1.1 Introduction to business management

Intrapreneur

________: someone within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through using "entrepreneurial talents "such as risk- taking and innovation.

Desire

________ for independence- some people do not like the idea of being told what to do.

Secondary

________ sector business activity: firms that manufacture and process products from natural resources, including computers, brewing, baking, clothing and construction.

Entrepreneur

________: someone who takes the financial risk of starting and managing a new venture.

Primary sector business activity

________: firms engaged in farming, fishing, oil extraction and all other industries that extract natural resources so that they can be used and processed by other firms.

Business

any organization that uses resources to meet the needs of customers by providing a product/service that they demand

Consumer goods

physical and tangible goods sold to the general public

Examples of durable consumer goods

cars, washing machines

Examples of non durable consumer goods

food, drinks, sweets

Consumer services

non tangible products that are sold to the general public and include hotel accommodation, insurance services and train journeys

Capital goods

physical goods that are used by industry to aid in the production of other goods and services such as machines and commercial vehicles

Primary sector business activity

firms engaged in farming, fishing, oil extraction and all other industries that extract natural resources so that they can be used and processed by other firms

Secondary sector business activity

firms that manufacture and process products from natural resources, including computers, brewing, baking, clothing and construction

Tertiary sector business activity

firms that provide services to consumers and other businesses, such as retailing, transport, insurance, banking, hotels, tourism and telecommunications

Quaternary sector business activity

focused on information technology (IT) businesses and information service providers such as research and development, business consulting and information gathering

Desire for independence

some people do not like the idea of being told what to do

Entrepreneur

someone who takes the financial risk of starting and managing a new venture

Intrapreneur

someone within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through using "entrepreneurial talents" such as risk-taking and innovation

Business plan

written document that describes a business, its objectives and its strategies, the market it is in and its financial forecasts

Business

Any organization that uses resources to meet the needs of customers by providing a product/service that they demand

Consumer goods

Physical and tangible goods sold to the general public

Consumer services

Non tangible products that are sold to the general public and include hotel accommodation, insurance services and train journeys

Capital goods

Physical goods that are used by industry to aid in the production of other goods and services such as machines and commercial vehicles

Human resource management (HR), finance and accounts, marketing and operations management

4 business functions

Primary sector business activity

Firms engaged in farming, fishing, oil extraction and all other industries that extract natural resources so that they can be used and processed by other firms

Secondary sector business activity

Firms that manufacture and process products from natural resources, including computers, brewing, baking, clothing and construction

Tertiary sector business activity

Firms that provide services to consumers and other businesses, such as retailing, transport, insurance, banking, hotels, tourism and telecommunications

Quaternary sector business activity

Focused on information technology (IT) businesses and information service providers such as research and development, business consulting and information gathering

Entrepreneur

Someone who takes the financial risk of starting and managing a new venture

Intrapreneur

Someone within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through using "entrepreneurial talents" such as risk-taking and innovation

Business plan

Written document that describes a business, its objectives and its strategies, the market it is in and its financial forecasts

Competition; lack of record-keeping; lack of finance and working capital; poor management skills; changes in the business environment

5 problems faced by start-ups when starting a business