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Of these, the vast majority are sole traders and partnerships. If you look around your local area you will see plenty of examples of businesses. Some are considered small because they have fewer than 20 employees. They might be sole traders and partnerships. There are also companies, social enterprises and government business enterprises. Have you ever heard of Wesfarmers? It is one of Australia’s largest companies and any one of its 100 000 employees might work for Bunnings, Officeworks, Target, Kmart or one of Wesfarmers’ coal, energy, fertiliser or insurance interests. All of these different types of businesses have some things in common. They all have objectives and stakeholders with vested interests in the business. In this chapter, you will be studying the different types of businesses and the various objectives and stakeholders they have.  \nCHAPTER 1 The nature of business 3  \n~~i~~  \n~~i ~~  \n“c01TheNatureOfBusiness_print” — 2018/10/9 — 17:21 — page 4 — \\#2  \n~~i~~  \n~~ i~~  \n\n| NBN CO LIMITED —A GOVERNMENT BUSINESS ENTERPRISE\u003Cbr>Many of Australia’s businesses are household names. You may have heard of the National Broadband Network in the media. What you may not know is that NBN Co Limited, a company established by the government, was created in 2009 to design, build and operate the infrastructure (basic facilities, services and installations) that will enable advanced digital services to be provided to Australians.\u003Cbr>NBN Co is a government business enterprise (GBE) . This means that it is owned by the federal government. Currently, NBN Co employs over 6000 people and has estimated that thousands of local jobs will be created as they continue to build the $38 billion network. The National Broadband Network is the largest infrastructure project in Australia’s history to date. It has to be carefully designed and executed to ensure it delivers maximum value to customers. When the National Broadband Network is finally completed, it will allow people and businesses to access high-speed broadband services all across Australia.\u003Cbr>\u003Cbr>The National Broadband Network, managed by a government business enterprise, will benefit all Australians. |  |\n| --- | --- |\n| 1.1.2 What you will learn\u003Cbr>Key knowledge\u003Cbr>Use each of the points below from the VCE Business Management Study Design as a heading in your summary notes.\u003Cbr>\u003Cbr>Types of businesses including sole traders, partnerships, private limited companies, public listed companies, social enterprisesand government business enterprises\u003Cbr> The nature of business \u003Cbr>|  |\n| \u003Cbr>Characteristics of stakeholders of businesses including their interests, potential con icts between stakeholders, and corporate social responsibility considerations | \u003Cbr>Business objectives including to make a pro􀀞t, to increase market share, to ful􀀞l a market and/or social need and to meet shareholder expectations |\n| Key skills\u003Cbr>These are the skills you need to demonstrate. Can you demonstrate these skills?\u003Cbr>• Define, describe and apply relevant business management concepts and terms\u003Cbr>• Analyse case studies and contemporary examples of business management\u003Cbr>• Interpret, discuss and evaluate business information and ideas\u003Cbr>• Apply business management knowledge to practical and/or simulated business situations Source: VCE Business Management Study Design (2017–2021) extracts © VCAA; reproduced by permission. |  |\n| \u003Cbr>\u003Cbr> Digital doc: Key terms glossary (doc-29432) |  |\n|  |  |\n\n4 Jacaranda Key Concepts in VCE Business Management Units 3 & 4 Fifth Edition  \n~~i~~  \n~~i ~~  \n“c01TheNatureOfBusiness_print” — 2018/10/9 — 17:21 — page 5 — \\#3  \n~~i~~  \n~~ i~~  \n1.2 BACKGROUND KNOWLEDGE Introduction to business  \nBACKGROUND INFORMATION  \nBusinesses can be cate","cbCaihWCtTnynNOy","https://ap.wps.com/l/cbCaihWCtTnynNOy","pdf",13620093,54,"English","# CHAPTER 1 The nature of business\n## 1.1 Overview\n## 1.1.1 Why it is important\n## 1.1.2 What you will learn\n## Key knowledge\n## Key skills\n## 1.2 Background knowledge Introduction to business\n## Classifying business\n## 1.2.1 Business size","[{\"question\":\"Why is the study of business important in this chapter?\",\"answer\":\"The chapter frames business as a major part of society and connects it to objectives, stakeholders and contributions to economic and social wellbeing.\"},{\"question\":\"What types of businesses are discussed under 1.1.2 Key knowledge?\",\"answer\":\"It includes sole traders, partnerships, private limited companies, public listed companies, social enterprises and government business enterprises.\"},{\"question\":\"How can businesses be categorised according to the background knowledge?\",\"answer\":\"Businesses can be categorised by size, sector and the industry in which they operate, including classification by business activity and type of goods or services.\"}]","The Nature of Business - Chapter 1 - Overview | PDF",1789911917,136]