Essential Business Fundamentals and Entrepreneurship

Defining Business and Core Functions

Business: A business organization that offers goods and services to customers in exchange for money.

Key Business Departments

• Marketing: Publicity and promotion.
• Accounting: Recording incomes, profits, and outcomes.
• Sales: Controlling what the company sells and ensuring quality.
• Budgeting: Planning the spending of money.
• Customer Services: Attention to the client.
• Hiring Employees: Building the best team for the company and comparing candidates.

Organizational Interrelationships

Interrelationships: Effective strategic decision-making, good communication, and cooperation ensure the correct operation of the company.

Legal Entities and Fundamental Rights

Types of Legal Persons

• Natural Person: All individual human beings.
• Juridical Person: Entities that are legal and protected by law.

Fundamental Legal Rights

Rights: The principle of equality before the law, equal treatment, freedom of legal industry and commerce, freedom of expression, freedom of residence, freedom of the press, freedom of assembly, the right to access information, the right to justice, the right to a legal process, the right to fair fiscal and taxation laws, and the protection of confidential information.

Common Forms of Business Ownership

• Partnership: A business owned by two or more persons.
• Sole Proprietorship: A business owned by only one person.
• Unlimited Liability: Involves significant responsibilities and full control.
• Corporations: Owners have limited liabilities.

The Essence of Entrepreneurship

Entrepreneurship: The action or process of creating a new business. An entrepreneur is the person who is the owner of the business.

Key Traits of Successful Entrepreneurs

• Tolerance for Ambiguity: A characteristic that allows a person to be untroubled by disorder and uncertainty.
• High-energy: Great effort and high levels of passion.
• Entrepreneurial Struggle: The ability to stay positive after periods of struggle.
• Self-confident: They act decisively and feel sure about their ability to win customers.
• Need to Achieve: Motivation to stand up and choose situations where success is likely.
• Autonomy: The freedom of making decisions.
• Power and Influence: Being able to persuade others to follow you.

Common Types of Business Owners

• Hard-workers: Those who thrive on the challenge of building a larger, more profitable business.
• Idealists: Those rewarded by the chance to work on something new and creative.
• Jugglers: High-energy people who enjoy handling every single detail of their business.
• Optimizers: Those who gain great personal satisfaction from being business owners.
• Sustainers: Those who enjoy the chance to balance life and work.