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What is a Stakeholder?

Stakeholder

A person, group, or organization that isn't a formal member of the group or team, but shares a vested interest in the outcome of a meeting or project.
Definition
Daniel Wirtz
Daniel Wirtz
Co-Founder, Facilitator School
Last updated
June 14, 2024

Stakeholders are essential to the success of any meeting or project because they have interests that are directly affected by its outcomes. Although they might not be formal members of the team, their influence and concerns can significantly shape the direction and execution of decisions. Stakeholders can range from clients and shareholders to employees and suppliers, each bringing a unique perspective to the table.

Understanding the role of stakeholders in any given project or meeting can provide insights into the broader impacts of decisions made within it. For example, identifying stakeholders in the planning phase can help facilitate smoother communication and more effective engagement strategies. This, in turn, helps in achieving a more aligned and satisfactory outcome for all parties involved.

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Stakeholder

What is an example of a stakeholder?

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An example of a stakeholder could be a local community where a new factory is being built. While not directly part of the company building the factory, the community has a high stake in the environmental, employment, and economic impacts that the factory would bring.

Why are stakeholders important?

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Stakeholders are important because they directly or indirectly affect or are affected by the outcomes of a project or meeting. Their involvement can provide valuable insights, resources, and support which can help in the overall success and acceptance of an initiative.

What is stakeholder management?

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Stakeholder management involves identifying, understanding, and influencing stakeholders to ensure the successful outcome of a project or meeting. It's a strategic approach that fosters good relationships and aligns stakeholders' expectations with the project goals.

What are the different types of stakeholders?

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There are several types of stakeholders, including internal stakeholders like employees and managers, and external stakeholders like suppliers, customers, and the community. Each type has different concerns and levels of influence.

What is the difference between internal and external stakeholders?

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Internal stakeholders are those within the organization such as employees, management, and owners. External stakeholders refer to those outside the organization such as suppliers, customers, and community groups. Both play crucial roles but often have different perspectives and priorities.

Are stakeholders and shareholders the same?

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No, stakeholders and shareholders are not the same. Shareholders are a specific type of stakeholder who own shares in a company and are concerned with the profitability of the company. Stakeholders might include anyone impacted by the outcomes of the business, not just those with a financial stake.

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