Business Structure
sole owner of a business. Very easy to set up, but has unlimited liability.
Sole Trader
The strategic approach to the effective management of employees so that they help the business gain a competitive advantage
Human Resource Management (HRM)
The three elements of the triple bottom line.
Environmental, Social and Profit
Total sales of business/total sales of industry x 100
Market Share
Anyone who is affected by the actions of a business or organization.
Stakeholder
Two business come together and help each other with a new project.
Joint Venture
A check on the skills that will be required by the organization to achieve its objectives
Workforce audit
Someone who takes risk by putting in their time, money and expertise.
Entrepreneur
A large portion of the US economy, creates competition for large business and creates many jobs
Small buisness
A stakeholder who owns a percentage of a company
Shareholder
a method of distributing products or services, establishes the brand's trademark or trade name and a business system
Franchise
What are the two types of recruitment discussed in chapter 10?
internal/external
Is the opportunity of getting something that you give up in order to buy something else.
Opportunity Cost
The equation to know a companies market capitalization?
# of outstanding shares x current share price
Two different types of stakeholder inside and outside the company.
Internal/External Stakeholders
small to medium companies owned by share holders often members of the same family cannot sell shares to general public.
Private Limited Company
A detailed list of the qualities, skills, and qualifications that a successful applicant will need to have.
Person Specification
Increasing the difference between the value of the materials you bought and the finished product you sell.
Creating/ Adding Value
This way of comparing business size is misleading if a company uses machinery to create its products.
Number of Employees
the view that businesses and their managers have responsibilities to a wide range of groups, not just shareholders
stakeholder concept
Organizations and industries controlled by the government.
Public Sector
The training of an employee in several skills to allow for greater flexibility within the business
Multi-skilling
Competition in between companies creates better what for consumer.
Prices
A great way to compare business size by using how much money a company has made.
Revenue
When a company decides to act this way it tries to act correctly for all stakeholders.
Ethically