Generally, Business means any activity doing for the purpose of earning profit. So, in this post we discuss about “What is Business?” and Best 3 ways to select type of Business.
The ordinary meaning of the word business is busyness. Busyness means any activity during which a person is busy.
Type of Business Activity
Basically, A man could also be busy in two sorts of activities. Which are as follows;
- Economic Activity
- Non Economic Activity
An economic activity denotes work or effort directed towards the assembly of wealth. In other words, economic activity is aimed toward profit.
Economic activity of a man is called business. Therefore, Business means the assembly or purchase of products with a view to sell them at profit. Besides, if services are rendered on payment to others, they shall be included in business.it could also be defined as a person’s activity directed towards producing or acquiring wealth through buying and selling of products and services.
Todays, Business is a wider scope and it includes following.
1Trade: The process of shopping for and selling of products is named Trade. Such an activity could also be carried on within a rustic when it’s called home or domestic trade. It may be called foreign or international trade when it’s carried on between two different countries.
2Commerce: To help trade, some facilities like storing, grading, financing, transporting and insuring are needed, these types of business are called Commerce.
3Industry: Industry implies all those processes, which are liable for the extraction and production of products which are sold for either ultimate consumption or for further production.
So, we may simply say that Business = Industry + Trade + Commerce.
Based on above, business is a wider concepts. accordingly, you can choose the what type of business you want to start. if you want to give professional services to your valuable client then you covered under the field of commerce.
Business Should also Provide Services. There are service enterprises, which give services like domestic services and financial services, etc., to individuals and enterprises. Take the instance of cinemas or hotels, they render services to the community at large.
“A business is any enterprise which makes, distributes or provides any article or service which other members of the community need and are willing to pay for that.”- Urwick and Hunt
If you have any suggestion and new business ideas, then comments. We can also write a post on such topic.
Friends, if Any one wants to start a new Startup. Them help them to what kind of enterprise should they start. Whether, it is Trade, Commerce and Industry.