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Business > Ch 1. People in Business > Flashcards

Ch 1. People in Business Flashcards

0
Q

Commercial business

A

Provide goods and services to make a profit for the owners

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1
Q

A business

A
  • Any organisation set up to provide goods and services

- Can be commercial or non-commercial

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2
Q

Non-commercial businesses

A
  • Not for profit

- Exist to meet needs other than making a profit

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3
Q

Stakeholders

A
  • Different groups of people who are directly affected by how a business is run
  • Include
    • Entrepreneurs
    • Investors
    • Employees
    • Managers
    • Producers
    • Customers
    • Suppliers
    • Government
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4
Q

Entrepreneurs

A

People who take the initiative to turn an idea into a business

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5
Q

Investors

A

People who provide a business with the finance it needs

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6
Q

Where does investors finance come from

A
  • Owners capital
  • Loan capital
  • Grants
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7
Q

Owners’ capital / Equity capital

A
  • Money invested by people or companies

- In return they become part owners of the business and are entitled to a share in future profits

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8
Q

Loan capital

A
  • Finance from banks or other lenders

- Has to be repaid within a certain period of time

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9
Q

Grants

A
  • A gift of money that does not have to be repaid as long as certain conditions are met, such as a certain number of new jobs
  • Provided by State agencies
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10
Q

Relationship between Entrepreneurs and Investors

A
  • Need each other
  • Entrepreneur needs Investor to provide finance to start and grow a business
  • Investor needs Entrepreneur to establish a successful business that will generate a profit
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11
Q

Employers

A

Recruit staff to work for them

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12
Q

Employers rights

A
  • Recruiting employees when needed
  • Directing employees to perform the work required
  • Dismissing employees fairly (Unfair Dismissals Act 1977 to 2007
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13
Q

Employers responsibilities

A
  • Providing written contract of employment
  • Paying agreed wages
  • Provide safe working conditions
  • Complying with employment laws
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14
Q

Employees

A

Recruited by businesses to assist in the business in return for a wage

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15
Q

Employees rights

A
  • Receiving a written contract of employment
  • Being paid agreed wage
  • Work in a safe and healthy workplace
  • Freedom to join a trade union
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16
Q

Employees responsibilities

A
  • Following reasonable and legal
    instructions
  • Doing a fair days work for a fair days pay
  • Being honest and loyal in their work
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17
Q

Managers

A

People responsible for running the business and achieving it’s goals

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18
Q

Managers skills

A
  • Leadership
  • Motivation
  • Communication
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19
Q

Managers activities

A
  • Planning
  • Organising
  • Controlling
20
Q

Producers

A

Businesses that make products to sell to customers

21
Q

Suppliers

A

Businesses that supply the raw materials needed by the producer

22
Q

Service providers

A

Businesses that supply the services needed by a business

23
Q

Customers

A

People who purchase goods from a business for their own use or for resale to others

24
Q

Consumers

A

Customers who buy goods and services purely for their own use, not for resale

25
Q

Society

A
  • Both the local community where business is located and the wider society
  • Bore nationally and globally
26
Q

Government

A
  • Local and national authorities that set the rules and regulations by which a business must operate
27
Q

What the government wants businesses to do

A
  • Provide jobs
  • Pay taxes
  • Obey the law
28
Q

Interest groups

A

Organisations representing stakeholders who share a common interest or goal

29
Q

Lobbying

A
  • Deliberate effort by interest groups to influence decision-makers by promoting a particular point of view
  • Requesting meetings
  • Generating media coverage
30
Q

IBEC

A
  • Irish Business and Employers Confederation

- Main organisation representing large and medium sized businesses in Ireland

31
Q

Small Firms Association

A

Speaks for and advises small businesses

32
Q

ISME

A
  • Irish Small & Medium Enterprises

- Speaks for and advises small and medium sized enterprises

33
Q

Chambers of Commerce

A

Protect and promote business located in their area

34
Q

Trade associations

A

Business interest groups that represent businesses involved in similar types of activities

35
Q

Trade unions

A

Organisations that represent the interests of employees in a business on issues concerning pay or conditions of employment

36
Q

ICTU

A
  • Irish Congress of Trade Unions

- Represent interests of all trade unions and their members nationally

37
Q

National Consumer Agency

A
  • State agency

- Ensures consumers are aware of their rights and that legislation protecting consumers is obeyed

38
Q

Consumers Association of Ireland

A

Represents and lobbies on behalf of consumer interests

39
Q

Competitive approach

A
  • Win/Lose relationship
  • Assumes only one party can win
  • Stakeholders must compete to gain a commercial advantage over the other
40
Q

Benefit of competitive approach

A

Suitable for dealing with rival firms

41
Q

Disadvantage of competitive approach

A
  • Unsuitable when dealing with stakeholders

- Damages reputation

42
Q

Co-operate approach

A
  • Win/Win realtionship

- Parties win

43
Q

Conflict

A
  • When the interests of stakeholders are in disagreement

- One party wants to achieve something which is in conflict with what another party wants

44
Q

4 Non legislative ways to resolve conflict

A
  • Talk
  • Negotiate
  • Seek help from a 3rd party
  • Arbitration
45
Q

Negotiating

A
  • Getting all sides in a dispute or conflict to explain their position
  • Understand their differences
  • Then bargain to arrive at a resolution that is acceptable to both sides
46
Q

Arbitration

A
  • Getting a 3rd party to listen to all sides

- Recommend a solution

47
Q

Legislative ways to resolve conflict

A
  • Use a State conflict resolution agency

- Use the law

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