Individuals/ groups/ organisations that have interest in or influence over a business.

External Stakeholders

Not directly involved in running but affected by decisions of the buisnessInter

Internal Stakeholders

Directly involved in running of business

Entrepreneur- Stakeholder

A person who sets up a business or businesses, taking on financial risks in the hope of profit.

Managers- Stakeholder

A manager is a professional who takes a leadership role in an organisation and manages a team of employees.

Employees- Stakeholder

An employee is a person who has agreed to be employed to work for some form of payment under a contract of employment, They provide their time/skills/ qualifications to enable business to operate daily.

Investors- Stakeholder

a person or organization that puts money into a business with the expectation of achieving a profit/dividends, offer financial support in return for equity.

Consumers- Stakeholder

a person who purchases goods and services for personal use, from a business.

Suppliers- Stakeholder

Provide raw materials/products/services needed by businesses.

Government-Stakeholder

Regulates overseas, gives grants and incentives to start up and expand.

Interest groups- Stakeholder

an interest group is an organization of individuals or entities with a shared interest that seeks to influence public policy, business decisions, and other stakeholders to achieve their goals

Co-operative relationship

Mutual benefit- common goal - a win-win situation, E.g: employer & employee, employer invest in training meaning more productive and effective staff, and employees are more skilled and can apply for promotion

Conflict relationship

Needs and wants of stakeholders compete with eachother, if one wins the other loses out- mutually exclusive goals.

Strategies to avoid conflict

Regular and honest communication, good corporate social responsiblity(CSR), Stakeholder engagement plans.

Ways to resolve Stakeholder conflict

Meet & Talk, Negotiate/ bargain, Mediation, Concilliation, Abitration.

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Business-Stakeholder

Business-Stakeholder- Unit 1

Term	Definition
Stakeholder	Individuals/ groups/ organisations that have interest in or influence over a business.
External Stakeholders	Not directly involved in running but affected by decisions of the buisnessInter
Internal Stakeholders	Directly involved in running of business
Entrepreneur- Stakeholder	A person who sets up a business or businesses, taking on financial risks in the hope of profit.
Managers- Stakeholder	A manager is a professional who takes a leadership role in an organisation and manages a team of employees.
Employees- Stakeholder	An employee is a person who has agreed to be employed to work for some form of payment under a contract of employment, They provide their time/skills/ qualifications to enable business to operate daily.
Investors- Stakeholder	a person or organization that puts money into a business with the expectation of achieving a profit/dividends, offer financial support in return for equity.
Consumers- Stakeholder	a person who purchases goods and services for personal use, from a business.
Suppliers- Stakeholder	Provide raw materials/products/services needed by businesses.
Government-Stakeholder	Regulates overseas, gives grants and incentives to start up and expand.
Interest groups- Stakeholder	an interest group is an organization of individuals or entities with a shared interest that seeks to influence public policy, business decisions, and other stakeholders to achieve their goals
Co-operative relationship	Mutual benefit- common goal - a win-win situation, E.g: employer & employee, employer invest in training meaning more productive and effective staff, and employees are more skilled and can apply for promotion
Conflict relationship	Needs and wants of stakeholders compete with eachother, if one wins the other loses out- mutually exclusive goals.
Strategies to avoid conflict	Regular and honest communication, good corporate social responsiblity(CSR), Stakeholder engagement plans.
Ways to resolve Stakeholder conflict	Meet & Talk, Negotiate/ bargain, Mediation, Concilliation, Abitration.

Created by: Annanixon

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