Pre Revsion Flashcards
Who are the main stakeholders in a business, and what are their interests?
• Entrepreneurs: Create and run businesses, aiming for profits.
• Investors: Provide capital, expecting returns (dividends or profits).
• Employees: Work in the business, seeking fair wages and good working conditions.
• Managers: Oversee operations to meet goals efficiently.
• Suppliers: Provide raw materials or goods, aiming for reliable payments.
• Consumers: Purchase goods or services, seeking quality and value.
• Government: Collects taxes and enforces regulations to ensure fairness and compliance.
• Local Community: Impacted by the business through employment and environmental considerations.
Define the types of relationships in business and explain each.
• Cooperative: Stakeholders work together towards mutual goals (e.g., employees and employers negotiating better working conditions).
• Competitive: Stakeholders act in their own interest, often at others’ expense (e.g., businesses competing for market share).
• Dependent: Stakeholders rely on each other to achieve goals (e.g., a business depending on suppliers for raw materials).
• Dynamic: Relationships constantly change over time, influenced by circumstances (e.g., a cooperative relationship turning competitive).
Provide examples of cooperative and competitive relationships between a business and the local community.
• Cooperative: A business sponsoring local events or charities to support the community.
• Competitive: A business lobbying against community opposition to a new development (e.g., building a factory).
What consumer protections are provided by the Sale of Goods and Supply of Services Act?
• Goods must be of merchantable quality: Fit for their purpose and as described.
• Goods must match their description: If described as “new,” they cannot be second-hand.
• Goods must be fit for purpose: Products should function as intended.
• Services must be provided with due care and skill: Performed by qualified individuals using quality materials.
What does the Office of the Ombudsman do for consumers?
The Ombudsman investigates complaints from the public about public sector bodies (e.g., government departments, local authorities). Protections include:
• Free complaint resolution.
• Fair and impartial investigations.
• Recommendations for corrective action.
What are the three ways employees can negotiate with employers?
• Individual Bargaining: Negotiation between an individual employee and employer.
• Collective Bargaining: Negotiation between a group of employees (often represented by a union) and the employer.
• State Intervention: Involvement of a third party (e.g., the WRC) to resolve disputes.
What protections does the Unfair Dismissals Act provide to employees?
• Prevents unfair dismissal: Employees cannot be dismissed without valid reasons (e.g., misconduct, redundancy).
• Fair procedures: Dismissal must follow proper procedures (e.g., warnings, investigations).
• Appeals process: Employees can appeal unfair dismissals through the WRC.
What protections does the Employment Equality Act provide?
The Act prohibits discrimination in the workplace based on nine grounds: gender, marital status, family status, age, disability, sexual orientation, race, religion, and membership of the Traveller community. Employers must ensure equal pay and opportunities.
How does the Workplace Relations Commission (WRC) assist employees and employers?
• Dispute resolution: Provides mediation and conciliation services.
• Adjudication: Hears cases on employment rights violations.
• Inspections: Ensures compliance with employment laws.
• Advice: Offers guidance on workplace legislation.
What skills and characteristics are important for an entrepreneur?
Skills:
• Decision-making: Ability to make informed, timely decisions.
• Interpersonal skills: Effectively communicating and working with others.
• Time management: Prioritizing tasks to maximize efficiency.
• Risk management: Identifying, assessing, and minimizing risks.
• Financial management: Budgeting, managing cash flow, and securing funding.
Characteristics:
• Proactive: Taking initiative to identify and act on opportunities.
• Innovative: Developing creative ideas, products, or services.
• Resilient: Remaining determined and persistent in the face of challenges.
• Ambitious: Setting and striving to achieve high goals.
• Confident: Believing in one’s abilities and decisions.
What is an intrapreneur, and how do they differ from an entrepreneur?
An intrapreneur is an employee who demonstrates entrepreneurial skills within a business by innovating and developing new ideas, products, or processes for the company.
• Unlike entrepreneurs, intrapreneurs do not own the business but act as leaders or problem-solvers within the organization.
What factors encourage workers to transition into entrepreneurship?
• Redundancy: Losing a job motivates individuals to start their own business.
• Dislike for current job: Seeking independence and control over their work.
• Recognition of a market gap: Identifying an opportunity to provide a unique product or service.
• Financial incentives: Desire for higher income potential.
• Government support: Grants, training programs, or tax incentives for startups.
Describe the different leadership styles.
• Autocratic: The leader makes all decisions without input from others. Suitable for urgent or high-risk situations.
• Democratic: Decisions are made collaboratively, with input from employees. Encourages creativity and teamwork.
• Laissez-faire: Minimal involvement from the leader, giving employees full control over their work. Works well with highly skilled, motivated teams.
