Business Related Terms Flashcards
learn off common terms and language relating to business (18 cards)
Organisation
An entity with a stated mission, purpose, or objective.
e.g business, non-profit, government, charity
Social Enterprise
A business that focuses on a social goal as well as, if not equally on profit
Private (organisation)
Managed by individuals or a group, but not by the government
Public (organisation)
Managed by government
NGO
Non Governmental Organisation
- typically independent nonprofit organization, though may receive funding from government or corporate sources.
-often focus on humanitarian or social issues
Job Description
A written explanation outlining essential responsibilities and requirements for a specific job/vacancy
Job Advertisement
An informative text that informs people of a specific vacancy/interest in hiring.
Explains details for potential applicants e.g. role summary, location, required qualifications, contact info
Shortlisting
Process of identifying candidates that best meet the job criteria and who will move forward in the process
Interviews
a formal meeting usually held to discuss and evaluate qualifications/suitability for a job or opportunity
SWOT Analysis
An analysation tool
- Strengths
- Weaknesses
- Opportunities
- Threats
Recruitment Process
The overall process of viewing, applying, interviewing, hiring etc for a job
CV
A document which provides a hiring manager with previous education/experience and how one’s skill set aligns with a role
Cover letter
a concise, personal introductory letter that accompanies a CV. Providing an overview of your interest in the position and highlights personal strengths.
Entrepreneur
A person who spots a gap in the market and creates a business or product using their own original idea.
- Intuitive, resilient, persuasive
Triple Bottom Line
A sustainability framework providing 3 criteria for businesses to follow in order to operate sustainably
- “The 3 Ps”
PEOPLE, PLANET , PROFIT
Social Sustainability
(i) Ensuring that people’s basic needs and rights are met.
(ii) Fostering well-being, equality, and strong communities.
- Fair wages and safe working conditions in companies to support workers’ quality of life.
-Investment in education and healthcare to improve long-term societal development.
Environmental Sustainability
Protecting natural resources and ecosystems to ensure a healthy planet and environment.
- Use of renewable energy sources like solar + wind power to reduce carbon emissions.
- Sustainable farming practices that conserve soil and water without harming biodiversity.
Economic Sustainability
Economic systems that support long-term growth
-Partnerships with local businesses to support regional economy and economic growth
- Circular economy business model to reduce waste + enhance resource efficiency.
