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Business

Business. People in Business. Definition of Business People in Business Interest groups Stakeholders Relationships – co-operative, competitive. Definition of Business. Business is about people and organisations Producing goods and services Supplying them to consumers.

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Business

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  1. Business People in Business

  2. Definition of Business People in Business Interest groups Stakeholders Relationships – co-operative, competitive

  3. Definition of Business Business is about people and organisations Producing goods and services Supplying them to consumers Every business is a producer Most are commercial – sell for profit

  4. Think of a Business You Know Producing Goods Services

  5. Business • Commercial • Bank • Supermarket • Hairdressing salon • …. • Non-commercial • Concern • St Vincent de Paul • Trocaire • ….

  6. People in Business • Stakeholders – players in business • And those affected by the decisions of the business • Entrepreneurs • Investors • Suppliers • Service Providers • Employees • Consumers • Government …. Can you think of others

  7. Relations: http://www.nytimes.com/2012/08/27/technology/apple-samsung-case-muddies-future-of-innovation.html Apple Vs Samsung Competitors – Samsung breach Apple patents Suppliers – Samsung are major suppliers of technology to Apple Why didn’t they get an injunction when the samsung Galaxy appeared first?

  8. Entrepreneur Uses Initiative to bring resources together to setup a business Resources = Capital, Premises, Equipment, Employees, Skills/Expertise, new idea/product design … Factors of Production: CELL: Capital, Enterprise, Land, Labour Risk taker = probability of failure or success Motivation = Profit, employment, challenge, accolade, own boss etc

  9. Examples Bill Gates and Paul Allen - Microsoft Michael Dell - Dell Computers Steve Jobs and Steve Wozniak - Apple Computers Jeff Bezos -Amazon Phil Knight - Nike Fred Smith - Federal Express

  10. Think of Entrepreneurs you know • Local • Meere’sbucher • O’Connors Bakery • Global • JuimmyChoo • Mark Zuckerberg: Facebook founder

  11. Homework 3/9/2012 Pg 15 Q1 Distinguish between commercial and non-commercial business Commercial – eg Bank They want to make a profit Non-commercial – eg Concern, Trocaire They are not in it for profit Pg 15 Q2What is a stakeholder They are players in business For example: Entrepreneurs, Shareholders, Investors, Suppliers, Employees, Employers, Competition, Government, Public

  12. Investors • Investors risk their money in the business • Owners Capital • Venture capital • Loan Capital • Grants • For example, Steve Jobs and Steve Wozniak, founders of Apple, started the company with $1,300 in personal capital when Steve Jobs sold his Volkswagen micro-bus and Steve Wozniak sold his Hewlett-Packard scientific calculator.

  13. Suppliers Business needs raw materials or products to produce their own products or service Supplies needed at the right time, place, quality, quantity JIT Supplier wants good price, payment and repeat orders

  14. Homework 4-9-12 Q3 Identify two types of investor in a business Q4 Explain the role of an entrepreneur in business

  15. Consumers Wants/Needs Quality Low Price Service Choice Convenience Consider goods that address each

  16. Customer Vs Consumer Both must be satisfied by the business Customer Someone who buys something eg Buy a bike Consumer Use the product or service Eg given a bike as a present and use it

  17. The Government • Represents the general public • Wants business to: • Employment • Provide a range of goods and services • Create wealth • Pay tax – Income tax, corporate tax • Collect tax – VAT, PAYE • Observe law • Provides the business with: • Training – FAS • Advice – CEB, Enterprise Ireland • Grant assistance • Transport • Telecommunications • Infrastructure

  18. HW 5-9: Ennis CC Stakeholders Who are the stakeholders?

  19. Interest Groups • An organisation which represents a particular group with similar needs/objectives • Lobby group – pressure group - persuading decision makers in government

  20. Interest Groups • Business Associations • IBEC • ICTU • Chamber of Commerce • ISME • Trade Associations • ITAA • SIMI • IFA • Other • CAI • Residents associations • Environmental groups

  21. Relationships

  22. Relationships

  23. Co-operation Vs Competition Between Stakeholders: eg Investor and Entrepreneur Co-operation – need to work together to get what they want eg Entrepreneurs and Investors work together to make Profit Competition – have different interests at play – eg Investor wants large share in the business and profits, minimum risk. While the Entrepreneur give away very little share in the business and wants to take risk egDragons Den

  24. Co-operation VsCompetition Between Business and its Stakeholders:eg Business/Employees Co-operation: employees participate in training to upskill, earn more, have greater job satisfaction that benefits the business Competitive: Business needs to keep wages costs to a minimum and employees want to maximize wages

  25. Co-operation VsCompetition Between Businesses Co-operation: Chamber of commerce Competitive: DunnesVs Tesco

  26. Ms Moroney covering Conflict and Resolutions and other legislative areas

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