1.1 An Introduction to business management
By the end of this chapter, you should be able to:
➔ Explain the role of business in combining human, physical and financial resources to create goods and services
➔ Understand the main business functions and their roles (human resources, finance, marketing, and operations)
➔ Define primary, secondary, tertiary and quaternary sectors
➔ Outline the nature of business activity in each sector and the impact of sectoral change on business activity
➔ Explain the role of entrepreneurship (and entrepreneur) and intrapreneurship (and intrapreneur) in overall business activity
➔ Identify reasons for starting a business or enterprise
➔ Outline common steps in the process of starting up a business or an enterprise
➔ Examine problems that a new business or enterprise may face
➔ Outline the elements of a business plan