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Stakeholders - Coggle Diagram
Stakeholders
Investor
Investors are the people or organisations that provide the entrepreneur with the capital needed to establish and operate the business
Loan Capital - Take out loan from a lender such as a bank . The amount of money borrowed must be repaid with interest within an agreed period of time.
Grant - Money given to a business by a state agency . The grant does not have to repaid, as long as the receiver meets certain conditions. EX- Local Enterprise Office
Equity Capital - Money invested into the business by individuals or other businesses. These investors become part-owners of the firm and are entitled to a share of the firms profits, known as dividends.
Service Provider
A service provider provides services needed by the business to operate successfully. Service providers tend to operate in the services / tertiary sector of the economy EX - Banks
Government
The government is the body of people that govern the country. It imposes taxes on businesses, eg corporation tax. These taxes are used to invest in infrastructure eg schools and healthcare.
Some government agencies provide financial support to entrepreneurs.
Supplier
Suppliers are firms that provide raw materials to the business.The supplier provides raw materials needed by the business to fulfil its orders.
Manager
A manager is responsible for the day-to-day running of the business and ensures that the firm achieves its goal. Managers use skills such as leading and communicating to manage employees and interact with other stakeholders.
Local Community
The local community consists of individuals, households and organisations that are located close to the business. Many firms have developed a CSR strategy to ensure that they behave in a responsible manner towards the local community.
Consumer
Consumers are people who buy goods and services for their personal use. The entrepreneur uses market research to find out consumers' likes and dislikes. This ensures that consumers can buy goods and services that satisfy their needs.
Employer
An employer recruits staff to enable the organization to carry out its business. They are responsible for providing safe working conditions for employees and paying the agreed wage / salary for work done.
Producer
A producer takes raw materials and transforms them during the manufacturing process into finished products.
Entrepreneur
An entrepreneur is a person who spots a gap in the market and comes up with an idea that they can turn into a business. They take a personal and financial risk. Hope to earn a profit. Use the 4 factors of production to establish the business.
Employee
Employees are recruited by the employer to work in the business in return for a wage / salary.
Employees have the skills and qualifications needed to operate the business successfully.