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Business Activity
Transformation of inputs into valuable outputs.
Factors of Production
Resources needed for production: labor, land, capital, enterprise.
Inputs
Resources used to create outputs in business.
Outputs
Goods, services, and waste produced by businesses.
Departments
Functional areas within a business: marketing, finance, etc.
Business Concepts
Interdisciplinary ideas: creativity, change, ethics, sustainability.
External Influences
Factors affecting business: social, cultural, economic, etc.
Circular Business Models
Models aimed at reducing waste and resource use.
Linear Models
Traditional models producing waste without recycling.
Circular Supply Models
Use renewable resources to reduce virgin resource demand.
Resource Recovery Models
Recycle waste into secondary raw materials.
Product Extension Models
Extend product life to reduce virgin resource need.
Sharing Models
Share underutilized resources to minimize new product demand.
Product Service System Models
Market services instead of products to promote sustainability.
Primary Sector
Extracts resources from the earth, e.g., farming.
Secondary Sector
Manufactures finished products, e.g., car production.
Tertiary Sector
Provides services, e.g., healthcare and supermarkets.
Quaternary Sector
Knowledge-based services, e.g., web design and research.
Start-up
A new business venture initiated by an entrepreneur.
Entrepreneur
Individual who risks starting a new business.
Business Plan
Document outlining objectives and strategies for a business.
Executive Summary
Concise overview of the business plan's main points.
Human Resources Plan
Details organizational structure and employee management.
Financial Plan
Projected financial figures for funding and operations.
Marketing Plan
Strategy to reach and attract potential customers.
Operational Plan
Details manufacturing processes and resource availability.
Reasons for Start-up Failure
Common causes include lack of planning and demand.
Private Organizations
Owned by individuals, focused on profit-making.
Public Organizations
Government-managed services funded by taxation.
Public-Private Partnerships
Collaboration between public and private sectors for services.
Private Finance Initiative
Typically when high cost government projects are funded by the money in the private sector by signing a medium to long term contract.
Sole Trader
An organization controlled and owned by one person.
Partnership
An organization with 2+ owners.
Privately Held Company
An organization which issues stock and has shareholders, but can only sell shares privately to friends, family, or associates.
Publicly Held Company
An organization which issues stock, has shareholders, and sells shares publicly on a stock exchange.
Limited Liability
No distinction between the business and the owner in the government's eyes, therefore the owner's personal assets are counted as part of the business.
Social Enterprises
Characterized by whether or not they aim to make a profit (can be for-profit or non-profit).
Traditional Charities
Receive profit from donations, allowances, or government grants.
Corporate Responsibility (CPR)
Prioritize actions which demonstrate corporate responsibility.
For Profit Social Enterprise
A social enterprise which aims to make a profit but has a social purpose.
Non-Profit Social Enterprise
A social enterprise which aims to make enough money to achieve their goals, channeling all money generated towards achieving the social goal.
Non-Governmental Organization (NGO)
An organization which is independent of the government, often receiving funding and cooperating with the government, with a humanitarian or social purpose.
Charity
An organization which is a type of NGO with an aim specifically defined as charitable by the government.
Triple Bottom Line (TBL)
A framework some organizations use to evaluate their performance on a broader perspective, including People (social), Planet (environmental), and Profit (financial).
Sustainable Development Goals (SDGs)
A framework developed by the UN in 2015 designed to eradicate poverty, fight inequality, and tackle climate change by 2030.
Opportunity Employment
Organizations which employ people who have significant barriers to being employed in other areas of work.
Transformative Products or Services
Organizations which create a social or environmental impact through innovative products and services.
Donate Back
Organizations which contribute a portion of their profits to non-profits which address basic unmet needs.
Healthy Competition
Can produce innovation.
Specialization for Medical Needs
Possibly more specialization for specific medical needs.
One on One Attention
More one on one attention because of less customers.
Public Health Sector Participation
Participation of private companies in the public health sector would reduce the quality of service that patients receive.
Assumptions about Healthcare
How do assumptions about what healthcare is and how healthcare works vary by part of the world, and what implications does this have on your views?
Influence of Emotion and Perception
How can emotion and perception influence your answer? Depends on our experience of the healthcare, depends on the country.
Mission Statement
Defines a company's purpose and values succinctly.
Vision Statement
Describes a company's long-term aspirations and goals.
Profit
Total revenue exceeding total costs for sustainability.
Growth
Increasing sales and size for market dominance.
Survival and Stability
Ability to withstand market changes and disruptions.
Protecting Shareholder Value
Maintaining stockholder satisfaction through profit sustainability.
Ethical Objectives
Goals providing social or environmental benefits.
Goods
Tangible items sold by businesses, e.g., cars.
Services
Intangible offerings provided, e.g., financial aid.
Products
Combination of goods and services sold by businesses.
Corporate Responsibility (CSR)
Policies promoting positive societal and environmental impact.
CSR Functions
Responsible sourcing, employee engagement, and environmental protection.
Benefits of CSR
Enhanced brand recognition and increased sales.
Risks of CSR
Short-term costs and potential stakeholder conflicts.
Stakeholder
Entity affecting or affected by a business.
Internal Stakeholders
Individuals within a business, e.g., employees.
External Stakeholders
Entities outside a business, e.g., customers.
Mutual Benefit
Common interests leading to shared stakeholder advantages.
Stakeholder Conflict
Disagreements arising from differing stakeholder objectives.
COVID-19 Impact
Increased demand causing tension between stores and suppliers.
Dividends
Payments to shareholders from company profits.
Automation
Using technology to enhance productivity and reduce costs.
Ethical Suppliers
Suppliers adhering to ethical standards and practices.
Competitive Wages
Attractive pay leading to motivated and productive workforce.
Market Share
Percentage of total sales in a market held by a business.
Economies of Scale
Decrease in per unit cost as business grows
Stakeholder Engagement
Involving stakeholders in business decision-making processes.
Sustainable Economic Activity
Business practices that minimize environmental impact.
Interface's Mission
Aim for zero negative environmental impact.
Riversimple's Approach
Innovative methods for reducing environmental pressure.
Production capacity
The volume of products that can be generated by a business enterprise in a given period of time using current resources.
Revenue streams
The different sources of income that a firm may have, often diversified to find sales growth in saturated markets or to offset risk.
Brand
The set of expectations, memories, stories, and relationships that account for a consumer's decision to choose one product or service over another.
Profit margins
The percentage of sales that an organization can turn into profits.
Business Management Toolkit
A set of situational planning and decision-making tools.
Circular business models
Can be related to sectors of business activity, social enterprise, vision/mission statements, and business objectives.
Business plan
Can be connected to public/private sectors, types of organization, vision/mission statements, and business objectives.
SWOT analysis
Provides a situational analysis of the current position of the business, addressing both internal and external factors.
STEEPLE analysis
Assesses the impact of external factors on the business.
Decision trees
Help businesses to consider various factors before deciding on a particular venture.
Ansoff matrix
A tool to assess the options for growth.
BCG matrix
A strategic tool for analyzing business units or product lines.
Descriptive statistics
Statistics that summarize or describe characteristics of a data set.
Strengths (SWOT)
Critical success factors that give you a competitive edge and can be leveraged.
Weaknesses (SWOT)
Factors that put you at a disadvantage and require candid analysis.
Opportunities (SWOT)
Pinpoint openings or gaps in the marketplace due to market fluctuations or trends.
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