2) Stock (inventory) control and management

3) Financial and non-financial methods of motivation of staf

4) Establishing quality management processes

5) Hiring a new production manager

6) Researching the needs, wants, and preferences of customers

7) Businesses aim to satisfy the needs and wants of individuals and other organizations, such as by providing a service or manufacturing a product.

8) In order to create goods and services, businesses need to combine human, financial, physical, and entrepreneurial resources.

9) The marketing department is responsible for identifying and meeting the needs and wants of customers, usually for a profit.

10) Car manufacturing is an example of an industry operating in the secondary sector of the economy.

11) An IB World School operates in the tertiary sector.

12) Reasons to start up a business include independence from working for someone else and the desire to pursue a personal interest or passion.

13) An entrepreneur is a person who develops new products or services in a large organization for the benefit of their employers.

14) The entrepreneur is a visionary who is willing and able to take calculated risks for a business start-up or to run a commercial organization.

15) A common feature of the commercial (for-profit) businesses is the aim to generate profit.

16) Social enterprises, including cooperatives and non-governmental organizations, operate in the public sector of the economy.

17) Sole traders do not have to work alone and can employ as many employees as needed.

18) Businesses owned and run by the government operated in the public sector.

19) Having limited liability means that owners of a business can only lose the money they have invested, and no more.

20) Business organizations that are run and owned jointly by their members are known as co-operatives.

21) An unincorporated business is a separate legal entity from its owner(s).

22) All for-profit social enterprise operate in the private sector.

23) Publicly held companies operate in the public sector.

24) Non-governmental organizations (NGOs) operate in the private sector.

25) “Business shapes the world. It isn’t capable of changing society in almost any way you can imagine.”
- Dame Anita Roddick (1942 – 2007), Founder of The Body Shop

26) Business:

A decision-making organization established to produce goods and/or provide services.

27) Customers:

The individuals or organizations that purchase a product.

28) Entrepreneurship:

The knowledge, skills and experiences of individuals who have the capability to manage the overall production process.

29) Marketing:

Business function of identifying the needs and wants of customers so that the organization can provide goods and services to meet these requirements and desires, usually in a profitable way.

30) Companies (corporations):

This refers to any business organization that is owned by its shareholders, who have limited liability. They comprise of privately held companies and publicly held companies.