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Introduction to BM - Coggle Diagram
Introduction to BM
Introduction to business management
Sectors
Primary
Raw materials
Secondary
Business engaged in manufacturing
Tertiary
Focused on providing services
Quaternary
Business engaged on the creation
or sharing of knowledege
Reasons for starting a business
To be your own boss
Money
Family tradition
Challenges
Business functions and roles
Human resources
Finance and accounts
Marketing
Operations
The role of business
Provide goods and services
Types of organizations
For profit
Features
Sole traders
Advantages
Owner has complete control
Desicion making is quick
Flexibility
Disadvantages
Unlimited liability
Finance is limited
Added workload
Partnerships
Advantages
More finance
Benefit from having a lot of ideas
Disadvantages
Disagreements or conflicts
Profit must be shared
Companies
Types
Cooperatives
Microfinance providers
Public private partnerships
Non profit
Types
NGO´S
Charities
Differences
Private
Comercial
Public
Usually regional or govermental
Entrepeneur
Someone willing to take the financial risk
Brings together the factors of production
Skill set
Problems that a new
business might face
Planing
Poor market research
Finance
Limited budget
Marketing
Since there is limited
budget they might not
use it for marketing
Intrapeneur
Someone who develops new products
They give the company competitive level