Let’s first understand that business is a commercial activity in which business transformations take place. It is a trade or a profession. Business is made from two words: busy and ness. If we combine them, it becomes business. It keeps a person busy to earn money. Business includes a few terms like production, goods, sale, profit, loss, distribution, advertising, etc. The few most important things included in business are capital, goods, and services with which a business deals.
We can consider the business as the most challenging and highly profitable activity, which requires entrepreneurial skills and knowledge. Startup money that is required by businesses is called “capital,” which will turn into profit after a long period of time.
Business also required good communication skills, influential power, financial management, and good customer relations.
MOTIVES OF BUSINESS
Everybody has the same motive in the business. The main motive of any business is to make or generate profit. Another motive of business is reducing costs. And at the end, social welfare is also a motive for any business. It provides the best products to the customer and meets his needs.
HOW TO RUN A BUSINESS?
If a business is run by a single person, it is called a sole proprietorship. A business run by two or more people is called a partnership business. If any business is made up of more than fifty-one people, then it will be considered a company. All these entities run a business.
Partners, a sole proprietorship, and a company are all different or separate entities in business. Every business is run for the public and for its own benefit, so it must deal with the public and understand their nature and behavior.
SOCIETY AND BUSINESS
The public is involved in every business; goods and services are generated according to public demand. So it is for the welfare of the public. Activities like advertisement, whether digital or by holdings, panels, television, etc., are included in advertising.
Advertisement is for the promotion of products on the market.
SCOPE OF BUSINESS
It is not only performed in a domestic country, but business also takes place at an international level. Businesses, whether national or international, are always required to follow legal rules and fulfill all legal guidelines. A business is not only a startup that an individual can acquire. Businesses are small and large in scale, and they can expand over time. The scope of business is wide.
