LC Business : Unit 1 Ch.1 - People in business
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25 Terms
what is a business ?
A business is an organisation set up to provide goods and services.
2 types of buniess
Commercial organisations try to make a profit
Social enterprises are not for profit organisations
private vs public sector business
Private sector businesses are individually owned
Public sector organisations are state owned
what are Stakholder
Stakeholders are the different groups of people who are directly affected by how a business operates.
who are Entrepreneurs:
People who take the initiative to turn an idea into a business.
who are consumers
people who buy or use goods and services
types of investors
1. Equity capital: Money is exchanged in return for partial equity in the business.
2. Loan capital: Loans which need to be repaid with interest.
3. Grants: Gifts of money which doesn’t need to be repaid as long as certain conditions are met.
who are Employers and what are thier rights
Recruit staff.
Their rights include:
Hiring employees when needed
Directing employees to work as needed
Dismissing employees fairly (The Unfair Dismissals Acts 1997-2007)
Employers - what are their responsibilities
Their responsibilities include:
Providing written contract of employment
Paying wages as agreed
Providing safe working conditions
Complying with employment laws
who are Employees and what are thier rights
People recruited by the business to assist in return for a wage. Their rights include:
Written contract of employment
Payment as agreed
Working in a safe and healthy workplace
Freedom to join a union
Employees - what are their responsibilities
Their responsibilities include:
Following instructions as reasonable
Doing a fair day’s work
Being honest and loyal to their employer
Managers role, skills and what they must do in their role
Are responsible for the day to day running the business and helps in achieving its goals. They must plan, organise and control all aspects of the business and they must have leadership, motivational and communication skills to mange emploeies and interact with stake holders
who are Producers and Suppliers
Producers must produce products, suppliers supply the raw materials.
Society
This refers to the local community nearby and the national and international society that the business has an effect on.
Local and national authorities and what they want
Local and national authorities that set the rules and regulations that businesses must follow. The government wants businesses to provide jobs, taxes and obey the law. In return, the government doesn’t really do anything.
Interest groups
Interest groups are organizations that aim to influence the political decision-making process without being part of the formal political structure of a country. They apply pressure on the government or the European Union (EU) to adopt their stance on specific issues.Â
Business Interest Groups
these intrest groups rep the intrests of buniess owners
Irish Business and Employers Confederation (IBEC): represents small and medium sized businesses. It attempts to influence unions and national and EU governments on legislation, taxes and employee pay and regulation. It provides advice through the Small Firms Association.
Trade Associations represent businesses in a similar activity:
these intrest groups rep inrests of business invloded in the same indracey
The Society of Irish Motor Industry (SIMI)
The Food and Drink Industry Ireland
The Irish Farmers Association
Other Interest Groups:
trade unions represent employees, example The Irish Congress of Trade Unions (ICTU) or Irish Nurses & Midwives Organisation (INMO)
what is a service3 provider
they provide the serives needed by the buniess to oprate sucseefully
why these groups engage with policymakers?
They engage with policymakers to promote their agendas and influence decisions.