semester 1 final: part 1 Flashcards
Human resources
the business function that handles all aspects related to the workforce. They are in charge of recruitment, training, etc.
Finance and accounts
business function that ensures the business has sufficient funds to conduct its daily operations
Marketing
is the business function that identifies the needs and wants of the customers and provides ways to meet those requirements
Operations and management
is the business function that makes the goods and provides services from their resources. They are in charge of ensuring that they meet deadlines, quality standards, etc.
Primary sector
the business sector involved with extracting natural resources
Secondary sector
the business sector involved with the manufacturing or construction of finished products
Tertiary sector
the business sector involved with providing services to customers
Quaternary sector
the business activity involved with the creation or sharing of knowledge/info using digital technologies
Entrepreneurs
are people who run their own business, they are able to take risks
Intrapreneurs
employees who take initiative on implementing growth strategies in order for the business to thrive and remain competitive
Problems faced by startups
lack of finance, limited HR, long hours, etc.
Significance of a business plan
to grow, organize, make informed decisions, and secure sources of finance for your business
Private sector
Businesses owned and run by private individuals/organizations that aim to earn a profit. EX: sole traders, partnerships, and limited liability companies
Public sector
Businesses controlled by a government aiming to provide resources/services to the general public
Cooperatives
a for-profit social enterprise that are owned/managed by their members. - Advantages: they’re not difficult to set up, they are tax exempt. Disadvantages: difficult to attract investors/financiers, unable to hire a range of specialist managers for financial reasons
Microfinance providers
a for-profit social enterprise that offers financial services to those without a job or very low income. - Advantages: microfinance can help to build and foster entrepreneurship and economic independence. Disadvantages: some regard them as unethical because of how they make their profit, microfinance only provides finance on a small scale
Public-private partnerships
jointly established by a government and 1+ private sector business. - Advantages: provides viable solution for government to finance projects can’t afford, they can provide job opportunities which impacts economy
Non-governmental organizations
is a type of non-profit social enterprise that is operated by a voluntary group to promote a social cause. Usually funded by government grants, donations, etc.
Charities
operated to serve a humanitarian purpose, rather than for a financial return, often have to produce annual reports to show how they’re meeting their charitable objectives
Mission statement
“to continually provide our members with quality goods and services at the lowest possible prices”
Vision statement
“a place where efficient buying and operating practices give members access to unmatched savings”
SMART
specific, measurable, achievable, realistic and tactics
