2. The Stakeholders Who are Involved in Business

[DEFINITION] Stakeholder: A group of people who are directly affected by how a business is run.

  The stakeholders who are involved in business include...

  [DEFINITION] Entrepreneur: A person who takes the initiative to turn an idea into a business.

  [DEFINITION] Investor: A person who provides a business with the finance it needs.

  The different types of finance that an investor may provide includes...

   [DEFINITION] Owners' Capital: Money invested by people or companies.[In return, they become part owners of the business, and are entitled to a share in future profits.]

   [DEFINITION] Loan Capital: Money provided by banks or other lenders which has to be repaid, with interest, within a certain period of time.

   [DEFINITION] Grant: A gift of money that does not have to be repaid as long as certain conditions are met.

   [DEFINITION] Employer: Someone who recruits staff to work for them.

  Employers' rights include...

  The right to include employees when they need them.

The right to direct employees to perform the work required.

The right to dismiss employees fairly.

   Employers' responsibilities include...

  The responsibility to provide a written contract of employment.

The responsibility to pay wages as agreed in the contract of employment.

The responsibility to provide safe working conditions.

The responsibility to comply with all employment laws.

   [DEFINITION] Employee: Someone who is recruited by a business to assist in the business in return for a wage.

  Employees' rights include...

   The right to receive a written contract of employment.

The right to be paid the agreed wage.

The right to work in a safe and healthy workplace.

The right to have the freedom to join a trade union.

   Employees' responsibilities include...

  The responsibility to follow REASONABLE and LEGAL instructions.

The responsibility to work for a wage.

The responsibility to be honest and loyal in their work.

  [DEFINITION] Manager: The person responsible for running the business and achieving its goals.

  [DEFINITION] Producer: A business that makes products to sell to customers.

  [DEFINITION] Supplier: A business that supplies the raw materials needed by the producer.

  [DEFINITION] Service Provider: A business that supplies the services needed by businesses.

  [DEFINITION] Customer: A person who purchases goods from a business for their own use or for resale to others.

  [DEFINITION] Consumer: A type of customer who buys goods and services purely for their own use.

  [DEFINITION] Society: They local community where the business is located, and to wider society, both nationally and globally.

  [DEFINITION] Government:The local and national authorities that set the rules and regulations by which businesses must operate.

	Created by amanda.acton almost 11 years ago

Leaving Certificate Business (Ch. 1 - Introduction to People in Business) Note on Chapter 1 - Introduction to People in Business [Notes], created by amanda.acton on 26/01/2014.