A stakeholder is referred to as an entity (person, individual or organization) that is has an interest in a venture and expects to benefit from it. (Sanford, 2011). Stakeholders, different from shareholders, do not own the business but only have an interest in the business. Two key stakeholders are discussed in this paper – internal and external. The key difference between them is their position relative to the organization. Internal stakeholders are entities within the organization while external stakeholders are entities external to the organization. (Boundless, 2016). Internal stakeholders include shareholders, management, and employees among others while external stakeholders include customers, lenders, suppliers, the government and trade unions among others.