Business Fundamentals: Structures, Stakeholders, and Liability
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Core Business Definitions and Stakeholders
Key Business Products
- Goods: Physical products.
- Services: Non-physical products.
- Consumer Goods: Goods and services sold directly to ordinary people (consumers).
- Producer Goods: Goods and services sold to other businesses.
Types of Enterprise Ownership
Ownership determines who controls and benefits from the enterprise:
- Private Enterprise: Owned by individuals.
- Social Enterprise: A resource focused on objectives other than profit maximization.
- Public Enterprise: Owned and controlled by the government.
Understanding Stakeholders
Stakeholders are individuals or groups with an interest in the business's operations and success. Key stakeholders include:
- Local community
- Owners
- Suppliers
- Customers
- Government
- Employees
- Managers
- Shareholders