Understanding Stakeholders in Business

Think of stakeholders as anyone who either influences a business or gets influenced by it. They're basically the people and groups that have skin in the game when it comes to how well (or badly) a company performs.

Every single organisation has stakeholders, whether it's a massive corporation or your mate's small online shop. The key thing to remember is that stakeholders fall into two main camps: internal stakeholders (people inside the business like employees and managers) and external stakeholders (outsiders like customers, suppliers, and the local community).

Here's where it gets interesting - every business decision creates a ripple effect. For example, if a company decides to cut costs by reducing staff benefits, employees might become less motivated, leading to poorer work quality and higher staff turnover. It's like a domino effect that can seriously damage the business.

Remember: Ignoring stakeholder concerns isn't just mean - it's bad business that can hurt profits and reputation!

Entrepreneurs are special stakeholders because they're the risk-takers who spot market opportunities and put their own money on the line. Take Jack Cleary, who founded Glenisk in 1987 - he saw a gap in the market and took the plunge to fill it.