What is a Business? - Definition, Characteristics & Examples

This lesson provides a definition of a business and reviews the key characteristics needed to have a business. The conclusion of this lesson includes a variety of business examples.

Definition

According to well-known professors William Pride, Robert Hughes, and Jack Kapoor, business is 'the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs.' A business, then, is an organization which seeks to make a profit through individuals working toward common goals. The goals of the business will vary based on the type of business and the business strategy being used. Regardless of the preferred strategy, businesses must provide a service, product, or good that meets a need of society in some way.

Characteristics

There are three key characteristics that must be met to have a business. First, businesses must be the result of individuals working together in an organized way. Second, businesses must satisfy a societal need. Third, businesses must seek to make a profit.

As Pride, Hughes and Kapoor note, businesses are comprised of individuals working together in an organized way in order to be successful. Businesses are organized around the resources needed to be successful, as well as the type of business that is being operated. Some businesses may be organized in a way that requires constant cooperation and communication with other employees. Other businesses may not require as much contact with other employees but may instead rely on automated workflows. They must decide the best way to be organized based on their individual goals.

Businesses must also satisfy a need for society. For example, a grocery store satisfies the need to be able to purchase food for ourselves and our families.

Grocery stores satisfy a basic societal need.

Another example of satisfying a societal need is a gas station that provides needed fuel for most cars to operate.

Gas stations provide fuel to drivers, satisfying a need in society.

Businesses must carefully consider what need they are meeting for society in order to strategically plan for success. For example, society may have a limited interest in purchasing a personal hovercraft for travel. Travel needs are currently met in other ways, so a business focused solely on personal hovercraft may struggle more than the gas station at meeting a definite need.

Comments

गरुड़ पुराण कथा और सार – Garud Puran in Hindi

गरुड़ पुराण कथा और सार – Garud Puran in Hindi गरुड़ पुराण कथा – Garud Puran in Hindi गरुड़ पुराण हिन्दू धर्म के प्रसिद्ध वेद पुराण में से एक है। वैष्णव सम्प्रदाय से सम्बन्धित गरुण पुराण हिन्दू धर्म में मृत्यु के बाद सद्गति प्रदान करने वाला माना जाता है। इसलिये सनातन हिन्दू धर्म में मृत्यु के बाद ‘गरुड पुराण’ के श्रवण का प्रावधान है। इस पुराण के अधिष्ठातृ देव भगवान विष्णु हैं। अठारह पुराणों में ‘गरुड़ महापुराण’ का अपना एक विशेष महत्व है। क्योंकि इसके देव स्वयं विष्णु माने जाते हैं, इसीलिए यह वैष्णव पुराण है। गरुड़ पुराण के अनुसार हमारे कर्मों का फल हमें हमारे जीवन में तो मिलता ही है, परंतु मरने के बाद भी कार्यों का अच्छा-बुरा फल मिलता है। इसी वजह से इस ज्ञान को प्राप्त करने के लिए घर के किसी सदस्य की मृत्यु के बाद का अवसर निर्धारित किया गया, ताकि उस समय हम जन्म-मृत्यु से जुड़े सभी सत्य जान सके और मृत्यु वश बिछडऩे वाले सदस्य का दुख कम हो सके। भगवान विष्णु की भक्ति | Devotion to Lord Vishnu वास्तविक तथ्य यह है कि ‘गरुड़ पुराण’ में भगवान विष्णु ...

What is OLAP (Online Analytical Processing): Cube, Operations & Types

What is OLAP (Online Analytical Processing): Cube, Operations & Types What is Online Analytical Processing? OLAP is a category of software that allows users to analyze information from multiple database systems at the same time. It is a technology that enables analysts to extract and view business data from different points of view. OLAP stands for Online Analytical Processing. Analysts frequently need to group, aggregate and join data. These operations in relational databases are resource intensive. With OLAP data can be pre-calculated and pre-aggregated, making analysis faster. OLAP databases are divided into one or more cubes. The cubes are designed in such a way that creating and viewing reports become easy. In this tutorial, you will learn- What is Online Analytical Processing? OLAP cube Basic analytical operations of OLAP Types of OLAP systems ROLAP MOLAP Hybrid OLAP Advantages of OLAP Disadvantages of OLAP OLAP cube: At the core of the...

What is different Types of Switches – Construction, Working & Applications of Switches

Types of Switches – Construction, Working & Applications of Switches Different Types of Electrical & Mechanical Switches Table of Contents [Hide] 1 What is a Switch? 2 Types of Switches 3 Types of Mechanical Switches 3.1 SPST (Single Pole Single Through) 3.2 SPDT (Single Pole Double Throw) 3.3 DPST (Double Pole, Single Throw) 3.4 DPDT (Double Pole Double Throw) 3.5 2P6T (Two Pole, Six Throw) 3.6 Intermediate Switch 4 Types of Latch and Momentary Operation Switches 4.1 Push Buttons Switch 4.2 Toggle Switch 5 Electrical and Electronic Switches 5.1 Transistor as a switch: 5.1.1 Typical Circuit of Transistor as a Switch: 5.2 Mosfet As a Switch: 5.3 Relay as a Switch What is a Switch? In electrical and electronic system, a switch is a device, which can make or break an electrical circuit automatically...

Pradhan

Search This Blog