Introduction to Business Management Terminologies
Business Plan - A document that sets out the business’s goals, objectives, ideas and details on how the business will operate
Customers - People who buy the product
Consumers - People who actually use the product
Entrepreneurs - ...
Business Plan - 🗸 A document that sets out the business’s goals, objectives, ideas and details on how the
business will operate
Customers - 🗸 People who buy the product
Consumers - 🗸 People who actually use the product
Entrepreneurs - 🗸 People who decide to set up their own business, they are the owners and operators of an
organisation. They are risk takers who exploit business opportunities in return for profits.
Intrapreneurship - 🗸 Act of behaving as an entrepreneur but as an employee within a large business. They
work to create innovative products or new processes for the organisation
Primary Sector - 🗸 Businesses involved in the cultivation or extraction of natural resources
Product - 🗸 can refer to both goods and services
Quaternary Sector - 🗸 Businesses are involved in intellectual, knowledge-based activities that generate an
share information.
Secondary Sector - 🗸 is the section of the economy where business activity is concerned with the
construction and manufacturing of products
Sectoral Change - 🗸 shift in the relative share of gross domestic product and employment that is attributed
to each business sector
, Tertiary Sector - 🗸 Section of the economy where business activity is concerned with the provision of
services to customers
Wants - 🗸 Peoples Desires
Private sector - 🗸 Part of the economy run by private individuals and businesses, rather than by the
government. e.g sole traders, partnerships, companies and cooperatives
Aims - 🗸 Aims are the long-term goals of a business often expressed in the firm’s mission statement. The
are a general statement of a firm’s purpose or intentions and tend to be qualitative in nature.
Public-Private partnerships - 🗸 Occur when the government works together with the private sector to
provide certain goods or services
Public Sector - 🗸 Part of economy that is controlled by the government
Sole trader - 🗸 Self-employed person who runs and controls the business and is the sole person held
responsible for its profits and failures
Social Enterprises - 🗸 A revenue generating business with social objectives at the core of their operation.
They can be profit or non-profit businesses. But all the profits are reinvested for that social purpose.
Publicly held company - 🗸 An incorporated limited liability company that allows shareholders to buy and
sell shares through a stock exchange.
Business Cycle - 🗸 It refers to the fluctuation in the level of business activity over time. Countries tend to
move through the cycle of boom, recessions, slumps, recovery and growth.
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