STAGES IN EVOLUTION OF BUSINESS

The evolution of business went through following five stages: First, the local business evolved from its three basic sub-stages, namely; starting with barter economy, then followed by village and town economy. Secondly, the regional business grew as a result of cooperation between different states. Thirdly, the national business was an outcome of a business presence felt in the entire country. Then, international business emerged as an answer to fulfill the scarcity of resources felt within each country. Finally, an idea to see the entire world as one huge market was realized. This paved the way to form a new concept called global business. Evolution - the gradual development of something Barter - the system of exchanging goods, property, services, etc. for other goods, etc. without using money Scarcity - if there is a scarcity of something, there is not enough of it and it is difficult to obtain it synonym shortage pave the way (for somebody/something) to create a situation in which somebody will be able to do something or something can happen. / to prepare the way for; make possible; lead up to. e.g. This decision paved the way for changes in employment rights for women.

1. Local business Business had its origin since early ages of human civilization. It began with a mere sharing of food commodities. People used to collect and store whatever surplus they had and used to seek out something they didn't have. This gave birth to a form of business in local areas.

2. Regional business “Regional-business is a business between different areas within a country.” It mainly includes trade between various states, which are political divisions that make up a country. Here, credit sales get more importance

3. National business National business is spread in the most parts of a country. The business at a national level first started in England during the era of Industrial Revolution. The joint-stock companies became very popular during this stage. The size of a national business is always large when compared with the business done at a regional level.

4. International business The term international business implies “businesses conducted among or between different nations.” Here, two or more countries do business with each other. It mainly consists of imports and exports. For example, crude oil - rich gulf countries export their raw oil and in return import the scarce food items. It helps to improve friendly relations between different countries. It also helps to improve the standard of living of the people.

5. Global business The global business is the most current and latest mature stage the modern business has evolved into. Here, the entire globe or world is considered as one huge market of opportunities. Large funds, skilled human resource, an ample amount of creativity and innovation, best quality of produce and services, along with world-class logistics and marketing are required to sustain the tremendous pressures of its severity.

Quiz 1) Are you working or self employed? 2) What is better – doing a job or doing a business? 3) Are there any risks involved in setting up an own business? 4) What difficulties are faced by small businesses? 5) What measures should be taken to encourage the small entrepreneurs? HOME – ASSIGNMENT 1)Give synonym :begin 2) Give antonym :difficult 3) Give meaning : a)Local b)international c)improve d)create 4) Make a sentence using below word : a)Better b)encourage c)involve