Romeo and Juliet Essay

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Session One: CHARACTERISTICS OF A BUSINESS • They consist of a number of people • The people that belong to them (customers/employees) all probably share some values/views about the business. • They will have some income & costs. • They will need different types of resources to provide different types of goods or services. • They are likely to co-ordinate a number of different activities undertaken by individuals. • They are identifiable as different from other groups of people. All businesses have three factors in common: People , Objectives , Structure. The interaction of the PEOPLE help achieve the OBJECTIVES which is achieved within some sort of working business structure that focuses their efforts. The direction and control of the interactions form the role of management. BUSINESS SECTORS Private sector - businesses not controlled by the state/country. (Sole traders, producers, consumer stores) Public sector - businesses that are part if the national economy that is controlled and run by the state/country. (Local authorities, schools, hospitals, armed forces, charities) Profit business - motive is enhancement of owners shareholders wealth. Non-profit business - the primary aims are other than financial profitability. Cash is still important in both these businesses though. The money coming into the business (revenue) must equal/exceed outgoings (expenditure). STEREOTYPING OF BUSINESS SECTORS The stereotype of a business is usually that of a large american enterprise, probably in manufacturing. This is incorrect as service industries (particularly financial) form the major part of a nations economic activities. Small businesses (SBS) make up about 90% business activities within one country. SBS = 0 -49 employees. Stereotypical views on private sector - efficient / solely profit driven.

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