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An organization that makes or sells things or services.
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The people who work in a company.
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Things like buildings and machines.
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resources used in a business (people, money, equipment).
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Capital-Intensive Processes start learning
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Work that needs a lot of machines.
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Labour-Intensive Processes start learning
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Work that needs a lot of workers.
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Things you can touch, like food or clothes.
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Things people do for others, like transport or haircut.
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Finds and trains workers.
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Tells people about products.
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Manages money and payments.
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Operation Management and Production start learning
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Plans how things are made.
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Gets things from nature (farming, fishing).
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Makes products (factories).
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Gives services (shops, transport).
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Works with knowledge (IT, research).
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All businesses are organized according to four main functions. Name and define two start learning
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Marketing Human Resources Finance and Accounts Operations Management Marketing: Tells people about the product. Human Resources: Finds and trains workers.
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Business activities have been grouped into sectors. Name and define two and give examples: start learning
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Primary Secondary Tertiary Quaternary Primary Sector: Gets things from nature (e.g., farming, fishing) Secondary Sector: Makes products in factories (e.g., cars, clothes)
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4 reason for starting up a business start learning
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bo be own business, to earn money, to meet market needs, to do what you love
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check the market first, make a good business plan, use money cerfuly, focus on customer service, be flexible and learn from mistake
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