Please enable JavaScript.
Coggle requires JavaScript to display documents.
1.1 INTRODUCTION TO BUSINESS MANAGEMENT (Role of the entrepreneur…
1.1 INTRODUCTION TO BUSINESS MANAGEMENT
Definition: any organisation that uses resources to meet the needs of customers by providing a product or service that they demand.
The role of business is to provide:
capital goods
consumer services
consumer goods
Economic sectors:
Primary sector
extract natural resources
Secondary sector
manufacture and process products from natural resources
Tertiary sector
provide services
Quaternary sector
focused on information technology (IT)
Business inputs:
Land
Labour
Capital
Enterprise
Businesses functional departments:
Human resource management
Finance and accounts
Marketing
Operation management
Role of the entrepreneur
Innovative
Commitment and self-motivation
Multi-skilled
Leadership skills
Belief in oneself
Risk-taker
Impact of enterprise
Economic growth
Employment creation
Firms' survival and growth
Innovation and technological change
Steps in starting business/enterprise
Sourcing capital
Determining a location
Building a customer base
Problems faced by start-ups
Competition
Lack of record-keeping
Lack of finance and working capital
Poor management skills
Changes in the business environement