People in Business

From ZuluNotes - Free Leaving Cert Notes

People in Business
Subject:	Business
Level	Ordinary & Honours

The people involved in business are the stakeholders.

The stakeholders are:

• Consumers
  • These are the people who purchase goods and services.
  • Every business relies on its consumers to survive.
  • If a business lost all its consumers it would no longer be profitable and therefore it would be forced to shut down.

• Producers and Service Providers
  • These people or firms make goods and services available to consumers.
  • They (usually) sell these goods to make a profit.

• Entrepreneurs
  • The people who combine risk taking ability, creativity and initiative to set up a business in order to make a profit.

• Investors
  • The people who finance the entrepreneurs business idea in return for a percentage of their profits.
  • TV shows such as Dragons den demonstrate the importance of the investor.

• Employers
  • The people who recruit others to work for them in return for a fair wage.

• Employees
  • The people who work for their employers in return for a fair wage.

• Interest groups
  • The groups of people who speak on behalf of its members.
  • They are also known as pressure groups because they put pressure on and influence decisions that will affect its members.
  • They look out for their members and try to protect them from financial harm etc.

• Government
  • The body that rules the land through legislation.