What is Business? An Introduction to Business

 

Have you ever wondered what is business, and why does it matter?

Well, typically we all must have heard or read the basic definition like ''Any organization which is run to earn profit is called business.'' or ''Any legal activity undertaken for the purpose of earning profit is called business.'' While these definitions provide a foundation, I'd like to delve deeper. 

So, in my perspective business is not just about profit-loss, it's about creating value, fostering innovation and making a positive impact in society. So, we can say that 

 ''A business is a value-creation engine, driving growth and prosperity.''

Now let's talk about Its objectives and functions. When starting a business, even on a smaller scale, it's crucial to define the purpose and objectives of business. The question is: "What drives my business?"
''What is the purpose of my business?''

Traditionally, the main objective of a business is to earn Profit. Earning revenue is essential for sustainability. While it's a necessary and main objective but is the profit only goal? 

➤ Well, a business should also serve Social Services. It must benefit the people and communities. If a business fails to provide any social value, then it may lose customer's loyalty and trust, neglect its social responsibility, miss opportunities for long-term growth. 

➤ Another purpose of conducting a business should be Employment Opportunities. If a business does not provide sufficient employment opportunities, the rate of unemployment will increase, which will negatively impact the overall economic growth, social stability, and standard of living of a community. So, a business plays its vital role in eliminating unemployment.

➤ As a business should provide employment opportunities, it should also focus on Facilitating Its Employees. It means it should provide workers with bonuses, over time payment, housing or medical facility and also schooling facility to their children. This will help in earning employees trust and will engage them working whole-heartedly for the benefit of the business.

➤ A business plays a crucial role in the economy of a country. It must have an ultimate target of Economic Development. When a business prioritizes the economic development of their country, they create a positive ripple effect, leading to improved living standards.

In conclusion, business is more than just a profit-driven endeavor. It's a powerful force that can create value, foster innovation, and drive positive impact. Beyond profit, businesses have a critical role in addressing societal challenges, such as unemployment, and contributing to economic growth and stability.