As I am setting up a Guest house I may have some people who are interested in the business. These people are called stakeholders. Stakeholders are an essential part of my project. They are the people from whom requirements will be drawn, the people who will influence the design and, ultimately, the people who will reap the benefits of my completed business. It is very important to involve stakeholders in all areas of my project for two reasons: 1. Experience shows that their involvement in the project significantly increases your chances of success by building in a self-correcting feedback loop.

2. Secondly, involving them in your project builds confidence in your product and will greatly ease its acceptance in your target audience. I am aware that if someone has a financial stake in my business then they would also want it to grow because otherwise they would have lost some of their money. Owners of stakeholders have a finical stake in the business and like me they will have had to risk some of their own money. Owners of stakes: means that people, who own stakes within my business, or any business, will all have a financial stake in it.

The owners of these stakes all had to raise some of their own money, and like me they want to see the business succeed because if it failed as well as me losing money they would lose theirs to. Below are examples of stakeholders I found on http://en. wikepedia. org: Stakeholder Examples of interests Owners private/shareholders Profit, Performance, Direction Government Taxation, VAT, Legislation Senior Management staff Performance, Targets Non-Managerial staff Rates of pay, Job security Trade Unions Working conditions, Minimum wage Customers Value, Quality, Customer Care Creditors Credit score, new contracts, Liquidity

Local Community Jobs, Involvement, Environmental issues Employees: Without employees most businesses couldn’t exist, as employees are essential to carry out particular jobs. However, some businesses like mine do not necessarily need to hire employees. As I will be running a guest house the only person essential to the running of my business is me. I will however be hiring a part-time cleaner to help me with the upkeep of my guest house to ensure my guests have a comfortable stay. I must pay this employee fair wages, ensure good working conditions, show good leadership, and valued them as a person not just an employee.

I want my employees to feel as though I am there for them, and like they can turn to me if they have any problems or queries. I do not wish for them to view me as there boss but as someone they can look to for help and perhaps even friendship. Communities: All local communities rely on new, successful businesses to emerge in the area. When I start up I will be bringing customers to the local area benefiting all those in the local community as my guests will most likely be purchasing products from near my guest house. Customers: Like all business, in order to survive I need to have customers.

In order for me to have and to also keep my customers I will need to be careful in the way that I for example price things, because if I over price some of my services and products them all my possible customers will be going to other places so they don’t have to pay as mush money for the same service. This is also true when it comes to pricing my products because if I price them fairly them that might make the customer want to come back again and again. Financiers: They provide funds for me so that I can start up and also be successful. I need to be making a profit so that I can pay back all the money that I borrowed along with interest.