WHAT IS BUSINESS?

BUSINESS

STRAUB and ATTNER, American  business experts and authors, define business:

"A business is an organization engaged in producing goods and services to make a profit"

According to THOMAS ELELYN. "a business embraces all those functions involved in the making, buying, and transportation of goods"

Of the above defination the first one gives a better picture of business.

HUGHES and KAPOOR define business in two ways:

a. Business is the organized efforts of individuals  to produce and sell, for a profit, the goods and services that satisfy society's needs.

b. A business is a particulars organization.

The first defination is more comprehensive than the second one.

L. H. HANEY defines business as "human activity towards providing or acquiring wealth through buying and selling goods." But in this defination the manufacturing and services have been ignored. it is only good for defining marketing.

WHEELER, on the other hand define business in a better and comprehensive way: 

"An institution organized and operated to provide goods and services to the society under the incentive of private gain."

      

             The best and elaborate definition has been given by F.C HOOPER:

"Whole complex field of commerce and industry, the basic industries, process and manufacturing, and networking of ancillary services, distribution, banking, insurance, transportation, and so on which serve and interpenetrate the world of business as a whole".

     Modern business is based on the answers to three questions: 

1. What and how much goods and services be produced ?

2. What methods and procedures be adopted to produce goods and services ?

3: Who will consume these goods and services?

          The business activity has become of great important and very complicated under the influence of fast changing world. The fast growth and developments of the modern business world stems from these reasons:

1. The advanced , simple inland and foreign exchange system has made the national and global trade quite easy and flourishing .

2. New trends and developments in science and technology have set new directions and tendencies in goods and services that satisfy humen needs in far better and more efficient ways than ever. 

3. ever changing and increasing demand of consumers has created new and great marketing opportunities.