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Nature of Business

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Business Studies Speech "In economics, a business (also called firm or enterprise) is a legally recognized organizational entity existing within an economically free country designed to provide goods and/or services to consumers". The fundamental aim of the business is for people to work together and achieve goals to enhance value to inputs and thus creating profits for the business and its entities. Good morning/afternoon class, teachers and or students. In today's speech I will be addressing "The importance of business and its relationship with stakeholders" I will be defining the term business, describing the nature of business and its role in society and I will also be explaining the responsibilities of business to internal and external stakeholders. Firstly Businesses can be broken up into two different sub groups - public sector and private sector. The public sector is organizations that are owned and controlled by the government. An example of these organizations is police, health, education and defense as well as businesses owned by the government such as State Rail, RTA, and Australia Post. The private sector is all organizations and businesses that are owned and controlled by private individuals or groups Secondly Stakeholders are the individual, groups or institutions who also have an interest in the way a business operates. ...read more.


The following are examples of external stakeholders. * Suppliers: Business has the responsibility to pay the suppliers on time. They want to see the business doing well so the suppliers are supplying more hence a larger profit for the suppliers. * Customers: Businesses have the responsibility to provide a good price, good products and good service for the customers. * Competitors: Businesses have the responsibility to do what is ethically and legally right. * Governments: Businesses have the responsibility to pay their taxes fairly, so the government can use the funds to make better roads etc. * Distributors: Businesses have the responsibility to pay the distributors on time and similar to the suppliers the distributors want the business to be successful so they make a greater profit. * Local Communities: Businesses have the responsibility to leave the local environment in good shape. Thirdly The nature of business and its role in society can be broken down into several different points which form the function of business. The points follow: 1. To create value and benefit for customers in the form of goods and services. ...read more.


Art 5. Environmental health 6. Innovation 7. Australia is a free market economy this means there are many different companies with the same fundamental function. Therefore customers can choose between a variety of the same products and choose one that suits their needs and wants. Australia wasn't always a free market economy, it was a protect economy this meant there has a limited choice. Thus there were measures needed to be put into place by the government in order to keep out foreign competition. This also meant we had to pay more for items. 8. Entrepreneurship is the practice of starting new organization or revising mature organizations particularly new businesses generally in response to identified opportunities. Entrepreneurship is often a difficult undertaking, as a vast amount of new businesses fail. This ranges from solo projects (incorporating part time projects to major undertaking creating many job opportunities). In conclusion I trust that this speech has educated you of the necessary information in correlation with the sentence "The importance of business and its relationship with stakeholders". I trust it has informed you on the Definition of a Business, the nature of business and its role with society, explained the responsibilities of business in regards to external and internal stakeholders and given you insight about business information and ideas. Thank you. ...read more.

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