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People in Business
Business
| Term | Definition |
|---|---|
| Entrepreneur | Someone who spots a gap in the market and comes up with an idea that they can turn into a business. |
| Investor | People or organisations that provide the entrepreneur with the capital needed to establish and operate the business. |
| Employee | Recruited by the employer to work in the business in return for a wage/salary. |
| Employer | Recruits staff to enable the organisation to carry out its business. |
| Producer | Takes raw materials and transforms them during the manufacturing process into finished products. |
| 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 goals. |
| Supplier | Firms that provide raw materials to the business. |
| Service provider | Provides services needed by the business to operate successfully. |
| Government | The body of people that govern the country. |
| Local community | Consists of individuals, households and organisations that are located close to the business. |
| Co-operative relationship | Stakeholders working together towards a common goal. |
| Competitive relationship | Stakeholders work towards different goals. |
| Dependent relationship | Stakeholders need each other for success. |
| Dynamic relationship | Stakeholders relationship is constantly changing. |
Created by:
daramacken
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