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Busi 5th ch 1,2,3
| Question | Answer |
|---|---|
| Arbitration | Arbitration: When an impartial, independent third party, called an arbitrator, enters a dispute. The arbitrator will make a recommendation on how the argument should be resolved. |
| Competitive relationship | Competitive relationship: A win-lose situation. Each stakeholder is pursuing different objectives in an effort to achieve things at the expense of another. |
| Conciliation | Conciliation: When a third party, agreed by both factions, enters the dispute process, listens to both sides and encourages them to listen to one another and to reach an agreement before the situation escalates. |
| Consumers | Consumers: The people who buy goods/ services for their own personal use. Without consumers there would be no business. |
| Co-operative relationship | Co-operative relationship: A win-win situation. Joint action or effort is required, so stakeholders work together for their mutual benefit and towards a common goal. |
| Employees | Employees: Employees are recruited by companies to work in their business in return for a wage or salary. Employees with a variety of skills and qualifications are needed in all areas of business operations. |
| Entrepreneur | Entrepreneur: The brains behind the business. They spot a gap in the market and capitalise on it. They bear the risk (both personal and financial) should the business fail. |
| Government agencies | Government agencies: The government acts as a stakeholder on behalf of the general public. Their main aim is to ensure businesses create employment. |
| Investor | Investor: The person/institution providing the start-up finance for a business. In return for investing money, investors will look for a return on their investment, also known as a dividend. |
| Mediation | Mediation: When there is no movement in a dispute an agreed, neutral mediator will make proposals to 'move things on' with the aim of resolving the dispute. |
| Negotiation | Negotiation: Resolving disputes in a low-key, quick manner before they escalate - includes the process of bargaining. Compromise is key. |
| Stakeholders | Stakeholder: Stakeholders are all the people or organisations that play a part in a business and are affected by its decisions. Stakeholders depend on one another to survive in the business world. |
| Stakeholder mapping | Stakeholder mapping: This involves considering the main stakeholders and their power and influence, while learning about the range of stakeholders and the need to consider a range of perspectives. A stakeholder map can be written or visual. |
| Suppliers | Suppliers: They provide the essential raw materials or supports to business customers. |
| Companies registration office (CRO) | Companies Registration Office (CRO): The central body for public incorporation of companies. It registers business names, receives and registers post-incorporation documents, and enforces the Companies Act in relation to filing obligations and making info |
| Co-operatives | Co-operatives: Businesses that are democratically owned and controlled by their members. These members are the firm's workers, suppliers or customers; they operate the co-op for mutual benefit and have shared goals. |
| Deed of partnership | Deed of partnership: A written agreement containing the rules and conditions for running a business as a partnership. Used to avoid future disagreements. |
| Designated activity company (DAC) | Designated activity company (DAC): A type of private company introduced by the Companies Act 2014. It closely resembles the private company limited by shares but with the distinction that its constitution limits it to trading in accordance with its stated |
| Franchising | Franchising: A business arrangement in which a licensed, established and reputable business (the franchiser) rents a complete business idea, including name, logo and products, to a franchisee. |
| Limited liability | Limited liability: If the company goes bankrupt the most you can lose is the money invested in the business. You cannot lose private property, such as your house. You are only responsible for the amount invested in the business. |
| Nationalisation | Nationalisation: The process by which private companies become owned and controlled by the government. |
| Non-governmental organisation (NGO) | Non-governmental organisation (NGO): A voluntary group of individuals or organisations, who are not usually affiliated with the government, that is formed to provide services or to support a public policy. |
| Not for profit enterprises | Not-for-profit enterprises: Enterprises motivated by social objectives. They include charities, social enterprises and NGOs e.g Focus Ireland, UNICEF Ireland, Irish cancer society |
| Partnership’s | Partnerships: A form of business ownership where two or more people or entities (but not more than 20) form a business relationship in order to make a profit. |
| Privatisation | Privatisation: The transfer of ownership, property or business from the government to the private sector. The government ceases to be the owner of the entity or business, which is transferred to private ownership. |
| Private enterprises | Private enterprises: Industries and businesses owned by individuals or commercial companies, not by the government or any other official body. |
| Private limited company | Private limited company: A business organisation owned by one or more shareholders; limited by shares. |
| Public enterprise | Public enterprise: A business owned by the government. |
| Public limited company | Public listed company: Formed when a private limited company or other form of business seeks a stock exchange listing or quotation. Shares for public listed companies can be bought and sold freely by the general public. |
| Difference between public and private sector | Public sector organisations: Organisations that are owned, operated and funded by the government rather than by private-sector individuals or businesses. |
| Social enterprise | Social enterprise: An enterprise that puts people and community ahead of personal and private gain. Their main objective is to tackle social and environmental issues. They work together with different organisations and bodies for the good of society. |
| Sole trader | Sole trader: A business owned and run by one person. |
| Sustainability | Sustainability: The ability of something to be maintained at a certain rate or level. It means avoiding the depletion of natural resources in order to maintain ecological balance. The United Nations defines sustainability as 'meeting the needs of the pres |
| Unlimited liability | Unlimited liability: The owners of the business are personally liable for any debts that occur if the business goes bankrupt. This could mean that any personal savings the owners have or property they own may have to be used to pay off any business debts |
| Examples of internal stakeholders in a business | shareholders, owners, board of directors |
| Example of external stakeholders in a business | customers, suppliers, investors |
| 2 advanatges/disadvantages of being a business in the public sector | Adv: guaranteed funding through taxation to provide essential services and limited liability. Dis: reduced control for founders due to external ownership and shareholder influence, and loss of privacy as financial and operational data must be shared publi |
| 2 advantages/disadvantages to forming a business in the private sector | Adv: Private limited companies are subject to lower tax rates: they pay 12.5% corporation tax on all their profits. Dis: unlimited liability and Requirements to have special documents (e.g. a Memorandum of Association) make it time-consuming and complex. |
| 2 advantages/disadvantages to forming a business in the not-for-profit | Adv: eligibility for tax-exempt status, which can reduce financial burdens and attract donors, and limited personal liability, Dis: financial dependency and restricted personal gain |
Created by:
Louie Masterson