A stakeholder is basically a party or an individual who has a keen interest in the affairs of the company and who can be affected by the business. The investors, suppliers, and customers are the main stakeholders in a business corporation. However, in recent times the government, community, as well as trade associations, also come under the definition of stakeholders. Stakeholders can basically be of two types, namely internal or external.

Stakeholders are those with an interest in your project’s outcome. They are typically the members of a project team, project managers, executives, project sponsors, customers, and users. Stakeholders are people who are invested in the project and who will be affected by your project at any point along the way, and their input can directly impact the outcome. It’s a good idea to practice good stakeholder management and constantly communicate with them in order to collaborate on the project.

The internal stakeholders can be identified as who has a direct relationship with the company like an owner, investor, or employee. Whereas external shareholders share no direct relationship with the organization. These people are somehow affected by the organization. Creditors, public groups, and suppliers are the external shareholders. Having numerous stakeholders can create problems as all their views and opinions may not align with each other. From a shareholder’s point of view, the main purpose of an organization is to maximize profit. As the labor cost is pretty high, this might affect the stakeholders.

A stakeholder’s view is of extreme importance in order to achieve a successful sustainable supply management chain. The role of a stakeholder is diverse. They provide a support system for the entire organization. It deals with the various operations of the theory of stakeholders. The role of a multi-stakeholder is to share decision making power within a single stakeholdership. Stakeholders need not be equity shareholders. Depending on the policies of the organization the role and responsibilities of the stakeholders vary. Decision making is one of the key responsibilities of the stakeholders. These decisions can vary between the expansion of business, setting out organizational strategies and objectives.

Project stakeholders in general can be single individuals or entire organizations that are affected by the execution or outcome of a project. Doesn’t matter whether the project affects them negatively or positively. If they’re affected, they’re a stakeholder. Key project stakeholders, however, are those stakeholders who have the influence and authority to dictate whether a project is a success or not. These are the people and groups whose objectives MUST be satisfied. They make or break the project. Even if all deliverables are in and budgets are met, if these people aren’t happy, you’ve failed as a project manager.

However, stakeholders can also make a product manager’s life difficult when they’re not fully on board. Not only can they withhold their own endorsement and support, but other stakeholders may take notice of their reticence and similarly fail to provide consent when it’s needed most.

The stakeholders in the form of online communities examine the tactics, firm attributes, benefits, and contributions of the concept of online stakeholders’ communities. The article presents an outline relationship between the performance of the firm and the online community of the stakeholders. Although the presence of these stakeholders is mostly confined to the web, their role in influencing, providing information, and highlighting the attributes and tactics of the firm can never be undermined.

All the categories of stakeholders are it single stakeholder, multi-stakeholder, or even online community of stakeholders they have a common purpose of sound decision making which will enable the corporation to attain its objectives and expand its business operations. They also influence the organization to take risks, provide financial backups, and provides adequate strategies to maximize profits.

While operating a business with quick custom patches make sure you know your stakeholders well enough.