Business

The term "Business" can be defined as a commercial or any industrial enterprise and includes the people that set up such enterprise with the aim of providing goods and/or services for price and to make profit. Commercial enterprises performs the activities of providing goods as well as services and that involves the commercial aspects are also called business.

Business can be sole proprietorship owned by one person, partnership with two or more people, Corporation for profit with several members, or Cooperative where members share decision making authorities.

Partnership in business can be general partnership, limited partnership or limited liability partnership. Business organization may have limited liabilities or unlimited personal liabilities.

Business is run by management, share holders, board of directors, employees and involves finance, buying and selling, profit and accounting. All businesses have legal personality.

Manufacturers who produce goods using raw materials, service businesses offering tangible goods or services, retailers and distributors who act as the intermediary for sale of goods and services, and wholesale businessmen who deal with commodities or services as a whole are the main business types.

Business can be dealing with agriculture, mining, finance, banks, and companies, management of capital, utility services, general services, real estate, and transportation and even education and training.

Major components of business are human resources, financial management, marketing and sales, promoting interest, advertising, and sales, operations like production and customer services, procurement, strategy making, resource utilization, purchase, administration, internal audit and overall management.

Promoting business involves publicity, advertising, research and development, using information technology where possible and market study and changing according to market requirements and demands.

The term business is also use to refer to rightful concern, strategy building and immediate objective. Business activities are basically concerned with factors like demand and supply and clientele and customers. Dealing properly with consumer goods and services is important for running successful business.

Organizing business involves the size and scope of the business, status of the stock market, the sector and the country where the business is run, limited or unlimited liabilities, taxation and creating tax advantages, dissemination of limited information leading to disclosure.

Economically, business is all about management of people and organizing them for collective productivity that would help accomplishment of any specific creative and productive objectives. Thus it is the social science of profit making.