Business: any organization that uses resources to meet the needs of customers by providing a product/service that they demand.
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Role of businesses:
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Consumer services: non tangible products that are sold to the general public and include hotel accommodation, insurance services and train journeys.
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Capital goods: physical goods that are used by industry to aid in the production of other goods and services such as machines and commercial vehicles.
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Primary sector business activity: firms engaged in farming, fishing, oil extraction and all other industries that extract natural resources so that they can be used and processed by other firms.
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Secondary sector business activity: firms that manufacture and process products from natural resources, including computers, brewing, baking, clothing and construction.
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Tertiary sector business activity: firms that provide services to consumers and other businesses, such as retailing, transport, insurance, banking, hotels, tourism and telecommunications.
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Quaternary sector business activity: focused on information technology (IT) businesses and information service providers such as research and development, business consulting and information gathering.
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Entrepreneur: someone who takes the financial risk of starting and managing a new venture.
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Intrapreneur: someone within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through using “entrepreneurial talents” such as risk-taking and innovation.
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Contents of a typical business plan:
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