Business Managemnt

Complete Notes

Student Name: …………………………………………………….

College Name: ………………..…………………………………...

Question No 1:

What is business? What are the objectives and functions of business?

OR What is business? How a business works, what is the purpose of business?

OR What is business? Describe briefly, how a business gets a success?

OR What is business? What is the importance of business in the present world?

Answer:

BUSINESS:

INTRODUCTION:

In the literary sense, the word Business is related with the “English word Busy”.

So, business means the state of being involved in doing something.

Business ————►Busy

Islam also guides us towards business as a businessman and prohibited us to try for job in any other business as a slave.

Generally the term business includes all human activities concerned with earning money. So, business refers to all those activities which are related to the purchasing or production of goods and services with the object of selling them at a profit. There are different kinds of business:

❖ Manufacturing Business

❖ Trading Business

❖ Service Business

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But the goods & services produced or purchased for personal use are not included in the term of business”.

DEFINITIONS:

According to STEPHENSON:-

“Every human activity is engaged in for the sake of earning profit, may be called business.”

According to L.H.HONEY:-

“Human activities directed towards providing or acquiring wealth through buying and selling of goods.”

Simply & briefly we can say that:-

“Business is an institution organized by a person or a group of persons to produce or distribute goods or services with an motive of earning profit through the satisfaction of human wants with the element of risk of loss is also included it.”

OBJECTIVES OF BUSINESS:

DEFINITION:

According to Urwick:

“Earning of...