Emerging Business Challenges

Emerging Business Challenges

What Actually a Business is?

Human beings are continuously engaged in some activity or other in order to satisfy their unlimited wants. Every day we come across the word “business” or “businessman” directly or indirectly. Business has become essential part of modern world.

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Business is an economic activity which is related with continuous and regular production and distribution of goods and services for satisfying human wants.

All of us need food, clothing and shelter. We also have many other household requirements to be satisfied in our daily lives. We met these requirements from the shopkeeper, the wholesaler, the manufacturer is doing business and therefore thry are called Businessman.

Definition of a Business

A business is a legal entity that is set-up or designed to make goods, sell goods, or provide a service. Many businesses are for-profit organizations as opposed to a non-profit organization or hobby job. How an organization is structured affects how a business is run, how it is taxed, and how profits are distributed. The actual business structure can also affect the personal liability of any owners of the business.

Stephenson defines business as, “The regular production or purchase and sale of goods undertaken with an objective of earning profit and acquiring wealth through the satisfaction of human want”.

According to Dicksee, “Business refers to a form of activity conducted with an objective of earning profits for the benefits of those on whose behalf the activity is conducted.”

Lewis Henry defines business as, “Human activity directed towards production or acquiring wealth through buying and selling goods.”

Business Categories

Two general categories of businesses are for-profit and not-for-profit. A profit-based organization is designed, as the name implies, to make a profit. The types of business structures available in every state include Sole proprietorship, Partnership,...