Question 1: Stakeholders are perceived as a vital element in any business. Define stakeholders, and list four (4) potential stakeholders that may be of importance to Eco-Friendly shirts. For each stakeholder identify whether they are external or internal.

Eco-Friendly Shirts Jess and Lily met at University and have been friends for many years. Jess completed a Business and IT degree while Lily completed a design degree. While at University, purely as a hobby, Lily would purchase blank white T-Shirts from factories in China, and then apply a print on them from her personal design portfolio. She would and wear them regularly and would also give some as gifts to friends and family. Recently, Lily gifted a few of her T-Shirts to Jess for his birthday. Impressed, Jess suggested to Lily that her talent in design would be a good business opportunity and that he could help with other aspects regarding web design and business ideas. Lily told Jess that she had been researching 'environmentally friendly' clothing techniques, where garments are made from natural fibres, and inks used for the prints/designs were from natural, biodegradable products. Importantly, these inks have no effect on the environment once disposed. Jess was impressed with the idea of producing biodegradable clothing and suggested to Lily that they both pursue this direction. After some thought, they decided to name the potential business 'Eco-Friendly Tees'. The business comprised the two of them, along with Peter, a friend of Jess's, who had been given a contract to host the business's online website. Jess used his skills from his business degree to write up a preliminary business plan, as well as his IT skills to start a template for a website design. Lily continued to work on her designs, and to make more enquiries on the new sustainable clothing techniques she researched. She also kept her supply chain relationships intact for the next steps of the business, which included distribution, fabric suppliers, and the local governments on applicable business laws. You have been appointed as a part time accountant, to help Jess and Lily make sound decisions for their business, Eco-Friendly Tees. 1 Biodegradable - capable of being decomposed by bacteria or other living organisms and thereby avoiding pollution