English and Literature
Submitted By raven123
8 roles of a business! To produce goods and services! Production refers to those activities undertaken by the business that combine the resources to create products that satisfy customers’ needs and wants. Other functions! Profit! Profit is what remains after the business expenses have been deduced from the businesses sales revenue. Employment! To be able to purchase something you must pay money and to pay money you usually get that from your job, which are provided by businesses. The more sold the more a company will hire. SME are a large source of employment accounting to about 50% of all private sector employment, 5.3 million people. Income! Income is received by providing labour.you will in turn receive a wage or salary. This means that a part of the money made from the sales of a business is divided among the workers who contributed to their production. That is sales revenue. Choice! An act for selecting alternatives .in our society consumers have the choice to purchase through a variety of products at competitive prices. Innovation! The development of new products or improvements on existing ones is another important role in businesses. The way we listen to music is a subject of innovation and invention. Many SME undertake research and development (r and d) SME constantly test new ideas and products, they build on product innovation. Finding new ways of doing things has resulted in improved efficiency and increase productivity. Entrepreneurial risk! People who transform their ideas into new businesses are called entrepreneurs. They are prepared to take the risk and start a business venture. They take risks because those paths are untapped markets with no track record of proven consumer demand or guaranteed returns. Wealth creation! The more produced the more wealth is produced .wealth is made when it is played out to employer...