1. Foundations of Business
The Basics
Chapter 1
Download this book for free at: ttp://hdl.handle.net/10919/70961

2. 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.
Download this book for free at: ttp://hdl.handle.net/10919/70961

3. 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

4. Business Participants
Owners (shareholders)
Employees
Customers
Stakeholders
Shareholders
Vendors
Others

5. Functional Areas of Business
Management
Operations
Marketing
Accounting
Finance
Legal
Human Resources

6. Macro Environment
Economy
Government
Consumer trends
Technology