The Meaning Of Business The meaning of business can be stated in many different ways. Some scholars believe that “Business is people performing activities.

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Presentation transcript:

The Meaning Of Business The meaning of business can be stated in many different ways. Some scholars believe that “Business is people performing activities necessary in the producing and selling of products and services” Economists believe that “business is the creation and distribution of material goods and services that will satisfy human needs and wants, both individual and institutions”

A Business is an Activity That Produces an output Which is consumed in order to satisfy the need/want. With the aim of earning profit. Resources are used up in this process which are the factors of production i.e,land,labour,capital and entrepreneur. Thus business combines human,material,technological and financial resources carried on for profit.

Definitions Of Business The term business has been defined differently by various writers. “Business is any enterprise which makes,distributes or provide any service which other members of the community need and are within pay for it.” “Business may be defined as an activity in which different persons exchange something of value whether goods or services for mutual gain or services” Ronald defines business that produces or sells goods and services to make profit “

Business is an institution organised & operated to provide goods & services to society under incentive of private gain. Any person or organization that produces useful goods or services is called a business. Business includes those activities in which people working individually or more often in association with others, strive to produce & to distribute the goods & services that are necessary to the well being, comfort & happiness of individuals & for the benefits of society as a whole. Business is a legal economic activity which is carried on with the aim of carrying profit.

Characteristics Of Business 1:Entrepreneur 2:Deals in goods and Services 3:Involves production or exchange of goods 4:Series of deals 5:Desire to earn profit 6:Involves element of risk 7:creation of utilities

Activities Excluded from business 1:Social Services activities 2:Personal consumption activities 3:Religious activities 4:Illegal activities

IMPORTANCE OF BUSSINESS IN THE PRESENT DAY WORLD 1: Mass production of goods 2: Expansion of market 3: Innovations 4: Fast means of communication and transport 5: Provision of credit by banks 6: Insurance

7: Employment 8: Business supplies services 9: business has helped in raising standard of living 10: Source of ravines 11: Urbanization

QUALITIES OF A SUCCESSFUL BUSINESSMAN 1: Knowledge of business 2: Ability to plane n organize 3: Foresight 4: Ethical standard 5: Initiative and creativity 6: Steadfast and courageous 7: Adaptability to changes

8: Industrious 9: Sound financial management 10: technical skills 11: Team spirit 12: Conceptual skill 13: Honesty