Unit 1 People in Business Flashcards
Entrepreneur
A person who spots a gap in the market & comes up with an idea that they can turn into a business
Investor
The people or organisations that provide the entrepreneur with capital needed to establish and operate the business e.g dragons den
Employer
Recruits staff to enable the organisation to carry out its business. They are responsible for providing safe working conditions for employees and paying the agreed wage/salary
Employee
Recruited by there employed to work in the business in return for a salary/wage. Employees have the skills and qualifications needed to operate the business successfully
Producer
takes raw materials and transforms the, during the manufacturing process into finished goods
Consumer
People who buy goods and services for their personal use
Manager
Responsible for the day to day running of the business and ensures that the firm achieves its a goals
Supplier
Firms that provide raw materials to the business
Service Provider
Provides services needed by the business to operate successfully e.g AIB Bank
Local Community
Consists of individuals, households and organisations that are located close to the business
Government
The body of the people that govern the country. It imposes taxes on businesses e.g corporation tax
What is a stakeholder ?
Stakeholders are individuals & organisations that are affected by the actions , objectives and policies of a business
What is an interest group ?
Is a group of people who meet and campaign for a common goal.
Define Boycotting
Consumers refuse to buy goods or services from the firm to show their dissatisfaction with the business. E.g because its has exploited workers
Define Lobbying
Trying to persuade decision-markers to support laws or rules that give an advantage to your industry or organisation
Name the types of interest groups
Trade Association
Trade Union
Business Interest Groups
Give examples of interest groups
IBEC - Irish Business and Employers Confederation
IMNO - Irish Nurses and Midwives Organisation
IFA - Irish Farmer Association
What is a trade union
They represent the views and interests of employees in particular industries. They aim to protect and improve their members’ pay and working conditions
What are the relationships between stakeholders ?
Cooperative Relationship
Competitive Relationship
Dependent Relationship
Dynamic Relationship
What is a Cooperative Relationship ?
Where both parties are working towards shared goals and for mutual benefit
E.g Employer & Employee
What is a Competitive Relationship ?
Involves two or more rival parties. They both want to be successful but this is impossible. There is only one winner in a competitive relationship. Win-Lose relationship
E.g Producer & Consumer
What is a dependent relationship
Involves two or more parties that cant achieve their own success. The success of one party depends on the actions of the other party. If one fails so does the other.
E.g Producer & Consumer
What is a dynamic relationship
This is a relationship that is likely to change over time
E.g Entrepreneur & Investor
What is a rival business
they may co-operate temporarily for mutual benefit, for instance by organising an event (e.g food festival) together to showcase their products to a wide consumer base
