Why are core people of business

Topics: Business, Marketing, Management Pages: 1 (293 words) Published: March 23, 2014
`Subject: Introduction to Business
Question: Why are core people of business?
Ans: The human element is the core of business. Business needs people as owners, managers, employees & consumers. People need business for the production of goods and services and the creation of jobs, whether business is transacted in Bangladesh, India, or Canada does not matter. Businesses may be operated differently and the objectives of businesses may differ, but the universal element in all business activities is people. Core people of business:

1. Owners 2. Managers 3.Employees 4.Consumers
Owners: People, who own a business, as well as those who invest money in one, do so because thaw expects to earn a profit. Most of the giant corporations, such as General Motors, Du Pont and Exxon are owned by large numbers of people. When making decisions, the professional managers in business organizations need to consider the owners and what they expect from the business. Managers: the person responsible for operating the business may be the owner or a professional manager employed by the owner. Both types of managers seek to achieve profit, growth, survival and social responsibility. The owner-manager sets his or her own objectives , whereas a professional manager attempts to achieve objectives set by others. Employees: Employees supply the skills and abilities needed to provide a product or service and to earn a profit. To compete with other businesses a business enterprise needs a committed and effective team of employees. Consumers: A consumer is a person or business who purchases a good or service for personal or organizational use. Consumers in economic systems such as those of Japan, Canada and the United States want more and better products and services. A business enterprise attempts to satisfy consumer needs and desires while earning a profit. THE END
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