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(Entrepreneur (An entrepreneur is a person who spots a gap in the market…
Entrepreneur
An entrepreneur is a person who spots a gap in the market and comes up with and idea that they can turn into a business. An entrepreneur takes financial and personal risks when setting up a business. they hope to earn a profit from their successful business idea.
Producer
A producer takes raw materials and transforms them during manufacturing process into finishing products.
Employer
An employer recruits staff to enable the organisation to carry out it's business. They are responsible for providing safe working conditions for employees and paying the agreed wage for work done.
Investor
Investors are the people or organisations that provide the entrepreneur with the capital needed to establish and operate the business.
Employee
Employees are recruited by the employer to work in the business in return for a wage. Employees have the skills and qualifications needed to operate the business successfully.
Consumer
Consumers are people who buy goods and services for their personal use. The entrepreneurs uses market research to find out consumers' likes and dislikes. This ensures that consumers can buy goods and services that satisfy their needs.
Supplier
Suppliers are firms that provide raw materials to the business. The supplier provides raw materials needed by the business to fulfil it's orders.
Service provider
A service provider provides services needed by the businesses to operate successfully. Service providers tend to operate in the services/tertiary sector of the economy example: bank
Government
The government is the body of the people that govern the country. it imposes taxes on businesses example: corporation tax. These taxes are used to invest in infrastructure example: schools and healthcare. Some government agencies provide financial support to entrepreneurs example: enterprise Ireland.
Manager
A manager is responsible for the day to day running of the business and ensures that the firm achieves it's goals. Managers use skills such as leading and communication 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 [corporate and social responsibility] strategy to ensure that they behave in a responsible manner towards the local community.