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Chapter 1: People in Business, Boycotting: Refuse to buy good or services,…

- - - - Person who spots a gap in the market, comes up with an idea that can be turned into a business. Takes financial and personal risks when setting up a business. Hopes to earn profit
    - - People or organisations that provide the entrepreneur with the capital (money) needed to establish and operate the business.
        Type of capital include
        
        Loan Capital
        
        Takes out loan from a lender such as a bank, borrowed money must be paid back with interest
        
        Grant
        
        Money given to a business by agencies such as a Local Enterprise Office (LEO)
        
        Equity Capital
        
        Money invested in a business by individuals or other businesses. These investors become part-owners and are entitled to dividends
        E.G Founders of innocent drinks received €280,000 from a private investor
    - - An employer recruits staff to enable the organisation to carry out its business, THey are responsible for providing safe working conditions for employees, paying weekly wages or salaries
        E.G Aer Lingus employs pilots to fly planes. Pilots receive a salary
        Centra workers receive a wage
    - - Recruited by the employer to work in the business in return for a wage/salary.
        E.G Google has many employees for different roles, admin staff, engineers and software programmers
    - - A producer takes raw materials and transforms them during the manufacturing process into finished products.
        E.G Butlers Chocolates, uses milk, sugar and cocoa
    - - People who buy goods and services for their personal use, The entrepreneur carries out market research to find out likes and dislikes. Ensures needs are satisfied.
        E.G Purchasing any sort of ticket for any events or holidays
    - - Responsible for the day-to-day running of the business and ensures that the firm achieves its goals. Skills such as leading an communicating to manager employees and interact with other stakeholders.
    - - Firms that provide raw materials to the business.
        E.G Suppliers from countries such as Honduras and Costa Rica provide Innocent Drinks with the fruits needed to make their juices and smoothies
    - - A service provides services. Service Providers tend to operate in the services/tertiary sector of the economy,
        E.G Banks & Insurance firms
    - - Govern the country, imposes taxes on businesses, i.e Corporation tax. Taxes are used to invest in infrastructure
        E.G Schools, Healthcare & Bike sheds.
        Some agencies provide financial support to entrepreneurs
        E.G Enterprise Ireland and the Local Enterprise Office LEO
    - - Individuals, households and organisations that are located close to the business. A CSR (Corporate and Social Responsibility) strategy to ensure that they behave in a responsible manner towards the local community.
        E.G Kenco Coffee provide training to young people at risk of falling into a gang life
- - - - Represent interests of business owners
        
        IBEC (Irish Business and Employer's Confederation)
        
        Aims to influence decision-makers such as governments, sceity and the EU on issues affecting its members.
        E.G Taxation and Transport
        ALso provides advice and support to its members in areas such as industrial relations
        
        ISME (Irish Small and Mediums Enterprises Association)
        
        Represents the views os small and medium-sized business owners in ireland. It lobbies on issues affecting its members.
        E.G The impact on business if the government raises the minimum wage