Key Stakeholders in Business (LC 2027) (Leaving Cert Business): Flashcards
📚Flashcards
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Practise the cards
10 cards from this deck
Definition of stakeholders
Definition of stakeholders
People/orgs with interest in business, affected by its decisions
Internal stakeholders
Internal stakeholders
People within company: owners, managers, employees
External stakeholders
External stakeholders
Outside company: consumers, suppliers, govt agencies, community
Role of business owners/entrepreneurs
Role of business owners/entrepreneurs
Take personal/financial risk to start & run business for profit
What investors provide to businesses
What investors provide to businesses
Capital (money) when owner lacks sufficient funds
Dividends
Dividends
Share of profits paid to investors
What suppliers provide
What suppliers provide
Raw materials, products, or services business needs to operate
Employees
Employees
People hired by company to work for wages or salaries
Why consumers are critical stakeholders
Why consumers are critical stakeholders
Provide revenue through purchases; no consumers = no revenue
Main role of government agencies
Main role of government agencies
Ensure businesses operate legally & contribute to society