This document provides an overview of business as a profession. It defines business, discusses the characteristics and objectives of business, and the requisites of a successful business. It also outlines the key components of business including industry, commerce, trade, and services. While business can be challenging, the document argues that it can be a good career path for those who plan well and have the necessary financial resources and business knowledge.

1. Assignment
of
Subject: Functional English for Business
Subject Code: 101
Submitted by-
Name: Ms. Suraya Bintey Zaman
Roll No: 1601 (13th
batch)
The People's University of
Bangladesh (P.U.B)
Submited to-
Prof. A B M Khalid
Dean of B.B.A. Department

2. Contents
of
TOPICS:
Introduction
Profession Choice
Defined of Business
Characteristics of Business
Objectives of Business
Requisites of a Successful Business
Components of Business
Demerit of Business
Conclusion
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3. Introduction : Now a day the world is become busy. In modern life
every person want to depend upon himself. So, they become in any
profession to build up their career. There are various kinds of profession in
the world for them. Business is one of challenging profession for any person.
It is an old form to build up career. Many people joined in business to build
up his career. But it is too difficult to be success in business by a short time
or short knowledge about it. It is easy to joined in a business but too hard to
be earn profit by this profession.
Profession Choice : To earn money or satisfying our demand, any one
engage themselves in various profession. There are various profession for
any one have to engaged. Like, Employer, Teacher, Doctor, Engineer and so
on. Any one can choice any of this profession to engage themselves for
satisfy their wants. If any one wants to be an employer, he need educational
qualification and experience about the job. A Doctor and an Engineer need
educational knowledge about this profession and many more. Our country is
an over populated and also a poor country. This country has not enough
Industry or job sector. Every year many peoples are qualifies for job. But
there are not more job sector to engaged them and satisfy their wants. So
there are serious competitions in the job sector. For this reason many peoples
are unemployed. If industrial sector increases there are create many new
field of jobs both Information Technology (IT), Technical field and General
employment. In this regard business profession increases day by day. So any
person can able to enter into the business profession.
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Career of Business

4. Defined of Business : Literally "Business" means busy ness or the
state of being busy - any activity a man is busy about . Accordingly, a person
may become busy in reading, writing, playing and painting; because any of
these activities may bring him money, prestige, power or any other kinds of
satisfaction known only to him. In economic sense, the word "Business"
means work, effort and acts of people, which are connected with the
production of wealth. Functionally, by business we means those human
activities which involve production or purchase of goods with the object of
selling them at a profit. In the words of Urwick and Hunt, a "Business is any
enterprise which makes, distributes or provides any article or service which
other members of the community need and ale and willing to pay for." In
essence, therefore, business concerns with producing and selling for profit.
Characteristics of Business : The activities termed "Business" posses
some characteristics. They are-
(a) Production or acquisition of goods: Since it is the business of
'business' to provide goods to people for a price, it is necessary that there are
goods to be supplied. They must therefore be either manufactured or
produced or they must be procured so that they can be sold and supplied.
(b) Sale or transfer of title: Goods which have been produced or
procured for sale in return for price, enter the realm of business. This
activities of selling results in the production and acquisition of wealth.
Goods produced or acquired for personal consumption, however, do not fall
within the scope of business.
(c) Dealings in goods and services: Business means dealing in goods
and services. The goods may be consumers' goods or producers' goods.
Service consist of those items which are not stored by consumers, such as
transport services.
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5. (d) Regularity of Dealing : Regularity and recurring nature of buying
and selling which ensures continuity of transactions is a characteristic of
business. A single transaction involving buying and selling does not become
business. For example, if a person sells his motor car and makes a profit, it
does not amount to business. On the other hand, if he keeps a stock of cars
and sells them to customers, he carries on a business.
(e) Profits as reward for service rendered: Business is an activity by
which men make their living or earn profit. Making profit is an essential
characteristic of business. Profit is the biggest stimulus for maintaining the
continuity of business. In other words, profit is essential for survival and
development. The hope of making a good profit attracts men of ability to
business. In fact, profit is, in a sense, a reward for the individual ability or
efficiency of the enterpriser and also for the service that he renders to the
community.
(f) Uncertainty or risk about Future: It is through risk-taking that any
businessman earns his profit. The conduct of industry or business always
involves a certain amount of risk and uncertainty of return to the
entrepreneur.
Objectives of Business : Every human activity has some objectives,
and business, as one of the important human activities, must have objectives.
There are two types objectives in business, one is economic and other is
social. They are described in below.
(a) Economic objectives: Money-chasing to them seems to be the
primary economic objective of business. So a company must earn profit if it
is to continue to exist. Obviously, a company must make profit for survival,
but for survival it is also necessary that it produces goods or renders services
that customers want. It is important to recognize the fact that profit is the
legitimated reward for honest endeavourer, something the entrepreneur gets
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6. for rendering service to the community. After all, profits provide not only the
most accurate test of business efficiency, but also a sure check against
failure. Over a course of time, profits are the measures of how well a
company has met the needs of labour, consumers, shareholders and the
general public.
(b) Social objective: The primary objective of business therefore
should be satisfaction of human wants through supply of quality goods at
reasonable prices. Another objective is to provide a fair return to the investor
and to have sufficient amount to cover future risks and to ensure future
expansion. The third objective is to create customers' and meet their needs
and also provide fair wages to the workers.
BUSINESS OBJECTIVES
To sum up, "Business" may be said to be any enterprise, which makes
distributes or provides any article or service, which other members of the
community need. And business transactions are essentially measured in
terms of money. These measurements must show profit to the enterprise, if it
is to remain in business. But money and profit are measuring device: yet a
measuring device is not a purpose. To realize a profit may be and usually, is
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Economic Social
Satisfactory
profits
Creation of
Customers
Innovation
Ample supply
of quantity goods
at fair price for
the Community
Fair deal to
workers
Fair return to
investors
Fair dealings
with suppliers
of materials

