Business is the activity involving production, buying and selling of products or services for profit. It is also defined as “any activity or enterprise entered into for profit”.
A person who engages in the activities of business is referred to as a businessman. The term is very comprehensive and encompasses a wide range of activities that help in the acquisition of wealth or money. A person who operates a daily needs shop for earning a living is a businessman, as is a man who owns a rice mill or dal mill. People in the professions of engineering, law and medicine are also businessmen. The businessmen in these fields are bound by the guidelines set by their respective professional bodies.
The basic motive of all businesses is to earn profit and thereby accumulate wealth or purchasing power. It is an organized commercial activity with the primary objective of earning money, and thus it involves a lot of hard work and effort. It is a challenging and exciting venture that provides tremendous satisfaction if it succeeds. Businessmen produce or buy goods, add value to them and then sell them for a profit. The goods may be manufactured by the company or procured from other sources. They can be either consumer goods like sugar, pen, ghee etc or capital goods such as machinery, furniture or services like transportation and banking.
Every business is a risky undertaking and there is always an element of uncertainty attached to it. Efforts are made to forecast the future and make proper plans but in spite of the best laid plans, there is always the possibility of failure. The businessman has to face a variety of challenges such as shift in demand, floods, fall in prices, strike, lockout and money market fluctuations. Despite all these factors, the businessman has to keep going to stay in the race.
One of the main goals of a business is to provide customers with good quality products and services at affordable prices. This means that the business must constantly strive to increase its efficiency and reduce costs in order to compete with other businesses. It must also find new ways to reach out to potential customers. This can be done through marketing campaigns, promotional offers and by increasing the number of outlets from which the product is sold.
The type of writing style used for a business article depends on the target audience. It could be a technical guide, a case study or an opinion piece. The article should aim to entertain and delight the reader, as well as provide information that is relevant to the industry.
Most businesses are organised as sole proprietorships, partnerships, corporations or limited liability companies (LLCs). These structures offer owners different benefits and are subject to distinct obligations. The choice of structure is a vital decision for any small business, as it will affect its finances and legal liabilities.