Unit 1 - People in Business Flashcards
What are Stakeholders?
Stakeholders are individuals and organisations that are affected by the actions of a business.
Entrepreneur
A person who spots a gap in the market and comes up with an idea that they can turn into a business. Eg. Elon Musk
Investor
The people or organisation that provide the entrepreneur with the capital needed to establish and operate the business.
Manager
Responsible for the day-to-day running of the business.
Employee
Recruited by employer to work in the business in return for a wage/salary.
Employer
Recruits staff to enable the organisation to carry out its business. Responsible for providing save working conditions for employees and paying the agreed work done.
Producer
Takes raw materials and transforms them during the manufacturing process into finished products.
Consumer
People who buy goods and services for their personal use.
Supplier
Firms that provide raw materials for the business.
Service Provider
Provides services needed by the business to operate successfully. Eg. AIB Bank.
Local community
Consists of individuals, households and organisations that are located close to the business.
Government
Imposes taxed on the business. Eg. Corporation tax.
What is an Interest Group?
It’s a group of people who meet and campaign for a common goal. These approaches include Lobbying and Boycotting.
Define Lobbying
Involves trying to persuade decision-makers to support laws or rules that give an advantage to your industry or organisation.
Define Boycotting
When consumers refuse to buy goods or services from a business to show their dissatisfaction.
