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Global Change: The Impact of Business on Economies and Societies

Businesses are the hallmark of human innovation, and in many cases serve as the cornerstones of our economies and societies. But having ambition alone isn't enough for an innovative idea to become a successful business. It needs people like you, who understand the importance of developing the necessary skills, to turn an idea into real and meaningful contributions.

Powering economies: Jobs and growth

Businesses play a key role in driving job growth. This spans a wide range of industries, from local shops and restaurants to multinational corporations with workforces spanning the globe. This diversity in business size and scope contributes significantly to overall employment opportunities.

Small businesses have a big impact
The majority of businesses in the United States are classified as small. According to the Small Business Administration, over the past 25 years, small businesses have contributed to the generation of 12.9 million new jobs, accounting for roughly two out of every three jobs added to the economy.

Medium-sized businesses focus on attracting talent
Sometimes referred to as mid-market enterprises, these businesses employ larger numbers of people and are often more specialized. According to a 2023 mid-sized business report from Bank of America, 75 percent of these enterprises plan to expand their operations. Many are offering competitive benefits to attract talent, including increased salaries, enhanced retirement plans, and additional paid time off.  

Large enterprises and the power of scale
Businesses with 500 or more employees are commonly considered large enterprises, expanding their operations into international markets. While they represent less than 0.5 percent of U.S. companies, census data compiled and analyzed by marketing firm Paradoxes reveals these entities employ roughly 22 percent of the U.S. workforce.

Innovation: Driving progress in business

Businesses serve as hubs of innovation, continuously striving for novel solutions, pioneering cutting-edge products, and enhancing operational efficiency. This relentless pursuit not only boosts productivity and competitiveness but also drives economic progress. Through substantial investments in research and development (R&D), technology, and talent development, businesses propel not only their growth but also stimulate broader economic expansion.

According to a Gallup poll surveying top executives and experts, fostering talent, effective management, cultivating positive relationships, and appointing strong leadership emerge as crucial factors in business success.

Beyond profits: Social responsibility

Businesses are increasingly embracing Corporate Social Responsibility (CSR) initiatives, prioritizing sustainable practices and community engagement. This shift towards social responsibility benefits both the company and society, going beyond profits to include environmental, social, and economic factors.

  • Human rights responsibility: Ensuring ethical treatment of people in operations and supply chain, including fair labor practices and safe working conditions.
  • Economic responsibility: Focus on sustainable business operations, including efficient production, ethical practices with stakeholders, and contributing to community economic development.
  • Environmental responsibility: Minimize negative impact by reducing pollution, decreasing greenhouse gas emissions, and conserving natural resources.
  • Philanthropic responsibility: Companies support causes they care about through funding educational programs, health initiatives, charities, or community projects. 

Learn the skills needed to succeed in business with OHIO Online

Earning a Bachelor of Business degree online allows individuals to not only gain a comprehensive understanding of this global impact but also actively contribute to it.

OHIO offers the #1 Online Bachelor of Science in Business (BSB) degree program in the state according to U.S. News & World Report. This program is perfect for working adults seeking to advance their careers in business.

A flexible online format with asynchronous coursework allows you to manage your studies around your busy schedule. You can even choose your start term (fall, spring, or summer) for maximum convenience.

Why choose Ohio University's online business program?

  • AACSB-Accredited: Regarded as the gold standard among business schools, our program offers a respected degree that equips you for a wide array of business careers.
  • Specialization options: Develop expertise in areas like marketing, human resources, supply chain management, or project management.
  • Global business focus: Gain the skills needed to thrive in today's international marketplace.
  • Transfer-Friendly: We accept credits from previous college coursework.
  • Affordable tuition: Pursue your degree at an affordable cost.
  • Ranked as the best value public university by Newsweek: Receive a high-quality education from a trusted institution recognized for its exceptional learning experience. 

Turn your passion for business into action for progress

Pursuing a Bachelor of Business degree online is a valuable opportunity to not only begin or advance your career but also become an agent of positive change. By understanding the impact of business, you can leverage your skills and knowledge to create a more sustainable and inclusive future.

Online education empowers you to join a network of business leaders and innovators who are shaping the world we live in. Learn more about Ohio University‚Äôs Online Bachelor of Science in Business program and discover how it can help you turn your dedication and passion into a reality.

Published
April 25, 2024
Author
Staff reports