Business Management

for exam

Entrepreneur

someone who starts and runs their own business, taking on financial risks to make a profit

Entrepreneur qualities/skills

creativity, risk taking, resilience, leadership, problem solving, decision making, communication

Corporate Social Responsibility

hen a business acts ethically and helps society by protecting the environment, supporting communities, and treating workers fairly

Stakeholders

individuals or groups affected by or interested in a business, like employees, customers, owners, suppliers, and the community

Sole Trader

a business owned and run by one person who keeps all the profits and is responsible for all the debts

Partnership

a business owned and operated by two or more people who share profits and responsibilities

Company

a business that is legally separate from its owners, who share ownership through shares and have limited personal liability

Place

means where and how a product is sold or delivered to customers

Product

anything a business offers to meet customers’ needs or want

Price

the amount of money customers pay to buy a product or service

Promotion

how a business advertises and encourages people to buy its products or services