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The business organisation, its stakeholders and the external environment
Chapter 1
Business organizations and their stakeholders
What all organisations have in common
An organisation is :
a social arrangement which pursues collective goals, which controls its own performance and which has a boundary separating it from its environment.
Why do organisations exist?
Organisations can achieve results which individuals can not achieve by themselves.
(a) Oraganisations overcome people’s individual limitations, whether physical or intellectural.
(b) Organisations enable people to specialise in what they do best.
(c) Organisations save time.
(d) Organisations accumulate and share knowledge.
(e) Organisations enable synerge.
In brief, organisations enable people to be more productive.
How organisations differ
Ownership (Public vs Private)
Owned by the government (public sector organisations)
Owned by private owners or shareholders (private sector organisations)
Control
Controlled by the owners themselves
Controlled by people working on their behalf
Indirectly controlled by government-sponsored regulators
Activity
Legal status
Limited companies
Partnerships
Profit or non-profit orientation
Size
01
02
Sources of finance
Varying degrees of technology use
Borrowing from banks
Government funding
Issuing shares
Technology
What the organisation does
Organisations do many different types of work
2 Types of business organisation
Profit vs non-profit orientation
Profit orientation
Maximise profit (to owners)
Non profit orientation
Provision of goods / services (to public / beneficiaries)
Private vs public sector
Private sector
Organisations not owned or run by central or local government, or government agencies.
Public sector
Organisation owned or run by central or local government agencies.