Chapter 1 lc business intro to people in business

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  • 1. Chapter 1People in Business D. Dempsey
  • 2. Key Areas• What is Business?• Who are the stakeholders?• How Business impacts its Stakeholders.• Relationships in Business. (NB) – Co-operative and Competitive D. Dempsey
  • 3. What is Business?Organisation set up to provide a good or service to potential customers.1. Commercial – Profit is the main objective.2. Non-Commercial – Objective is to provide a service. E.g. Bothar, Trocaire, Greenpeace, GAA D. Dempsey
  • 4. Who are the stakeholders in Business? D. Dempsey
  • 5. Entrepreneur An Entrepreneur takes the initiative and bears the financial and personal risks in a newventure. Taking the initiative means spotting the gap in the market for a new product or serviceand recognising that this gap can be exploited to good advantage.See handout 1E.G …Coca Cola, Charge Card, Safety razor, Biro D. Dempsey
  • 6. Investors Generally hope to gain a return3 Types of Capital: • Equity Capital • Debt Capital • Grants Investors take financial risk whereas Entrepreneurs take commercial risk D. Dempsey
  • 7. EmployersHires another person to work in return for pay. Do You rem’ from JC the dif between Work and Employment. Employees Recruited by business to assist in business in return for pay D. Dempsey
  • 8. Producers Manufacture goods for the market SuppliersSupply raw materials needed by a producer D. Dempsey
  • 9. Service Providers Service providers are people/organisationsproviding a service to the public or a business Customers/ConsumersPurchase goods and services from a seller in return for payment. D. Dempsey
  • 10. Note How do consumers benefit from producers operating in competitive environment • Cheaper products • Improved Quality • Choice and variety • Better after-sale service D. Dempsey
  • 11. SocietyLocal…National…Global Government Jobs, Taxes, Laws D. Dempsey
  • 12. Interest Groups• Is an organisation representing a particular body of people who have a common ‘interest’.• Also called Pressure Groups• E.g…ICTU lobbying Gov’ on wage levels, taxation, and Government Policy.• IBEC ISME CAI NCA SIMI ITAA IFA IVA D. Dempsey
  • 13. D. Dempsey
  • 14. How Business impacts its Stakeholders D. Dempsey
  • 15. D. Dempsey
  • 16. NB Co-operative & Competitive Relationships Co-operative… working together towards a common goal/acting in a mutually beneficial manner. (win/win) Competitive… Both go after the same thing but only one gets it. Each tries to outdo or win over the other. (win/lose) D. Dempsey
  • 17. D. Dempsey
  • 18. Note Causes of Conflict in Business • Directors Vs Managers – Profit levels and use of profits • Business Vs Customer – Price, quality, aftersales service • Leadership styles – Autocratic…I don’t care what you think, just do it. • Employer Vs Employee – Wages, conditions, productivity • Business Vs Suppliers – Delivery, Quality, Credit, Discounts,
  • 19. Non legislative Resolution A non legislative approach to resolving conflict meansthat the parties involved resolve their difficulties without using a Law or an office set up under a Law. Advantage: This approach if handled correctly can buildthe relationship between the parties involved. They have a better understanding of each others position and areable to work in a more cooperative manner in the future. D. Dempsey
  • 20. Non legislative Resolution Negotiation Conciliation Arbitration D. Dempsey
  • 21. D. Dempsey