Business or company is a legal entity that produces goods or services that customers need. Every business deals with people. Those people bear the consequences because of the business, therefore they have an interest in it. They may be called a major stakeholder or a person with an interest in the business. People will intend to create a business only if they expect rewards for their business. The rewards of owning the company in various forms. Some people are motivated by the opportunity to earn a substantial income. Some want to be their own boss instead of working for others. Many people are happy with the challenges and prestige associated with owning a company. Most company owners agree that all the characteristics motivate them to start a business.
In order to succeed a company must have a competitive advantage or unique nature that can make its product more desirable than its competing product. Some companies create competitive advantage by providing similar products to their competitors' products, but at a cheaper price. Other businesses tend to prepare higher quality products from competing products, or by offering more fun services.
Many of today's successful businesses require a high level of technology, substantial funds, or both. Nevertheless, some ideas can be implemented without relying on technology or large funds.
The five types of stakeholders involved in the business are:
In order to succeed a company must have a competitive advantage or unique nature that can make its product more desirable than its competing product. Some companies create competitive advantage by providing similar products to their competitors' products, but at a cheaper price. Other businesses tend to prepare higher quality products from competing products, or by offering more fun services.
Many of today's successful businesses require a high level of technology, substantial funds, or both. Nevertheless, some ideas can be implemented without relying on technology or large funds.
The five types of stakeholders involved in the business are:
- Owner; the sole proprietor of the company or investor who invests a sum of money in a business organization.
- Employees; company employees are appointed to channel the company's operations. company employees are appointed to channel the company's operations. Employees responsible for managing the tasks assigned to other employees and making important company decisions are called managers. Company performance is highly dependent on decisions made by managers.
- Creditor; Financial institutions or individuals who provide loans
- Supplier; the party providing the supply of raw materials or intermediate materials for the company, so the company can not complete the production process if the supplier can not provide the necessary raw materials.
- Customer; companies can not survive without customers. Companies should be able to deliver products at reasonable prices and quality, so customers do not switch to competitors.
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