Page 17 - Business_Studies_F5

Student's Book Form Five

businesses’ success or are impacted by its
Questions
operations. By considering the interests and
1. Describe Micaela’s initial inspiration perspectives of stakeholders, businesses
for starting her solar-powered can foster collaboration, make informed
lighting business. decisions, and achieve sustainable

2. What challenges did Micaela face success in the interconnected business
FOR ONLINE READING ONLY
during the early stages of launching environment.
her start-up, and how did she In the business context, stakeholders refer
overcome them? to individuals, groups, or entities that have
3. Discuss the strategies she used to an interest in the activities, decisions, and
secure funding for her business start- outcomes of a business. Stakeholders can
up. include a wide range of individuals and
4. Describe how ICT can help Micaela groups such as employees, government
to ensure sustainable business agencies, investors, customers, suppliers,
performance. financial institutions, communities, and

5. Based on what you have learnt in competitors.
this case, brainstorm and develop a
business start-up idea by considering Types of stakeholders
key details such as the target market, The following are two major categories
product offering, and unique selling of business stakeholders:
proposition. Internal stakeholders: These are individuals
or groups within the businesses such as

employees, owners, and managers. Internal
Skills lab activity stakeholders are directly involved in the

How does the business environment daily operations and decision-making
affect the business operations in your processes of the business.
locality? External stakeholders: Unlike internal
stakeholders, these are individuals, groups,
and organisations outside the business
Stakeholders in the business entity that are impacted by its actions or can
Understanding business stakeholders is impact its actions. External stakeholders can
crucial as it helps businesses to navigate include government agencies, customers,
through complex stakeholder relationships, suppliers, investors, communities, and
mitigate risks, build trust and credibility, as advocacy groups.
well as create long-term value for all parties
involved. It helps businesses to identify, Roles and interests of stakeholders
prioritize, and manage relationships with The following are the roles and interests
key parties who have an interest in the of some of the business stakeholders:

Business Studies for Advanced Secondary Schools 8

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