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1.1 Intro to Business Management - Coggle Diagram
1.1 Intro to Business Management
WHAT IS A BUSINESS?
Organization that provides services or/and goods
May or may not be for profit
They satisfy their costumers' needs and desires
BUSINESS SECTORS
Primary: Harvesting of naturally available resources
Secondary: Manufacturing of raw products to finished or component goods
Tertiary: involved with service and retail
Quaternary: consists of intellectual activities or innovation services
FACTORS OF PRODUCTION
Land: the space where the business operates
Labour: the physical or mental efforts that people make to produce
Capital: the amount of money needed to run a business.
Enterprise: the organization and management of the other factors.
ENTREPRENEUR
A person who plans and runs (the head of) a business or businesses while assuming larger financial risks than usual to accomplish so; they also are creative and risk-takers.
INTRAPRENEUR
A manager who supports creative product creation and marketing within a business, they are employees.
STARTING UP
A BUSINESS
Reasons why to...
AUTONOMY
MONEY
FLEXIBILITY
YOU ARE YOUR OWN BOSS
FOLLOW PERSONAL INTERESTS
Steps to...
1- have an idea
2- research
3- business plan
4- business structure
5- legal requirements
BUSINESS
FUNCTIONS
Human Resources: the strategic approach to effectively and efficiently managing people in a business or organization
Finance and Accounts: mainly consist of anticipating by transforming a business plan into a budget or financial model and helping a company to implement its plan.
Marketing: the process of controlling marketing aspects, setting a company's goals, organizing step-by-step plans, making business decisions and executing them to achieve maximum sales by meeting demands consumers
Operations: the field of business concerned with managing business practices to maximize efficiency within an organization