Foundations of Business The Basics ©William Klinger. This work is licensed under a Creative Commons Attribution 4.0 license  Adapted from Fundamentals of Business  Download this book for free at: https://vtechworks.lib.vt.edu/handle/10919/84848

Learning Objectives Describe the concept of stakeholders and stakeholder groups Discuss and apply the macro-business-environment model Explain other key terms including: entrepreneur, profit, revenue. Adapted from Fundamentals of Business  Download this book for free at: ttp://hdl.handle.net/10919/70961

Business Provides goods and services to consumers for the purpose of making a profit Revenue = income Profit = revenue – expenses Entrepreneurs – people who take business risk Profit – the reward for taking risk

Business Participants Owners (shareholders) Employees Customers Stakeholders Shareholders Vendors Others Photo CC BY 4.0. Retrieved from: https://commons.wikimedia.org/wiki/Category:Figures_from_Fundamentals_of_Business_by_Skripak

Functional Areas of Business Management Operations Marketing Accounting Finance Legal Human Resources Photo CC BY 4.0. Retrieved from: https://commons.wikimedia.org/wiki/Category:Figures_from_Fundamentals_of_Business_by_Skripak

Macro Environment Economy Government Consumer trends Technology