Role of business in society
Contributes to well-being, provides goods, employment, and supports economic stability.
Purpose of business — profit
Main goal is to generate financial gains for owners and shareholders.
Purpose of business — employment
Creates jobs to support livelihoods and reduce unemployment.
Purpose of business — innovation
Develops new products or processes to meet needs and stay competitive.
Business types — sole trader
Owned and operated by one individual, simplest form.
Business types — partnership
Owned by two or more, sharing responsibilities and liabilities.
Business types — private limited company
Owned by shareholders, limited liability, not public.
Business types — public company
Shares traded publicly, larger, more regulated.
Business types — franchise
Operates under an established brand, pays royalties.
Business types — cooperative
Owned and run by members for mutual benefit.
Business classification — size
Small, medium, or large based on employees, assets, turnover.
Business classification — sector
Primary, secondary, tertiary based on economic activity.
Business classification — ownership
Public, private, government-owned.
Internal influences — management
Decides strategy, affects decision-making and internal culture.
Internal influences — employees
Impact productivity, morale, and innovation.
External influences — market conditions
Supply, demand, consumer preferences, economic trends.
Pon a prueba tus conocimientos con 8 preguntas sobre Understanding Business Dynamics.
1. Which internal influence in a business typically developed or became prominent first in the evolution of organizational management?
2. How can a business manager practically apply the signs of business decline, such as falling sales and cash flow problems, to improve the company's situation?
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