ABSTRACT
Business created and managed by people, not by forces – The fallacy of ‘profit maximization’ – Profit the objective condition of economic activity, not its rationale – The purpose of a business: to create a customer – The two entrepreneurial functions: marketing and innovation – Marketing not a specialized activity – The General Electric solution – The enterprise as the organ of economic growth – The productive utilization of all wealth-producing resources – What is productive labour? – Time, product mix, process mix and organization structure as factors in productivity – The function of profit – How much profit is required? – Business management a rational activity.
