what is Businesses?? and Business carecter??
Answers
Business is either an occupation, profession, or trade, or is a commercial activity which involves providing goods or services in exchange for profits.
Profits in business are not necessarily money. It can be a benefit in any form which is acknowledged by a business entity involved in a business activity.
To make things clearer, let us divide the business definition into business entity definition and business activity definition.
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Who Is An Entrepreneur?
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Business Definition
A business [entity] is an organisation or any other entity engaged in commercial, professional, charitable or industrial activities. It can be a for-profit entity or a not-for-profit entity and may or may not have a separate existence from the people/person controlling it.
A business [activity] is a commercial activity which involves providing goods or services with a primary motive of earning profits.
Concept Of Business
The business concept is the fundamental idea behind the business. The business model, plan, vision, and mission are developed based on this concept. Uber, for example, was started on the concept of aggregating taxi drivers and providing their services on demand under one brand. Every other business strategy was developed based on this concept.
Objective Of The Business
The business objective is what makes the business go on and conduct its activities in a long run. It is the reason why the business exists. While most of the people argue that profit making is the core objective of every business. Few have come up with the new underlying objective.
According to the traditional concept, business exists only to earn profits by providing the goods and services to the customers.
According to the modern concept, the underlying objective of every business is customer satisfaction as this is what results in most profits. If the customer is satisfied, business excels.
Types Of Business
Businesses can be classified into but are not limited to 4 types. These are –
Also Read: What is Business Development?
Manufacturing
Manufacturing businesses are the producers who develop the product and sell it either directly to the customer or the middlemen to conduct sales. Examples of manufacturing businesses are steel factories, plastic factories, etc.
Service
This type of business deals in selling intangible goods to the consumers. Unlike tangible goods, services cannot be stored or separated from the provider.
Service firms offer professional services, expertise, commission-based promotions, etc. Examples include salons, schools, consultancy etc.
Merchandising
Merchandising is a middlemen business strategy where the business buys products from a manufacturer, wholesaler, or other partners, and sells the same at the retail price. It is usually known as a ‘buy and sell’ business as they make profits by selling the products at a price higher than their cost price.
Business activities are all those human activities which are directed towards the production and processing of wealth.
Characteristics / Features of Business
1) An Economic Activity :
2) Two Parties :
3) Profit Motive :
4) Production of Goods and Services :
5) Exchange of Goods and Services :
6) Dealings in Goods and Services :
7) Continuity in Dealings :
8) Uncertain Returns :
9) Element of Risk :
Explanation:
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