities. As you can see, business careers span
the whole spectrum—domestic and international as well as public and private. Yet,
for those of you who are enterprising and those who crave personal and financial
freedom, starting a small business with all its challenges may provide you with the
greatest chance for fulfilling the dream of doing what you want and achieving finan-
cial independence. Whatever the dream, starting your own business, one that meets
your long-term goals and consumer demand, calls for hard work and dedication.

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