Explain Maslow’s Hierarchy of Needs and how it relates to motivation.
Maslow’s theory suggests individuals are motivated by five levels of needs:
1. Physiological: Basic needs like food, water, and shelter.
2. Safety: Security in employment, income, and personal safety.
3. Social: Relationships, belonging, and teamwork.
4. Esteem: Recognition, respect, and personal achievement.
5. Self-actualization: Reaching one’s full potential and pursuing personal growth.
What are common barriers to effective communication?
• Language barriers: Use of jargon or technical terms.
• Lack of feedback: Misunderstandings due to unclear responses.
• Information overload: Too much information at once.
• Distractions: Noise or interruptions during communication.
• Attitudinal barriers: Lack of trust, prejudice, or negative attitudes.
What does the Data Protection Commission (DPC) do?
The DPC ensures compliance with data protection laws, including GDPR.
• Protects personal data: Ensures it is processed fairly and securely.
• Investigates breaches: Handles complaints about data misuse.
• Enforces penalties: Fines for non-compliance with data protection regulations.
• Provides guidance: Helps organizations comply with legal obligations.
Define planning in a business context.
Planning is the process of setting specific objectives and outlining steps to achieve them, ensuring resources are used effectively to meet goals.
What does SMART stand for in the context of planning?
SMART stands for:
• Specific: Goals should be clear and well-defined.
• Measurable: Progress should be trackable.
• Achievable: Goals must be realistic and attainable.
• Relevant: Objectives should align with overall business goals.
• Time-bound: Goals should have a specific deadline.
Explain SWOT analysis and its components.
SWOT analysis is a strategic tool used to evaluate a business’s position by analyzing:
• Strengths: Internal advantages (e.g., skilled staff, strong brand).
• Weaknesses: Internal disadvantages (e.g., poor financial resources).
• Opportunities: External chances to grow or improve (e.g., new markets).
• Threats: External challenges (e.g., competition, economic downturns).
What skills and characteristics are important for an entrepreneur?
Skills:
• Decision-making: Ability to make informed, timely decisions.
• Interpersonal skills: Effectively communicating and working with others.
• Time management: Prioritizing tasks to maximize efficiency.
• Risk management: Identifying, assessing, and minimizing risks.
• Financial management: Budgeting, managing cash flow, and securing funding.
Characteristics:
• Proactive: Taking initiative to identify and act on opportunities.
• Innovative: Developing creative ideas, products, or services.
• Resilient: Remaining determined and persistent in the face of challenges.
• Ambitious: Setting and striving to achieve high goals.
• Confident: Believing in one’s abilities and decisions.
What is an intrapreneur, and how do they differ from an entrepreneur?
An intrapreneur is an employee who demonstrates entrepreneurial skills within a business by innovating and developing new ideas, products, or processes for the company.
• Unlike entrepreneurs, intrapreneurs do not own the business but act as leaders or problem-solvers within the organization.
What factors encourage workers to transition into entrepreneurship?
• Redundancy: Losing a job motivates individuals to start their own business.
• Dislike for current job: Seeking independence and control over their work.
• Recognition of a market gap: Identifying an opportunity to provide a unique product or service.
• Financial incentives: Desire for higher income potential.
• Government support: Grants, training programs, or tax incentives for startups.
Describe the different leadership styles.
• Autocratic: The leader makes all decisions without input from others. Suitable for urgent or high-risk situations.
• Democratic: Decisions are made collaboratively, with input from employees. Encourages creativity and teamwork.
• Laissez-faire: Minimal involvement from the leader, giving employees full control over their work. Works well with highly skilled, motivated teams.
Explain Maslow’s Hierarchy of Needs and how it relates to motivation.
Maslow’s theory suggests individuals are motivated by five levels of needs:
1. Physiological: Basic needs like food, water, and shelter.
2. Safety: Security in employment, income, and personal safety.
3. Social: Relationships, belonging, and teamwork.
4. Esteem: Recognition, respect, and personal achievement.
5. Self-actualization: Reaching one’s full potential and pursuing personal growth.
What are common barriers to effective communication?
• Language barriers: Use of jargon or technical terms.
• Lack of feedback: Misunderstandings due to unclear responses.
• Information overload: Too much information at once.
• Distractions: Noise or interruptions during communication.
• Attitudinal barriers: Lack of trust, prejudice, or negative attitudes.
What does the Data Protection Commission (DPC) do?
The DPC ensures compliance with data protection laws, including GDPR.
• Protects personal data: Ensures it is processed fairly and securely.
• Investigates breaches: Handles complaints about data misuse.
• Enforces penalties: Fines for non-compliance with data protection regulations.
• Provides guidance: Helps organizations comply with legal obligations.
