Nature of Business
- business = produces goods/services
- mainly for others
- takes inputs and creates outputs
- factors of productions
- labour
- land
- capital
- entrepeneurship
- knowledge/technology
- Main functions of businesses
- finance and accounting
- marketing
- procurement
- management / HR
- operations management
- stakeholder management
Characteristics of Successful Businesses
- market orientation
- Liquidity and sufficient financial resources
- cost and risk awareness
- Profitability
- qualified personnel
- social responsibility - stakeholder management
- sustainability - sustainable development