Introduction to Business Management

Business

An organization that provides goods or services to make a profit.

Entrepreneur

A person who starts a new business, taking financial risks in the hope of profit.

Business Plan

A document outlining a business's goals and how it plans to achieve them.

Goods

Physical items produced and sold by a business.

Services

Non-physical products offered by a business.

Sole Trader

A business owned and run by one person.

Partnership

A business owned by 2-20 people who share profits and responsibilities

Private Limited Company (Ltd)

A business owned by shareholders but not publicly traded.

Public Limited Company (PLC)

A business with shares traded on the stock market.

Non-Profit Organisation

An organization with a social purpose, not focused on making profit.

Objectives

Goals a business wants to achieve (e.g. profit, growth, sustainability).

Business Environment

External factors that affect a business (e.g. economy, laws, competition).

External Stakeholders

People outside the business (e.g. customers, government, community).

Internal Stakeholders

People within the business (e.g. owners, employees).

Stakeholders

Individuals or groups affected by or involved in a business (e.g. employees, customers, suppliers).

Marketing

Promotes products, does market research, and sets prices.

Operations

Manages production of goods or services.

Finance

Handles budgets, revenue, costs, and profits.

Human Resources (HR)

Recruits staff and manages employee wellbeing and performance.