7. the motive or purpose of some of the individuals who engage in business.
But the only valid definition of business purpose is to "create a customer",
that is, to provide goods or service which someone needs.
Requisites of a Successful Business : To earn profit an enterprise
must conform to the following requisites of success in business.
Company Objectives : The most important and fundamental essential
of a successful business is the establishment of definite and clear objectives;
for without purpose no organization can be effective. To avoid failure, both
long-range and short-range objectives should be established. They must be
so definite that they can be clearly described and so realistic that they can be
achieved.
Planning : Planning is another corner-stone upon which successful
enterprise depends. Planning is the analysis of a problem, thinking out the
forward solutions to that problem, and then outlining the steps that must be
taken to reach the objective defined in the solution. To plan is to propose a
forward program for guiding the future affairs of an enterprise. Planning
assumes that the future will be different from the present, and it attempts to
determine how the enterprise can make use of that difference. It enables
business enterprise to meet the contingencies of the future and thus saves it
from floundering.
Research : In these days of expanding technology, increasing
competition, new methods of buying and selling and of dealing with people,
business success depends on improved methods of production, selling and
ability to manage men by getting along with them. One way of doing all this
is by getting and making use of new and up-to-date facts. Research supplies
these new facts. Research may be defined as 'the systematic search for new
knowledge'. If it is conducted solely to probe the unknown, it is called Pure
Research. There are other kind of research, that is Applied Research.
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8. Applied research in industry is designated Industrial Research and is usually
concerned with (1) Marketing, (2) materials, (3) product and (4) equipment
and processes.
Equipment and processes Research : It is usually directed towards the
development of methods of manufacture, tools and equipment, as well as
handling devices that tend to increase productivity. Research in industrial
psychology attempts to study individual differences as a basis for selection,
placement and promotion.
Sound Organization : For the success of any business enterprise it is
essential that it has a well-defined organization, manned with competent
personnel, whose duties are delimited. The authority of each man is perfectly
clear as well as his responsibility to his superiors.
Adequate Finance : Finance is said to be the life-blood of a business
enterprise. It is, therefore, imperative for the success of any business that
adequate provision for long-term and short-term finance is made.
Proper location of the Plant, its lay out and size also contribute
substantially to the success of a business unit.
Effective and Efficient Management : It is probably the most important
requisite of a successful business; for it is through management that the
economic forces are utilized to the best advantage. To succeed in their
objective to run the business enterprise successfully they must be endowed
with at least some of the qualities of a businessman already discussed.
Components of Business : Being an all-embracing term, business
includes trade, commerce and industry. Business may, therefore, be
classified into two broad categories; (a) Industry, (b) Commerce (including
trade). Industry is concerned with the production of goods, and commerce
with the distribution of what is produced. A brief description of each is in
point.
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9. Industry : The processes of extraction, production, conversion,
processing or fabrication of products are described as industry. These
products of industry are sold either for further transformation into finished
goods or for ultimate consumption. Goods used by final consumers are
called consumers' goods and those used in the production of other goods are
described as producers' goods. Broadly, an industry is either Primary or
Secondary. Primary industry may be either extractive or genetic and
secondary industry is either manufacturing or construction.
Commerce : The process of buying and selling and all those activities
which facilitate trade, such as storing, grading, packaging, financing,
insuring, transporting are called commerce. The principal function of
commerce is to remove the hindrance of person, place, time, exchange and
knowledge, in connection with the distribution of commodities until they
reach the consumers. By removing these hindrances commerce ensures a
free and smooth flow of goods from products and the consumers.
Trade : Trade is the final state of business activity and involves sale
and purchase of products. It is to facilitate the transfer of goods from the
seller to the buyer (trade) that all the other activities are undertaken. Trade
has been classified in many ways. The normal classification of trade is (a)
Internal Trade and (b) Foreign or International Trade. Internal trade , in turn,
may be either wholesale trade or retail trade; and foreign trade may be
import trade or export trade.
Service Enterprises : Business provides not only goods but also
services. At every point in the economic system an infinite varithy of
services are furnished, e.g., domestic service, financial and aesthetic service
to individuals and to business enterprises. Generally, such things are termed
service.
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10. Business
Demerit of Business : It is necessary to be a successful businessman,
a man must need the best use of his time. If he has not any one or all quality
of a successful businessman, he was not success in business. If he have
wrong planning he also loss the business. Or, if he have not enough financial
ability and knowledge about foresight, he also loss in business. All of these
carry a businessman to be unsuccessful in business and also failed to build
up his career.
Conclusion : Business is an old type profession. But in modern life
business is a good profession for a smart person. A person builds up his
career by taking business as a profession. If he used well planning, enough
financial possession and also a good foresight of business, he must be
success in life by taking business as his profession. If he has best use of his
ability and knowledge, he will be successful in business profession and also
his life by a short time. To success in life by own-self, business is the best
profession of the world.
- The End -
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Direct Services
Domestic
Financial
Aesthetic
Health
Transport
Insurance
etc.
IndustryCommerce
Trade Banking Transport Insurance Warehousing
Primary Secondary
Extractive Genetic Manufacturing Construction