Many experts now include knowledge as a fifth factor, acknowledging its key role in business success.
This section demonstrates how much the world has changed, which is why I find it so fascinating. Success used to mostly depend on material possessions like land or machinery, but these days it's more about people's knowledge, ideas, and technological prowess.
Federal agencies play a significant role in business operations. When Pfizer wants to bring a new medication for heart disease to market, it must follow the procedures set by the Food and Drug Administration for testing and clinical trials and secure FDA approval. Before issuing stock, Pfizer must register the securities with the Securities and Exchange Commission. The Federal Trade Commission will penalize Pfizer if its advertisements promoting the drug’s benefits are misleading. These are just a few ways the political and legal environment affect business decisions.
Do you believe that government regulations more often aid in the growth of businesses or hinder them with restrictions, even though they can occasionally create opportunities (such as the Telecommunications Act of 1996 increasing competition)?
Government is our largest and most pervasive not-for-profit group. In addition, more than 1.5 million nongovernmental not-for-profit entities operate in the United States today and contribute more than $900 billion annually to the U.S. economy.3
The fact that nonprofit organizations make over $900 billion in annual contributions to the US economy intrigued me. That demonstrates that they have a significant financial impact in addition to helping people socially, much like traditional businesses.