Business Management · Unit 1: Introduction to business management

1.1 — What is a business?

Business Management · SL / HL · syllabus-mapped notes

1. The nature of business

   A business combines human, physical and financial resources to produce goods or provide services that satisfy customers’ needs and wants.

2. Sectors of economic activity

3. Starting up a business

   Start-ups meet challenges: finance, lack of experience, competition and cash flow, but also opportunities such as spotting a market gap, first-mover advantage and personal independence.