What is a Business ? Business or trade is a special economic process of continuous production of goods and services and making them accessible to the common man (consumer).
In other words to know about what is a Busines s
Busines s is an activity whose purpose is to earn profits by producing human goods and services by continuously producing goods and services.
So if in simple words, say what is busines s, then the answer is –
Business is the process of producing goods and services for the purpose of profit and passing on the goods and services produced to the consumer, which keeps on working continuously.
Like – a company makes a product, that product is transported from the transporter’s help to the wholesaler and from the wholesaler to the shopkeeper, and then a shopkeeper sells whatever goods to his customer,
All activities are being done for the purpose of profit, and the goods and services are being passed on to the consumer, and hence all these activities are called a busines s.
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Who is a businessman?
The primary need of human beings is food, clothes, and houses, but apart from this, there are lots of human needs also to make life easier.
So whether it is of primary need or to make life easier, for this, there is a need for some products i.e. products and services.
And any person, organization or company, which makes products or services for the purpose of profit, or whatever products and services reach the consumer i.e. the end-user, they are called businessmen.
A businessman can be a single person and can be the biggest company as well.
( Just like an organization, person, company, legal entity )
Characteristics of a Busines s
What is busines s, actually busines s is a very broad term, we are all familiar with the busines s, but it is quite smiling to fully explain the busines s in the definition of some words,
But still, every busines s has some salmon features, which makes it clear that it is a busines s, so the busines s has some characteristics.
- Exchange of money for goods and services – There can be thousands of different types of business, but no matter what the business is, one of its special features is that every business is sold and bought for money.
- The main purpose of business is to earn a profit – No matter what the business is, a special feature of every business is that every business works for the purpose of making a profit.
- It is mandatory to be a buyer and seller – Regardless of the business, it is mandatory to have two people in which one is a buyer, and the other one is a seller.
- It is necessary to have business activity in the business – Whatever the business, the business either produces goods and services, or corrects and develops that item or service, or it is the task of transporting the goods and services to the end-user.
- Business can be both legal and illegal, One of the goals of a business is to help make social life progressive.
I hope, from this post you will be able to understand what is a business, and what its specialty is, by commenting below your suggestions, questions, and thoughts about the post.