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Chapter 1 - People in Business, https://youtu.be/UAZXFELMd2w - Coggle…
Chapter 1 - People in Business
Stakeholders
: A stakeholder is a person who affected by the actions, objectives and the policies of the business
Employer
An employer hires employees to work for them and pays them a wage or salary in return.
Employee
An employee works for their employer in return for a wage
Consumer
A consumer is a person who buys good or services sold by a business for their own personal use.
Supplier
A supplier sells finished goods or partly finished goods to a business
Service Provider
A service provider offers important services that businesses need to run their operations.
Government
The government sets laws and rules for businesses that operate in Ireland.
Manager
A Manager can decide to hire someone to run the business for them. A maager arranges the business's resources
Investor
An investor gives the entrpreneur money, called capital, so they can invest in the business to help it succeed.
Entrepreneur
An Entrepreneur is someone who spots a gap in the market, takes personal and financial risk, and sets up a business. They can either make a profit or a loss, depending on how successful their enterprise is.
Local Community
The local community can provide employment for a business.
Interest Groups
Interest groups are a group of people who meet and campaign for a common goal. They use a variety of techniques to campaign to influence decision makers. (IFA,TUI)*
https://www.rte.ie/news/ireland/2019/0516/1049797-beef-farmers/
Types of Relationships
Competitive Relationship
: This exist when one stakeholder benefits at the other party's expense. It is a win lose relationship. Example: Investor and Entrepreneur
**Co-Operative Relationships: This exists when stakeholders work together towards a common goal FOR THEIR MUTUAL BENEFIT. It is a win-win relationship. Example: Purchasing Manager and Supplier
https://www.youtube.com/watch?v=tZGol4xtY3g
https://youtu.be/UAZXFELMd2w