Business & it's objective
Business is an enterprise which engage in buy and selling activity it buy raw material and sell those raw material in the market in order to generate profit business is a which deal with the buying and selling of goods manufacturing of goods or providing service in order to earn profit
it's an organized and systematical human activity involve in production and purchasing of goods and service in order to sell them in profit
prof .Own opines'
" business is an enterprise engaged in production and distribution of goods for sale in a market or rendering service for a price "
the business is an process of trading the bought goods and selling those goods at higher price in the market in mean of getting profit
If the profit is only object of the business than the firm will not succeed ( prof L. Urwick )has rightly pointed out " profit can be no more the objective of a business than eating is the objective of living " the fact remain the human begin don't live the sole purpose of living
characteristics of business
(1)transfer of goods :
the basic character of the business is that it transfer the goods at the market in order to make profit business is which sell the product in the market and try to gain profit out of it
the carpenter prepares furniture for his own use but it's not a ( business is the one which sell thing for profit )
(2)dealing in goods and service :
the business is dealing in good and service the goods maybe consumer goods and or product goods are the service which may be the transport service The business is which provide goods or service
(3)profit motive :
profit motive is the one of the biggest and powerful stimulus for running the business the business involve in production and service in the goal of making profit
(4)risk bearing :
every business involve risk the business the selling of good in the market is highly in uncertainty the business sell its raw material in the market in the form of finished goods to make profit but the profit is uncertain the business have to bear the risk involve in the market
The objective of business
(1) Business objectives :
First the business need to have a clear objective before the future plan the on objective will give the business clear picture of the business expansion
the clear defined objective help the business reach a it's goal and it's traget
profit should not be the sole objective of every business bur it's desire achieve the goal over the time
The objective are the destination points for the business so a well defined objective is good for the business
(2) Planning :
Planning is pre determined where what to do how to do and when to do plan are long term and short term to achieve certain goal and objective to good plan the business need a well defined objective
It may be a plan to solve the problem of the business and to achieve the desired result
(3) Location site setup :
The location is a where the business operate from The location is which give access to the business so selecting the site is very important for the success of the firm Infrastructure, motility, accessibility that give the business the better
(4) Finance :
Finance is said to be the life blood of the enterprise the enterprise can't operate without the finance .The firm need to know the required of the firm financial need before it starting a new operation
the firm should also know the source of finance the financial institute, commercial bank which lend money to the business ( finance is a important to business cannot operate without )
(5) Management :
Management is the which keep the business together so a better management will hold together the business in the time of crises
effective use of resource, better financial management and the full utilize of human resource a effective management will have better coordination and smooth function of business ( often business fail because of the lake of management )
(6) Marketing :
Every business operate in the market it benefit the business to have knowledge of the market and change consumer desire that help the business to understand the consumer and help them to know the potential of the market
The marketing is a big filed that the business has to operate the understanding analysis the market help the business to operate better than with efficiency
(7) Computation :
The business is about computation having a good knowledge of the computation in the market is good for the business to know the market ability to consume
the product
the firm growth is base on the market share and the ability to adopt in the market with innovation planning and consumer loyalty
(8) Quality workforce :
The enterprise success is depend on the human that work under that organization the quality work force will give the firm better contribution the better human resource the organization have the greater success the firm will get in operating
