Definition
An economic system where goods and services are exchanged for cash or another, based on their perceived value. Every business requires some form of investment and a sufficient number of customers to whom the output can be sold for profit on a consistent basis.
What is Business?
People are constantly engaged in one activity or another to satisfy their unlimited wants. Every day we 'business' or the word "businessman" directly or indirectly. Company has become an essential part of the modern world.
Business is an economic activity, which is related to the permanent and regular production and distribution of goods and services to meet human needs.
All of us need food, clothing and shelter. We also have many other household requirements to be fulfilled in our daily lives. We have these requirements of the retailer. The retailer receives from wholesalers. The wholesaler receives from manufacturers. The retailer, the wholesaler, the manufacturer doing business and therefore they are named as a businessman.
Definition of Business:
"Regular production or buying and selling goods with a goal of earning profits and acquire wealth through the satisfaction of human needs."
According to web "refers to a form of business activity conducted with an objective of earning profits for those on whose behalf the activity is performed."
Lewis Henry defines things like "Human activity designed to produce or acquire wealth through buying and selling goods."
Thus, the term company means continuous production and distribution of goodsand services with the aim of earning profits in uncertain market conditions.
Features Of Business:
Characteristics or properties of things are discussed in the following points: -
1. Exchange of goods and services
All activities are directly or indirectly involved in the exchange of goods or services for money or money's worth.
2. Deals in numerous transactions
In business, the exchange of goods and services is an integral part. A businessman deals regularly in a number of transactions and not just one or two transactions.
3. Profit is the main objective
The Company has applied with the intention of earning a profit. The profit is a reward for the services of a businessman.
4. Business skills for economic success
Everyone is not a business. A good businessman, you have a good business qualities and skills. A businessman has experience and skill to run a business.
5. Risks and uncertainties
Business is subject to risks and uncertainties. Some risks, such as risks of loss due to fire and theft can be assured. There are also uncertainties, such as the loss due to changes in demand or reduction in price is not guaranteed and should be borne by the businessman.
6. Buyer and seller
Every business transaction has at least two parties, a buyer and a seller. Business is nothing but a contract or an agreement between buyer and seller.
7. Linked to the production
Business activity can be connected with the production of goods or services. In this case it is called as industrial activity. The industry may be primary or secondary.
8. Marketing and distribution of goods
Business activities may be involved with the marketing or distribution of goods, in which case he is called as commercial activity.
9. Offers in goods and services
Must be in business transactions in goods and services.
Goods can be divided into two categories: -
1. Consumer Goods: Goods that are used by final consumers for consumption are called consumer goods such as TV, Soaps, etc.
2. Producer goods: Goods sold by the producer for further production are called producers of goods such as machinery, equipment, etc. Services are intangible, but can be exchanged for value, such as providing transportation, storage and insurance, etc.
10. Meet human needs
The businessman also wants to meet human needs through behavior business. By producing and supplying various commodities, businessmen try to foster consumer satisfaction.
11. social obligations
Modern business is service oriented. Modern businesses are aware of their social responsibility. Today's business is service oriented rather than profit.
What is Business plan ?
A business plan is a formal statement of a set of business goals , the reasons why they believed attainable, and the plan for achieving these goals. It can also background information about the organization or team attempting to achieve those goals.
Business plans may also target changes in perception and branding by the customer, customer, taxpayer , and wider community. If the existing business is to assume a major change or when planning a new venture - a 3 to 5 years business plan is necessary because investors look for their annual return in 3 to 5 years.
What is Business Coaching?
No matter what area you are in, the principles of coaching remain the same.
In this respect, Business Coaching is very similar to sports coaching. In sports, a coach pushes an athlete to achieve optimum performance, provides support when they are exhausted and teaches the athlete to execute plays that their competition does not anticipate.
A sports coach will give you and your employees more rounds faster than you would on your own, even if you do not feel it. A sports coach will tell it like it is, and she wants to listen.
Fortunately, a Business Coach has a lot of the same things, but in a way that is aimed at creating a successful business.
The role of a Business Coach is to coach entrepreneurs through counseling, support, encouragement and accountability.
Business coaching helps owners of small and medium businesses with their sales, marketing, management, team building and much more. Most importantly, like a sports coach, your Business Coach can concentrate on the game.
