What is a Business?
A business (also known as an enterprise, a company or a firm) is an organizational entity involved in the provision of goods and services to consumers. Businesses as a form of economic activity are prevalent in capitalist economies, where most of them are privately owned and provide goods and services to customers in exchange for other goods, services, or money. Businesses may also be social non-profit enterprises or state-owned public enterprises charged by governments with specific social and economic objectives. A business owned by multiple individuals may form an incorporated company or jointly organize as a partnership. Countries have different laws that may ascribe different rights to the various business entities.
An organization or economic system where goods and services are exchanged for one another or for money.
Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit.
Businesses can be privately owned, not-for-profit or state-owned. An example of a corporate business is PepsiCo, while a mom-and-pop catering business is a private enterprise.
A business is an organization or enterprising entity engaged in commercial, industrial or professional activities. A company transacts business activities through the production of a good, offering of a service or retailing of already manufactured products. A business can be a for-profit entity or a nonprofit organization that operates to fulfill a charitable mission.
Basic Definition of Business:
- A person’s regular occupation, profession, or trade.
an activity that someone is engaged in.
a person’s concern.
work that has to be done or matters that have to be attended to.
- Commercial activity.
trade considered in terms of its volume or profitability.
a commercial house or firm.
- A situation or series of events, typically a scandalous or discreditable one.
a difficult matter.
- Actions on stage other than dialogue.
- A very enjoyable or popular person or thing.
Definition of Business:
According to well-known professors William Pride, Robert Hughes, and Jack Kapoor, business is ‘the organized effort of individuals to produce and sell, for a profit, the goods, and services that satisfy society’s needs.’ A business, then, is an organization which seeks to make a profit through individuals working toward common goals. The goals of the business will vary based on the type of business and the business strategy being used. Regardless of the preferred strategy, businesses must provide a service, product, or good that meets a need of society in some way.
The word “business” can refer to a particular organization or to an entire market sector (for example: “the music business”) or to the sum of all economic activity (“the business sector”). Compound forms such as “agribusiness” represent subsets of the concept’s broader meaning, which encompasses all activity by suppliers of goods and services. Businesses aim for their sales to exceed their expenditures, resulting in a profit or gain or surplus.