Business Management 7/13/2025, 11:12:23 a.m.

Apuntes

**Business** **WHAT IS A BUSINESS** An entity that aims to satisfy the needs and wants of individuals or organizations. - **ACTIVITY** Human, physical, financial, enterprise production Goods, services *(FACTORS OF PRODUCTION)* - **SECTORS OF BUSINESS ACTIVITY** - **PRIMARY:** Extract raw materials from the earth. - **SECONDARY:** Convert raw materials into finished goods. - **TERTIARY:** Provide services to consumers and other businesses. - **QUATERNARY:** Knowledge-based activity. - **BUSINESS FUNCTIONS** - **MARKETING:** Promoting and selling a company, including market research. - **FINANCE AND ACCOUNTS:** Managing finance, including accounting. - **OPERATIONS MANAGEMENT:** Producing or delivering goods and services. - **HUMAN RESOURCES:** Managing employees, including hiring and training. **STARTING A BUSINESS: STEPS AND CHALLENGES** - Organizing the basic structure — Organization issues - Market research — Poor market research - Business planning — Weak business planning - Legal requirements — Legal costs problems - Raising the finance — Financial difficulties - Testing the market — Having no profits **BUSINESS PLAN*...