Introduction to Business and Its Stakeholders

An organization that creates and sells goods or services.

A person or group affected by business operations.

Someone who starts a business, taking risks for profit.

Different ways of providing financial support to a business: Equity/Loan Capital,Grants.

Investment in a business, making the investor partial owner.

A person or organization that hires and pays employees to work for them.

Legal actions an employer can take, such as hiring, giving instructions, and dismissing employees.

Obligations an employer has towards employees, like providing a contract, paying wages, and ensuring a safe workplace.

A formal document outlining the terms and conditions of an employee's work, including wages, hours, and responsibilities.

When an employer ends the employment of an employee.

Ending an employee's contract without a valid reason or in a way that is against the law.

A workplace that is free from hazards and risks to employee safety and health.

A law protecting employees from being dismissed unfairly and providing legal recourse for unfair dismissal.

Duties or obligations that employees are expected to fulfill in their work, contributing to the success of the business.

A business that transforms raw materials into finished products, creating goods for sale to consumers.

A business that provides the raw materials needed by producers to create finished goods.

A business that delivers services to other businesses, such as electricity or banking.

A person who buys goods or services for their own personal use.

A person or business that buys goods or services to resell them, often at a higher price.

Managers oversee the operation of a business, ensuring it achieves its goals and objectives.

A business that operates ethically and considers the impact of its actions on society, the environment, and the well-being of others.

Governments regulate businesses through laws, taxes, and policies to ensure fair practices, protect consumers, and promote economic growth.

A mutually beneficial relationship where both parties work together to achieve a shared goal, resulting in a win-win scenario.

Employers invest in employee training and upskilling, which increases productivity and benefits both the employee and the employer.

An employer rewards employees with a share of company profits, motivating them to work harder and improve business performance.

A relationship where parties pursue different goals, competing for resources or advantage, resulting in a win-lose scenario.

Employees seek higher wages or better working conditions, while employers aim to minimize costs, creating a potential conflict of interest.

Investors prioritize profit distribution, while managers focus on business growth and reinvesting profits, leading to potential disagreements.