General, Entrepreneurship, & Māori Business Concepts Flashcards
What are stakeholders?
Stakeholders are individuals or groups that have an interest in or are affected by the actions, decisions, and policies of a business or organization. This includes employees, customers, investors, suppliers, community members, and government entities. Stakeholders can influence or be influenced by the organization’s performance and outcomes.
What is an entrepreneur?
An entrepreneur is an individual who identifies a business opportunity, takes the initiative to create and manage a new venture, and assumes the associated risks in order to make a profit. Entrepreneurs often innovate by developing new products or services, and they play a vital role in driving economic growth and job creation.
What is business activity?
Business activity refers to any action or operation undertaken by a business to produce goods or services, generate revenue, or achieve its objectives. This includes a wide range of activities, such as manufacturing, marketing, sales, finance, customer service, and management. Business activities are essential for the overall functioning and success of a company.
What are the differences between product and service businesses?
The main difference between service and product businesses is that product businesses sell tangible goods that customers can own, while service businesses offer intangible services that cannot be physically possessed. Additionally, products are typically produced and stored for later sale, whereas services are often delivered and consumed simultaneously, leading to variability in quality and customer experience.
What does whanaungatanga mean?
In business, whanaungatanga refers to building strong, trusting relationships among employees, stakeholders, and the community. It emphasizes collaboration and mutual support, fostering a positive work environment that values both individual contributions and collective goals.
What does manaakitanga mean?
Manaakitanga is a Māori concept that embodies hospitality, care, respect, and support for others. It emphasizes the importance of looking after guests, communities, and the environment, fostering a sense of belonging and connection. In both personal and business contexts, manaakitanga promotes kindness, generosity, and the responsibility to nurture relationships, enhancing well-being and mutual respect.
What does putake mean?
In a business context, pūtake refers to the underlying reasons or origins of issues, challenges, or decisions. Understanding the pūtake helps organizations identify root causes and influences, enabling them to address problems effectively and make informed decisions.
What does turanga mean?
In a business context, turanga refers to an individual’s role or position within an organization, emphasizing the importance of understanding one’s responsibilities and contributions to the company’s goals.
What does tikanga mean?
Tikanga refers to the customs and values that guide behavior in Māori culture. In business, it emphasizes ethical standards and cultural protocols that ensure respectful interactions and decision-making.
What does kaitiakitanga mean?
Kaitiakitanga is a Māori concept that refers to guardianship and protection of the environment and natural resources. In a business context, it emphasizes sustainable practices and responsibility towards ecological wellbeing, encouraging organizations to consider the impact of their actions on the environment and to act as stewards for future generations.
What does rangatiratanga mean?
Rangatiratanga is a Māori term that signifies leadership, authority, and self-determination. In a business context, it emphasizes the importance of empowering individuals and communities to take control of their own affairs, make decisions, and exercise their rights. It encourages leaders to act with integrity and responsibility while fostering an environment of collaboration and respect.
What does ethics mean?
Ethics refers to a set of principles and moral values that guide individuals and organizations in determining right from wrong and making decisions. In a business context, ethics involves ensuring that actions and practices align with standards of fairness, integrity, and social responsibility, promoting trust and accountability among stakeholders.
What is corporate social responsibility?
Corporate Social Responsibility (CSR) is a business approach where companies take responsibility for their impact on society and the environment. This includes actions like supporting community projects, practicing sustainability, and ensuring fair labor practices, aiming to create positive change while improving their reputation.
What are 3 examples of successful entrepreneurs and what characteristics made them successful?
Having the ability to think ahead, good initiative, drive, determination, decisiveness, innovation, networking skills, taking leadership, planning, taking risks, and being creative.
