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chapter 1
| Term | Definition |
|---|---|
| entrepreneur | a person who spots a gap in the market and comes up with an idea they can turn into a business in order to fill a gap. they take both personal and financial risks |
| Investor | a person who gives money/capital to an entrepreneur in return for an investment |
| employer | someone who hires people to work for them |
| employee | someone who works for an employer in return for age |
| Manager | a managers job is to run the business and make sure that it achieves its objects |
| producer | is a business that finishes products to sell to consumers |
| consumer | is a person who buys goods or services from an entrepreneur for their own personal use |
| supplier | the firm a business gets its stock from |
| stakeholders | people involved in or affected by a business activities |
| competitive relationship | tends to pit one stakeholder against another . creates a win/loose situation |
| co-operative relationship | both parties working together to achieve a common goal where there is a mutual benefit. creates a win/win situation |
| dynamic relationship | two stakeholders whos relationships constantly changing |
| dependent relationship | when stakeholders depend on each other for success |
Created by:
aimeemcgrane
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