From the previous lesson…

Key Concepts
4 key business
functions

ATL Skills Internal and external

factors
 Key business tools
S W
Ansoff matrix
O T

S T E E P L E
What is a business?
 What is a business?
Economic activity
Creates utility
Adding value
Capital requirement
Goods and service
Profit earning motive 
Consumer satisfaction
Buyer and seller
Social obligations
What is a business?
A business is an organization that has a legal
structure and is engaged in the trade of goods,
services, or both to consumers.

Business is a decision-making organisation involved in the

process of using inputs to produce goods and/or to provide
services.
 Help Mr David
David took early retirement
from a highly paid government
service. He has a huge amount
of savings. He is planning to
start his own business. But has
no clues. List different business
opportunities for Mr David.
Help Mr David
 1 2 3 4
Farming Manufacturing Banking Research and
Fishing Construction Insurance development
Mining Retailing Financial
Transportation planning
Consultancy High level
Software consultancy

Primary Secondary Tertiary Quaternary

sector sector sector sector
Primary Sector
• Extraction, harvesting and
conversion of natural
resources.
• Examples include, fishing,
mining, harvesting, oil
extraction, etc.
Secondary Sector
• Manufacturing and
construction.
• Examples include manufacturing
firms, construction firms, energy
production companies, etc.
Tertiary Sector
• Tertiary sector specialises in
providing services to the general
population.
• Examples include retailing,
transportation, banking,
healthcare, insurance, etc.
Quaternary Sector
• Businesses in the quaternary
sector are involved in intellectual,
knowledge based activities that
generate and share information
• Examples include scientific
research, research and
development, ICT, etc.
 What form of
business ownership
Mr David choose?
• Sole trader
• Partnership
• Private limited company
• Public limited company
What is your
takeaway?