1. Chap…1 People in Business

2. People and their relationships in Business
1.ENTREPRENEURS
Have the ability to spot and evaluate business opportunities
Use initiative and enterprise to gather resources necessary to take advantage of opportunities
Are highly motivated people who take calculated risks to achieve their goals

3. 2.INVESTORS
Provide finance to entrepreneurs to start up and develop business. Investors maybe
Shareholders buying shares in a company – share capital
A bank or building society investing in the form of loans

4. 3. PRODUCERS
Combine the use of machinery, labor, finance to transform raw materials into a finished product to sell to consumers
4. SUPPLIERS
Supply the raw materials and machinery required for production to producers
Supply answers with finished goods

5. 5. SERVICE PROVIDERS
Provide a wide range of services, telecommunications, distribution, financial, professional services
6. EMPLOYERS
Hire employees to produce goods or supply services. They reward employees with wages
7. EMPLOYEES
Work for employers in the production of goods and services, they get wages in return for this

6. 8. INTEREST GROUPS
Wish to influence the political decision-making process but are not part of the accepted political structure of the country.
(e.g.) IBEC, irish business & employers confederation
IMI, irish management institute
ICTU, irish congress of trade unions
Chamber of commerce=promotes business
SIMI, society of irish motor industry
ITAA, irish travel agents association
9. THE DYNAMIC RELATIONSHIP
The relationships between parties in Business are constantly changing and is said to be dynamic.

7. Sometimes this relationship is co-operative: they help one another at other times it is competitive, which may cause conflict.
RELATIONSHIPS BETWEEN
Entrepreneurs and Investors
Producers & interest groups
Consumers & businesses
Employer & employee
Consumer & producer