Business Concepts

For many Business students, stakeholders are introduced as a list. Customers. Employees. Shareholders. Suppliers. Government. Local communities. But stakeholder influence becomes much more interesting when different groups want different things from the same business decision. A trip to the supermarket provides a surprisingly good example. Over recent years, self-service checkouts have become increasingly common across UK supermarkets. For retailers, the attraction is fairly

What is a sole trader? A sole trader is a business owned and controlled by one person. It is one of the simplest forms of business ownership and is particularly common among small businesses such as hairdressers, tradespeople, tutors, photographers, cleaners, dog groomers and independent retailers. The owner makes the key decisions, receives the profits generated by the business after costs and tax, and takes responsibility for its success or failure. In the UK, a sole trader

What is an entrepreneur? An entrepreneur is someone who identifies a business opportunity and takes the risk of organising resources to exploit it. Entrepreneurs are central to the creation and development of businesses. They bring together ideas, people, finance and other resources and make decisions about how those resources should be used. But being entrepreneurial involves more than simply starting a business. Entrepreneurs need to be able to spot opportunities, operate i