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Chapter 1
- 1. Introduction To Business Concept of Business
- 2. Student learning • Concept and meaning of Business • Business as Economic Activity • Characteristics of Business • Objectives of Business • Importance of Business • Establishment of New Business • Qualities of a Good Businessman • Elements of Successful Business • Responsibilities of Business
- 3. Definitions • Business is An enterprise engaged in the Production and distribution of goods for sale in market or rendering service for a price. (R.N.Ownes) • Activities Undertaken Profit • Main Points of Definition • Human Activity . Production . Gain Of Wealth
- 4. Nature Of Business • Human Activity • System • Social Process • Economic Activity
- 5. Examples Of Business • Manufacturing • Mining • Agricultural • Trading ( distribution of goods and services) • Service Enterprises
- 6. Characteristics Of Business • Goods and Services • Profit Motive • Element Of Risk • Management • Capital • Employment • Regular Transactions • Creation of utility • Transaction For a Price • Reasonable Profit • Exchange Of Ideas • Creating Customers • Innovation • Services of Middleman • Culture
- 7. Objective / Functions Of Business • Profit Objective • Social Services • Employment • Investment • National Interests • Economic Development • Innovation • Use of Technology • Optimum combination • Sales Functions • Benefits for employees • Training • Better living Standard • Use of Resources • Favourble Balance of Payment
- 8. Elements Of A Good Business • Expert Management • Large Capital • Planning • Innovation • Use of Technology • Quality Product • Increase in Sale • Sound Organizational Structure • Reasonable Profit • Ideal Location • Trained Staff • Modern Machinery • Regular Demand
- 9. Importance/Role OF Business • Needs Of Life • Production • Use of Idle Resources • Optimum Use of Resources • Progress of Other Fields • Employment Opportunities • Better Standard of Livings • Investment Opportunities • Innovations • Revenue of Government • Increase in Exchange • Foreign Relation • Survival Of Country • Urbanization • Development of Country • Good Will of the Country
- 10. BusinessMan • BusinessMan is a person who is engaged in buying and selling or in production of Goods and Services to earn Profit • OR • Every Person who is connected with Any legal Activity for the purpose of making profit .The person may be a distributor of Goods or consultant or owner of a factory
- 11. Main Points • A person • Engaged in legal Activity • Production , buying and selling of Goods or Services • Purpose is earning Profit
- 12. Qualities Of A Good Business Man • Quality means Doing it right when no one is looking • Two types of Qualities • Personal Qualities • Foresight • Courteous • Hardworking • Honest • Man of Principles • Confident • Leadership • Patience
- 13. Professional Qualities • Ability to Plan • Ability to Organize • Capital • Experienced • Technical Skills • Desire of Progress • Ability of Innovation • Coordination • Business Knowledge • Market Knowledge • Social Responsibility
- 14. Steps For Establishing A New Business With A view to Do Business • Nature Of Business • Govt. Restrictions • Size of Business • Organizational structure • Selection of Place • Govt. Incentives
- 15. Steps • View to Run Business • Management • Availability of Capital • Availability of Machine • Availability Of Raw Material • Power Resources • Availability of Labour • Availability of Experts • Means Of Transportations • Selection of Distributors
- 16. Steps • With A View of Result • Future of Business • Chances of Loss • Chances of expansions
- 17. Responsibilities Of the Business • Responsibilities Towards Shareholders creditors • To insure safety of Investment • To provide a fair and regular dividend or interest • To Provide regular and accurate information Position of The company • To Give equal Treatment to All shareholders
- 18. Responsibilities Of the Business • Responsibilities Toward Employees • To Pay a Regular Wage or Salary • To Provide Good Working Conditions • To guarantee freedom of Religion and political views • To Provide opportunities for education and self development
- 19. Responsibilities Of the Business • Responsibilities Toward Customers • To Provide Goods of Standard Quality • To charge fair Price • To Provide courteous services • To Handle consumers complaints
- 20. Responsibilities Of the Business • Responsibilities towards Government • To Abide by the Laws of the land • To Pay Taxes regularly • To Avoid Monopolistic • To refrain from corruption
- 21. Responsibilities Of the Business • Responsibilities Toward the Public • To Protect The environment • To Provide More and More employment opportunities • To preserve Social and cultural values • To Help weaker section of society
- 22. Responsibilities Of the Business • Responsibilities Towards Suppliers and competitors • To Make fair and regular Payment to Supplier • To Protect Small scale industry • To Adopt Fair trade Practice
Editor's Notes
- Literal meaning of term Business is a state of being busy,exchange of value , mutual gain or profit , systematic Activity , regular Purchase & sale, earning Profit , satisfaction of Human needs
- Activites includes Production or exchange … Under taken include satisfaction of Human Wants and needs
- 1 earning Profit .2 sound arrangement of various factors 3 employees ,Professionals customers 4 creation and consumption of wealth
- 1Analytical, Assembling 2 coal, iron , silver, gold 3 wheat, rice , vegetables , fruits 4 Wholesaler retailer 5 insurance companies transport
- 1 factories deals with goods doctors lawyer deals with services.. 5 Sources of capital are friends Family financial institutes… 6 transporters bankers Agents
- 3 Amount of Capital Quantity of Production demands for the Goods Market Scope