Fundamental of business

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Fundamental of business

  1. 1. Masters in Human Resource ManagementQuaid e Azam College ofCommerce, University of Peshawar 6/3/2013 1
  2. 2. Points to be covered: Meaning of Business Definition of Business Nature of Business Problems of Business Scope of Business Importance of Business Functions of a Businessman Qualities of a Businessman6/3/2013 2Quaid e Azam College ofCommerce, University of Peshawar
  3. 3.  Term Business has special usage andtechnical meaning as well. In its wider sense business means any activityundertaken for earning profit. In limited or technical sense business meansonly those activities that are undertaken forearning profit within legal and moral limits. Business means any lawful economic activitywhich is conducted to earn profit throughsatisfaction human wants.6/3/2013 3Quaid e Azam College ofCommerce, University of Peshawar
  4. 4.  An enterprise which makes, distributes orprovides any article or service which the othermembers of community need and are ableand willing to pay for it. Business may be defined as human activitydirected towards providing or acquiringwealth through buying and selling.6/3/2013 4Quaid e Azam College ofCommerce, University of Peshawar
  5. 5.  Business includes those activities whichremoves the hindrances/obstacles oftime, persons, and place in the exchange ofgoods. All those commercial and industrial activitiesthat provide goods and services to the peoplewith an objective to earn profit6/3/2013 5Quaid e Azam College ofCommerce, University of Peshawar
  6. 6.  Business is the activity that was chosen by theHoly Prophet (S.A.W.W.) as his profession It offers 90% of the earnings to the mankind. Division of labour led to the earliest form oftrade that is called barter system. Lack of double coincidence of wants andindivisibility of many goods were the mainproblems with barter Introduction of money greatly facilitated theexchange6/3/2013 6Quaid e Azam College ofCommerce, University of Peshawar
  7. 7.  Extensive specialization of labour establishedmass production. Profit is the reward of entrepreneur that isgenerally the highest due to the fact of facingrisk of loss. Entrepreneurs produce want satisfying goodsand services and exchange them for profit.6/3/2013 7Quaid e Azam College ofCommerce, University of Peshawar
  8. 8.  Enterprise Production Dynamism Dealing Market Provision Recurrence6/3/2013 8Quaid e Azam College ofCommerce, University of Peshawar
  9. 9.  Earning Profit Risks Finance Utilities Global Nature6/3/2013 9Quaid e Azam College ofCommerce, University of Peshawar
  10. 10.  Business Selection Business Location Business Size Product Demand Factors Combination Capital Provision6/3/2013 10Quaid e Azam College ofCommerce, University of Peshawar
  11. 11.  Physical Facilities Staff Selection Office Equipment Legal Requirement6/3/2013 11Quaid e Azam College ofCommerce, University of Peshawar
  12. 12.  A) Industry: Concerns engaged in productionof goods1) Manufacturing: Raw Material into FinishedGoods2) Construction3) Extraction: Mining, Fishing, Agriculture4) Genetic: Hatcheries, Poultry Farming, FishFarming, Nurseries etc6/3/2013Quaid e Azam College ofCommerce, University of Peshawar 12
  13. 13. 1. Trade Home Trade a) Whole Sale b) Retail Foreign Trade a) Export b) Import2 Aids to Tradei. Mercantile Agentsii. Transportiii. Warehousingiv. Bankingv. Insurancevi. Communicationvii. Advertising6/3/2013Quaid e Azam College ofCommerce, University of Peshawar 13
  14. 14. i. Teachersii. Doctorsiii. Lawyersiv. Hairdressersv. Mechanicsvi. Electriciansvii. Plumbers6/3/2013Quaid e Azam College ofCommerce, University of Peshawar 14
  15. 15.  A) Industry: Concerns engaged in production of goods1) Manufacturing: Raw Material into Finished Goods2) Construction3) Extraction: Mining, Fishing, Agriculture4) Genetic: Hatcheries, Poultry Farming, Fish Farming, Nurseries etcB) Commerce:1. Trade Home Trade a) Whole Sale b) Retail Foreign Trade a) Export b) Import2 Aids to Tradei. Mercantile Agentsii. Transportiii. Warehousingiv. Bankingv. Insurancevi. Communicationvii. AdvertisingC) Direct Servicesi. Teachersii. Doctorsiii. Lawyersiv. Hairdressersv. Mechanicsvi. Electriciansvii. Plumbers6/3/2013Quaid e Azam College ofCommerce, University of Peshawar 15
  16. 16. Industry Commerce A) Industry: Concernsengaged in production ofgoods1) Manufacturing: RawMaterial into FinishedGoods2) Construction3) Extraction: Mining,Fishing, Agriculture4) Genetic: Hatcheries,Poultry Farming, FishFarming, Nurseries etc Commerce:1. Trade Home Trade a) WholeSale b) Retail Foreign Trade a)Export b) Import2 Aids to Tradei. Mercantile Agentsii. Transportiii. Warehousingiv. Bankingv. Insurancevi. Communicationvii. Advertising6/3/2013Quaid e Azam College ofCommerce, University of Peshawar 16
  17. 17. 1) Production2) Distribution3) Employment4) Efficient Utilization of Resources5) Innovation6) Economic Progress7) Better Living Standard8) Foreign Relations9) Collection of Indirect Taxes10) Govt Policies Designing6/3/2013Quaid e Azam College ofCommerce, University of Peshawar 17
  18. 18. 1) Financing and Risk Taking2) Managing Plan, organize, staff, direct, control3) Marketing 4Ps4) Purchasing & Inventory Management5) Production & Operation Management6) Accounting6/3/2013Quaid e Azam College ofCommerce, University of Peshawar 18
  19. 19.  Business Aptitude Managerial guts Technical Financial Capability Business Ethics Creative and Trend setter Ability to reap opportunities Adaptive/Adjustive Independence6/3/2013Quaid e Azam College ofCommerce, University of Peshawar 19
  20. 20.  Firmness Effeciency Healthiness Cooperation Industrious Team Spirit Honesty6/3/2013Quaid e Azam College ofCommerce, University of Peshawar 20

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