LC Business Notes 2024

Leaving Cert Business Revision Notes for 2024

  • These notes are for revision purposes, not exam answers.

  • Points should be expanded upon during exams with examples.

  • Not all definitions are exhaustive.

  • Do not sell or claim these as your own.

  • Best of luck!

People in Business

  • A business is an organization set up to provide goods and services.

    • Commercial Organizations: Aim to make a profit.

    • Social Enterprises: Non-profit organizations.

    • Private Sector: Individually owned businesses.

    • Public Sector: State-owned organizations.

Stakeholders in Business

  • Stakeholders: Groups affected directly by the business operations.

  • Entrepreneurs: Initiate business ideas and require investors.

  • Investors: Provide financial resources for businesses.

    • **Sources of Finance: **

      1. Owner's equity capital

      2. Loan capital (repaid with interest)

      3. Grants (non-repayable under conditions)

  • Employers: Responsibilities include recruitment, training, and fair dismissal (per laws). Rights include hiring and directing employees.

  • Employees: Rights include fair wages, safe working conditions, and union representation. Responsibilities include loyalty and diligent work.

  • Managers: Run the business and achieve goals; require organizational skills.

  • Producers and Suppliers: Produce products and supply raw materials.

  • Consumers and Customers: Consumers buy for personal use; customers buy for resale.

  • Government: Sets rules for business operations, desires employment and compliance.

Interest Groups

  • Business Interest Groups: Represent business interests:

    • IBEC: Irish Business and Employers Confederation.

    • ISME: Association for small-medium enterprises.

    • Chambers of Commerce: Promote local businesses.

  • Trade Associations: Represent specific industries (e.g., SIMI for motor industry).

  • Other Groups: Include unions and consumer protection organizations.

Owners, Employees, and Government Relationships

  • **Stakeholders and Their Wants: **

    • Owners: Want control and profit.

    • Employees: Seek security and pay.

    • Investors: Expect profit and advice.

    • Society: Wants job provisions and minimal damage.

    • Government: Expects compliance and tax contribution.

Stakeholder Relationship Approaches

  • Competitive Approach: Win-lose scenario.

  • Cooperative Approach: Win-win scenarios; beneficial for stakeholders.

Conflict Resolution Methods

  • Non-Legislative Ways: Negotiation and seeking third-party assistance.

  • Legislative Ways: Using state conflict resolution agencies and legal routes.

Legal Aspects of Business

  • Contract Definition: Legally binding agreement.

    • Key Elements of a Contract: Offer, acceptance, consideration, intention to contract, consent, capacity to contract, legality of form and purpose.

  • Contract Termination: Via performance, agreement, frustration, or breach.

  • Consumer Protection Laws: Outline rights for goods/services, ensuring products are fit for purpose, as described, and of satisfactory quality.

Discrimination and Employment Laws

  • Employment Equality Act: Protects against discrimination based on various attributes.

  • Workplace Resolution: Ensures fair treatment and resolution of conflicts.

Entrepreneurial Concepts

  • Entrepreneurs: Take initiative and risks to create enterprises.

  • Enterprise Importance: Promotes innovation, job creation, and economic growth.

Management Overview

  • Management Functions: Include planning, organizing, motivating, and leading.

  • Key Skills: Communication, leadership, problem-solving.

Financial Management

  • Cash Flow Management: Flow of money in/out; maintaining liquidity.

  • Financial Controls: Use tools like cash flow forecasts and budgeting.

  • Types of Finance Sources: Equity, loans, grants, retained earnings.

Marketing Concepts

  • Marketing Strategy: Identifying customer needs, segmenting markets, and positioning products.

  • Marketing Mix: Includes product, price, place, and promotion aspects.

Business Structures and Ownership

  • Types Include: Sole proprietorship, partnership, limited companies.

  • Cooperatives: Owned and managed democratically by members.

Ethical and Social Responsibilities

  • Business Ethics: Morals guiding business practices and decisions.

  • Corporate Social Responsibility (CSR): Businesses’ obligation to consider stakeholder interests.

Roles of Government in Business

  • Government Intervention: Aims to promote economic growth, regulate industries, and provide essential services.

  • Laws Affecting Business: Employment and consumer protection laws.

  • State Agencies: Support businesses through aid and grants.

International Trade Aspects

  • Benefits of Importing/Exporting: Access to varied products and markets for growth.

  • Protectionism Methods: Tariffs, quotas, and subsidies.

EU Membership Implications

  • Benefits for Ireland: Access to larger markets and EU grants.

  • Challenges: Compliance with EU regulations.

Future of Business Trends

  • Globalization: Impacting business operating on a worldwide scale and driving companies to adapt.

  • Technological Advances: Transforming operations, marketing, and customer engagement.