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Business Definitions

People in Business

TermDefinition
Stakeholder Someone who is affected by how a business is run. eg. supplier
Entrepreneur An individual/group who take risk of establishing and running their own business. eg. Caroline Keeling
Investor Person/group who provide entrepreneur with capital used to finance purchase of assets and establish business.
Equity Finance Money given by investor to entrepreneur for business. The investor receives share in business in return and gets annual dividend.
Debt Capital Money an investor lends to an entrepreneur for business. Loan paid back with interest.
Employer Individuals who employ people to work for them for wages/salaries. eg. Intel
Employee Someone who works for an employer producing goods and services. eg. workers
Producer Manufacturers and suppliers of goods and services. eg. Dell
Consumer Users and buyers of goods and services.
Service Provider Businesses that offer helpful supports to an entrepreneur. eg. banks allow entrepreneurs to lodge money.
Interest groups Organisations which represent a common viewpoint and goals of a particular group. eg. IBEC(Irish Business Employer's Confederation.
Intrapreneur employees who give their employers ideas and suggestions to make the business more successful.
Manager runs business and makes sure it achieves objectives. Must use business' resources in best possible way to do this.
Supplier group or individual who provides goods and services to others.
Law of Contract Legally binding agreement between two parties.
Agreement When both parties are happy with the terms of a contract.
Offer When one party proposes a contract to another. Must be clear, complete and can be communicated orally, in writing or through conduct.
Acceptance Offer is accepted by all parties, with no conditions relating to original offer.
Consideration How something of value passes between both parties. eg. sweets for money.
Invitation to treat Invitation to entice a customer into a shop and an indication that the seller would like to receive offers for it. eg. sign in a shop. (invitation to treat is not an offer)
Intention to Contract Both parties must mean for the agreement to be a legally binding contract. They understand legal characteristics of agreement.
Capacity to Contract Both parties must be able to legally create a contract. ie. must be of age, sane, not drunk.
Created by: liamginnetty98
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