People In Business Flashcards
Entrepreneur
Person who spots a gap in the market and the initiative to set up a business to make a profit.
Takes a financial and personal risk
Investor
Person who gives capital to entrepreneur to set up and run their business in exchange for a return on investment
Debt capital investor
Lends money and expects to be paid back with interest
Equity finance
Gives capital in return for a share (part ownership) in the business
Employer
person who hires others to work for them.
Gives rewards to employees such as pay, bonus and commission
Employee
Person who works for employer in return for a wage.
Carry out essential tasks.
Intrapreneur
Employees within a business thinking of ideas to make the business more successful
Producer
Business that makes finished products to sell. Take raw materials,manufacture them into a finished product
Consumer
Person who buys a good or services
Provided the entrepreneur with a market for their product thus a profit
Stakeholder
Person who is affected by how a business is run
Manager
Person who runs the business and makes sure it achieves its objectives. Uses resources of business (people,money,equipment) in best possible way to make business successful.
Manager should lead and motivate employees and communicate effectively
Example- chief executive officer of Ryanair: Michael O Leary
Service provider
Business that offers range of helpful supports to entrepreneur
Example: a solicitor: provides entrepreneur with legal advice if they are sued and will defend them in court
Interest group
Organisation of people who come together and campaign for a common goal by pressuring decision makers.
By joining forces they have more power,money and talents so are more likely to be listened to.
Example: Greenpeace-environmental interest group
Cooperative relationship
Parties in business have same objective and work together. This achieves better results
Competitive
One party in the business wants to be more successful. They fight and become rivals
