What is a Business?
Refers to the business sector that involves the extraction of natural resources.
What is the primary sector of business?
These are business organizations that are controlled by a regional and/or national government, with the main aim being to provide essential goods and services for the general public.
What are business organizations operating in the public sector (fire department, police, public schools, etc.)?
What a business hopes to achieve and be in the future.
What is a vision statement?
These groups have different degrees of influence on a business.
What are the stakeholders?
These businesses operate in a commercial-like way, but they do not distribute any profits or financial surplus to their owners or shareholders, and instead, any surplus that they earn is completely reinvested in the organization in order to pursue their vision and/or mission.
What are Non-Governmental Organizations (NGOs) or Non-Profit organizations (NPOs)?
This refers to the business sector that involves the creation or sharing of knowledge such as digital information and communications technology (ICT) and research and development (R&D)
What is the Quarternary sector of business.
A business owned and controlled by one person.
What is a sole trader or sole proprietor?
Short term, measurable SMART goals, that focus on specific targets with tight timelines.
What are tactical objectives?
These are employees, managers, directors, and shareholders.
What are internal stakeholders?
When a business expands without the help of an external partner firm.
What is internal or organic growth?
The sector of business that provides services to customers.
What is the tertiary sector?
This requires the owner or owners of a business to repay any debt incurred from the business, even if needed, using their own personal assets to do so.
What is unlimited liability?
The cost-saving benefits for firms as they grow larger due to the expanded network they possess.
What are economies of scale?
These are customers, suppliers, financiers, the government, competitors, trade unions, and the local community.
What are external stakeholders?
This refers to how modern businesses have to operate in a socially acceptable and responsible way, such as ensuring business activities do not cause damage to the planet or people.
What is corporate social responsibility (CSR)?
What are risk takers, innovative, strategists, enthusiastic, and resilient.
What are the RISER traits that are common with all successful entrepreneurs?
Limited Liability insurance and significantly more financing being raised are advantages of these two types of businesses.
What are privately held and publicly held companies?
Improving public image, increasing customer loyalty, mitigating any possible legal infractions, better employee retention rates and loyalty, and beneficial to a company's triple bottom line.
What are the advantages to a business pursuing and maintaining ethical objectives?
A stakeholder group consists of individuals and/or organizations with an investment interest in a particular business and that care most about revenue and profit.
A stakeholder group whose main interest is how the organization’s operations impact the cause they support
What is a pressure group?
To make money, have autonomy in their lives, pursue a passion, see unfulfilled gaps in the market, and to make a difference.
What are the major reasons why people start their own business?
What is a social enterprise?
What are the methods of measuring growth of a business and setting tactical and strategic objectives related to growth?
Method of stakeholder conflict resolution with all stakeholder groups in conflict agreeing to accept the decision or judgment.
What is arbitration?
These are growth, profit, protecting shareholder value, and maintaining positive ethics.
What are the four main business objectives?