IBDP Business Management Business Organisation And Environment Chapter 1 Notes

introduction to business management


These notes have specially been curated by expert teachers to simplify and enlighten concepts given in IB Business Management HL. The notes are comprehensive in nature and are sufficient to study the chapter in depth, One need not look for other resources beyond the notes provided on our website which can be accessed for free. The notes for Introduction to Business Management IBDP HL are available on our official website and can be downloaded for free. You are one click away from obtaining all that you need to score well in IB Business Management HL. The material made available on Tychr’s website is available for all IBDP subjects and is specially curated after an extensive amount of effort to ensure that the notes are in consonance with the IB curriculum and are an amalgamation from various textbooks prescribed by the IBO.

Students often face a challenge understanding concepts, especially the ones that are new and tricky, These IB Business Management Notes will help the student cover the chapter Introduction to Business Management entirely while explaining every concept in a detailed and easy way.

The chapter on Introduction to Business Management helps understand that a business is a decision-making body that uses inputs to produce outputs that satisfy the consumers. We discuss the inputs which are land, labour, capital and enterprise and outputs which are goods and services in a business. The functions performed by the businesses involve Human Resource Management, marketing the products and finding target customers, finance and accounting and the management of operations of the business.

Businesses are categorised into four different categories which are primary, secondary, tertiary and quaternary depending on the stages of production they are at. Next, the differences between entrepreneur and intrapreneur are explained. Risk taking is one of the aspects of business and the reasons that encourage an individual to take risks could be growth, earnings, autonomy, and security to name a few. The chapter also talks about the steps that are involved in starting a business and the common problems like lack of finance, high costs of production, problems with marketing, legal issues, etc that a business might face at its advent. We also discuss what a business plan is and its key contents.