Discussion Questions on Successful Entrepreneurs

Discussion Questions on Successful Entrepreneurs

Internal stakeholders are individuals who are directly involved in the management of a business. They always have a vested interest in business; hence any failure or success experienced can affect them directly. The vital example of internal stakeholders includes company owners, employees and board members. Employees are the biggest internal investors who always work for business welfare (Tutor, 2015). The border members must ensure that the organization has successful progression in the market by making decisions that are well focused on organization success. Also, the business has an owner who has responsibility for establishing budget and sales forecasts.

In order to keep internal stakeholders as a team, there is a number of retentions strategies the organization needs to implement. For instance, management should ensure that the stakeholders are paid on a fair basis and their performance is measured without fail. They should also be motivated through promotion and incentives to remain focused on organization welfare (Tutor, 2015). It is also important to ensure that they are satisfied with the organization’s culture to achieve the set goals of the business.

External stakeholders exist outside the business, but they are still important parts of the business. They are external stakeholders because they do not take part in the internal decision of the business but rather help an organization deal with external factors that can hinder a business from thriving in the environment. Some of the external stakeholders in business include suppliers, customers and society. The consumers are individuals who buy the organization’s goods, thus helping them to raise revenue.

The suppliers and vendors play a significant role that helps an organization remain competitive in the market. For example, suppliers ensure that the business is provided with the right raw materials on time. With enough raw materials on stock, businesses will have enough products for consumers and on time (Jefferies, 2017). From this view, it can be argued that both suppliers and vendors have a big hand in ensuring that business remains competitive advantage in the market.

Deep dependency of external stakeholders can put businesses in an awkward position at some point because it will need every solution they make to be the stakeholders’ convenience. It can be important to rely on external stakeholders to some extent for help, but not fully because that will help make business decisions in the future easier and more effective.

References

Tutor, S. (2015). Business Studies Basics: Who are Stakeholders? - Detailed description [Video]. https://www.youtube.com/watch?v=XG38IsxMiiA

Jefferies. D (2017, October 11). Suppliers: A proven competitive advantage you may be overlooking. Retrieved March 29, 2022, from https://www.hicx.com/blog/suppliers-proven-competitive-weapon-may-overlooking/