Business is a commercial activity, the production of goods or services for money when done at mass level. Business — A business is an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities producing goods and services as public physical establishments sold to customers Features of Business Varying size Purpose Industry The goal of a business: meet the needs and demands; make money
Key Components of a Business
1. Products and Services: These are what the company is selling, be it clothes or mobiles for products; services includes offerings like banking or consulting
2. Customers: The customer is the lifeblood of any business who keeps it running by purchasing goods or services on offer. It is important to understand what customers want.
3. Profit: Profit refers to the excess of value after deduction above costs against income. Business profit helps in expanding and continuing of business outfits.
4. Operations and Processes, which is everything that you need to do for the business to work well – production; marketing; sales management.
5. Team: The vast majority of businesses… or any business really relies on their employees, AKA the team
Business is a commercial activity, production of goods or services for money when done at mass level. Business — A business is an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities producing goods and services as public physical establishments sold to customers Features of Business Varying size Purpose Industry The goal of a business: meet the needs and demands; make money
Key Components of a Business
1. Products and Services: These are what the company is selling, be it clothes or mobiles for products; services includes offerings like banking or consulting
2. Customers: The customer is the lifeblood of any business who keeps it running by purchasing goods or services on offer. It is important to understand what customers want.
3. Profit: Profit refers to the excess of value after deduction above costs against income. Business profit helps in expanding and continuing of business outfits.
4. Operations and Processes, which is everything that you need to do for the business to work well – production; marketing; sales management.
5. Team: The vast majority of businesses… or any business really relies on their employees, AKA the team
5. Employees — No business of any kind can run without some employees to actually do the work. And employee superstars is also a big part of business growth and success.
Types of Businesses
1. Mom and pop cafe, retail shop These can include the local businesses. Some of them are smaller and targeted to a niche market.
2. Companies: Organisations involving many employees like Apple, Toyota with operations across the nation.
3. E-commerce Firms – selling goods or services through online channels on websites which can be accessed via the internet, and/or mobile applications 4. Non-Profit Organizations: The most fantastic example of a business where profit may not be the primary motive but impact for social goals.
