What is a business and important features of business:
What is a business and important features of business: In this article we are going to explain clearly about business and it’s successful Pattern please do ready article clearly and give comment section below
Business is an economic activity. it’s main motto is to earn money through production and distribution of goods and services. As a businessman producing himself is not a business,
doing something for others for some consideration.the main motto of business is income oriented or profit motivated.
Business may defined as earning money through buying and selling of goods and services
Important features of business
Production or purchase: every business must provide goods or services through production or purchasing or both production and purchasing
Dealing of goods and services: every business deals with goods and services it may be consumed or produced goods it alos deals with services like insurance, transport import etc.
important features of business
Transfer, exchange or sale: sale or exchange involves in business that is to transfer of goods and services for money.
Two parties must involve in a business i.e seller and buyer
Continuity of dealings: when dealings are carried out regularly for example when a person sells his property, it is not a business. If he continues buys and sells the properties to other is considered as business.
Profit motive: Profit is essential feature of business. It is a human activity directed towards to earn money.
Profit is important to survive,to grow, expand to get recognition in this society.
In a business the management with out a profit motive it is not business it is considered as NGO.
Profit is important to survive in this competitive society. We should earn money through legal means and by serving society important features of business
Risk in business: In a business ther is a possibility of risk. In a business loss is termed as risk. Risk arises because or many factors like
Changes in fashion, demand,or taste of a consumer
Sudden Change of technology in a competative society
Shortage of raw material, capital, fuels,power etc.
Faulty managerial decisions and illegal activities
Fire accident, theft or due to god of act like earth quake, cyclones, thunder which happens with out human being involved
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