IB Business Management Unit 1

Business process for goods and services

Input → Process → Output

4 Business Function

1. Human Resources Management (HR)

2. Finance and Accounts

3. Marketing

4. Operations Management

Sectors of Economy

1. Primary Sector

2. Secondary Sector

3. Tertiary Sector

4. Quaternary Sector

Primary Sector

Sector associated with extraction of materials.

Secondary Sector

Sector associated with converting raw materials to finished goods.

Tertiary Sector

Sector associated with provision of goods or service.

Quaternary Sector

Sector associated with provision of goods or service typically related to IT, knowledge, and data.

Reasons to start a business.

1. Financial Reward

2. Independance

3. Innovation

4. Work-life Balance

5. Commercialise personal interests

Challenges with start-up

1. Lack of organisational skills

2. Lack of funds

3. Limited Expertise

4. Competition