The document defines business as an organization that fulfills customer needs in exchange for money, requiring investment and enough customers to consistently generate a profit. It explains that businesses must identify problems, develop products, set prices, sell products, and use profits for internal and external development to stay competitive through technology advances and better products. The key points are that profit allows for growth and meeting evolving customer needs, as without fulfilling needs, businesses would have no reason to exist and no customers or profits.

1. What is business ?

2.  An organization or economic system which fulfills customers/group of
people’s need in exchange of money.
 Every business requires some form of investment and enough customers to
whom its output can be sold on a consistent basis in order to make a profit.
Definition of business

3. How Business Works
Problem
Identification
Creating
product for
customer
Setting market
Product
Development
Selling ProductEarning Profit
Using Profit
(internal / external
development)
Research

4. Why Profit Is Required ?
 Internal development of organisation.
 External development of organisation.
 Infrastructure upgradation.
 More research & better product development.
 Stay best in market.
 Technology advancement.

5. Why consumer need is important?
 If there is no need, what exactly you are in market to solve ?
 If you are not beneficial to any individual, why people will come to you?
 Solving customer needs is what makes business.
 More customers = More profit
 More Profit = Better Opportunities to create better product
 Better Product = Better Market Reputation
“Customer Is King”

6. Now What Do You Think ???
Profit Or Consumer Needs ?