What is business? Business is a profession where skilled/ experts sell or buy goods or services with the main motive of profit maximization. The main aim for a businessman is to satisfy the consumer and themselves. Selling a product for a price which is satisfactory for the businessman and the final consumer is all what business is about. A business can never be stagnant. There must be continuous developments and changes. Keeping up with the market trends and customer trends is most important. The needs and wants of consumers keep changing thus business should be flexible and adapt to these changes. There are many types of business models B2B, B2C, B2G, C2B.
- B2B- Business to business is when a firm sells to another firm. The final consumers here are businesses
- B2C- Here consumers are the final in the chain of production. They use it for themselves and not for the purpose of resale.
- B2G- Is when businesses sell their products to the govt.
Some of the types of businesses are
- Self-proprietorship
- Partnerships
- Corporations
- Joint Stock Company
- NGO’s
Anyone can start a business. Think about a problem in the world people face every day. If you find a problem you can find a solution and there is your business. Business requires thinking out of the box and being very creative because getting an idea is easy and implementing it might be easy but there are so many other people who keep getting ideas and thus they can take your idea and make it better. Thus being alert and attentive in a business is very crucial.
To start a business you also need to consider many factors like finance, land, resources and manpower. There are many legal formalities to make your business legit. Approval from the government is basic. A business can be commercial, industrial or professional. Businesses range from various scales like large scale industries to small scale industries.
There are nonprofit business organizations too whose main aim can be other factors and not profit maximization like charity. Some of the successful businesses are Apple and Wal-Mart which is global based MNC’s.
Just getting an idea and implementing it is not enough. Its feasibility should be checked. Thorough research should be done on the product and feasibility in the market should be there. A business activity can take place anywhere be it a store or from your home.
