Definitions Flashcards
Stakeholders
People who have an interest in the business don’t need to have invested in the business
Customers, employees etc
Business
A single person or a group of people producing and producing a product. Trading and selling of goods and services in exchange of revenue
Revenu
Profit
Consumer
not buyer, can just be looking/ Buyer is a customer
Product/good
Tangible, spend money to get a physical object in return
Service
In/non tangible , spend money to get a service in return
Capital
What the company owns such as finances, land, factories
Enterprise
The combined abilities of a person, who is often the owner of the business, to create and make a product/service
Entrepreneur
Oxford Deffiniton - A person who sets up a business or business taking on a financial risks in hopes of profit
- Someone who is innovative (they have new ideas and methods)
- Someone who has the motivation to commit to long hours and work through failures
- Have may skills and learns quickly
- Leadership skills and are able to delegate while being able to encourage others
- Risk taker who has money (useful if they have a good reputation)
Someone who is confident with themselves to see things through and not have failures affect them much
Opportunity Costs
The cost or benefit of the next item given up .
National Business
A business which advertise to the a whole country and operates in many places across the country
MNC - International Company
Business which operate in one or more countries and advertise to the countries or the world
Intrapreneurship
Intrapreneurship is the practice of promoting entrepreneurial thinking/behaviour in an existing business within its employees
Stakeholder (BOOK)
Any individual or group who have an interest in the activities of a business, internal or external
Shareholder Concept (BOOK)
Puts owners and investors first. Objectives set to maximise shareholder value
