Definition of business
- A legally-recognized organization which have profit making motive.
- “Non-profit organizations” are businesses without a profit making motive.
- Consumers have freedom of choice.
- Constantly competing with others to gain more customers and profits.
- A planned economy relies on the government to produce the goods and services for its citizens.
- Businesses provide some vital contributions or functions to the society.
- Goods and services
- Employment
- Pays tax to the government
- Provide opportunities for other businesses to serve as its suppliers.
- Goods-producing businesses
- Service business
- Consumer products
- Mining
- Construction
- Manufacturing
- Agriculture
- Banking & insurance
- Transportation
- Utilities
- Wholesale and retail trade
- Entertainment, healthcare, education.
- Domestic Business Environment
- Global Biz Environment
- Technology
- Economic Environment
- Sociocultural Environment
- Politic and Legal Environment
- Business owned by one to several persons.
- Operates on a small amount of capital and serves a limited number of customers
- Most of them are in the service industry because it requires less capital.
- They serve as distributors of products for the big businesses
- Provide innovations and/or serve niche markets.
- Limited growth potential.
- Start from scratch
- Buy an existing business
- Franchising
- Sole traders
- Partnership
- Corporation
Since we missed the first two lecture, I compiled the things I learned through the slides in one post. I learned that there are two categories for business which is goods-producing business and service business. Besides that, there are also business which are not earning profit such as WWF. I also learned that although all companies are businesses, not all businesses are companies. To be a sucessful business owner, To become a successful business owner, you must have strong reasons and the right qualities to tackle the problems you face in business effectively.
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