2. Business
“Any organisation that fulfils itself through making a
product or service is business.” P.F. Drucker
“It is an institution organized and operated to provide
goods and services to society under the incentive of
private gain” B.O. Wheeler
3. Featuresof
Business
Business is a social institutions
Dealings in goods and services
Sale, transfer or exchange
Regularity in dealings
Promoter/owner/entrepreneur
Organisation and management
Capital, investment and finance
Risk taking
Forecasting
Surplus generation
Generation of values and utilities
5. Scopeof
Business
The scope of business is very wide. It includes a large
number of activities which may be classified under two
broad categories , namely, Industry and Commerce.
7. Organic
Objective
A business enterprise consists of people organised to
conduct business activity to meet and satisfy the needs of
society. It is essentially an organic entity which has its
own infancy, childhood, adulthood, and maturity.
The first concern of a business enterprise is to ensure its
own survival for the continuance of business activity.
11. Socialobjective Supply of
desired
quality of
products
Avoidance of
anti social
and unfair
trade
practices
Generation
of
employment
Welfare of
employees
Avoidance of
slums and
pollution
18. Benefitsof
business
Production of goods
Business supplies services
Creation of customers
Business has helped raising standard of living
Creation of customers
21. Characteristics
of Business
Organization
Adequacy of capital
Flexibility of operation
Business secrecy
Ownership management and control
Minimum government regulations
Limit of liability
Ease in formation
Tax consideration
Bargaining power
22. Objectivesof
Business
Organization
Aiming towards consumers satisfaction
Shouldering responsibility
Creation of employment opportunity
Welfare to employment
Optimum utilization of country’s natural resources
Maximum return on investment
Social welfare
National objective
Maintaining business ethics
Maintaining law and order.
23. Settingupa
business
organization
Evolution of objective
Formulation of plan
Suitable location, layout and volume of business
Appropriate organization and management
Optimum financing
Trouble free production and distribution system
Risk bearing and sustaining capacity
Expansion and growth orientation
24. Importanceof
business
organization
Distribution
Feedback
Finance management
Fixing of responsibilities
Minimum cost
Minimum wastage
Product growth
Quick decision
Recognition problems
Reduces the cost
Skilled salesmen
Transportation
26. OldConcept
Business may be defined as human activity directed
towards producing or acquiring wealth through buying or
selling goods.
Business may be defined as an activity in which different
persons exchange something value, whether goods or
services for mutual gains or profits
27. Modern
conceptof
business
Business means the whole of complex of commerce and
industry-the basic industries and the network of ancillary
industries , banking, insurance ,transport and so on.
28. Changing
objectivesof
modernbusiness
Production and supply of quality goods and services
Contribution to the general welfare of the society
Social and psychological satisfaction of employees
Well-being of socially and economically backward
Promotion of social justice
Contribute to the revenue of the country
Adoption of fair trade practices
Development of human resources
Creation of employment
Self-sufficiency and export promotion
29. T
rends in
modern
business
Foreign direct investment
Customization
Social media
E-business
Business process outsourcing
Trade in agricultural and manufacturing goods
Containerized cargo
Cloud comp
Business combination
Green marketing
Corporate social responsibility
30. Businessand
profession
BASISFORCOMPARISON BUSINESS PROFESSION
Meaning
Business is an economic
activity concerned with the
production or purchase
and sale of merchandise
and rendering of services
with the purpose of
earning profit.
Profession is a form of
economic activities,
wherein special skills,
knowledge and expertise
is required to be applied
by the person, in his
occupation.
Basic objective Earning profit Rendering services
Establishment
On the decision of
entrepreneur and
fulfillment of legal
formalities.
Membership of the
respective professional
body and certificate of
practice.
Qualification
No minimum
qualification.
Specialized knowledge of
study is required.
Capital
Required as per the size
and nature of business.
Limited capital is
required.
Reward Profit Professional fee
Code of conduct
No prescribed code of
conduct.
Code of conduct
prescribed by the
professional bodies needs
to be followed.
Advertisement
Products and services are
advertised to increase
sales.
Advertisement is
prohibited as per
professional code of
conduct.