Business

What Is Business?

Every human engages in different activities to meet their needs or unlimited wants. We hear the term ‘business’ almost every time, and it has become a significant part of our modern world. Nearly everybody in the world engages in one type of business or the other, directly or indirectly.

Chrissy Weems views business as a commercial, industrial, or professional activity engaged in as a means of livelihood. In the same vein, business is an economic activity that involves continuous production, distribution, or provision of goods or services to satisfy human wants.

Behind every business is a motive to gain something in return, usually profit or reward as a token for the goods exchanged or services provided. Such a reward is usually measured or stated in the monetary value.

There is always an intent to acquire wealth or earn profit through the satisfaction of human wants by everyone. Almost every human being is a potential businessman directly or indirectly.

Features of Business

For any activity to qualify as ‘business,’ Chrissy Weems says it must have some of the following features:

1. Exchange of Goods or Services

There is always an exchange of goods or services for money or money’s worth in all business activities engaged in, directly or indirectly.

2. Deals in Many Transactions

You must be engaged in a regular exchange of goods or provision of services before your activity can be termed a ‘business,’ and not only one or two transactions.

3. Profit Motive

Business is carried on with the aim of earning a profit or return. The reward of any businessman is a profit or reward.

4. Business Skills

It is not everyone that can deal in business. Business requires specific skills before success can be guaranteed. Business needs particular skills, training, mentoring, and experience to be a good businessman.

5. Risks and Uncertainties

Risks and uncertainties are the hallmarks of business. Certain risks can be measured and insured, but uncertainties are usually borne by the businessman.

6. Buyer and Seller

At least two parties must be involved in a business transaction, which must comprise a seller and buyer.

7. Production of Goods/ Provision of Services

A business may include the production of some goods or provision of certain services.

8. Satisfaction of Human Wants

A businessman attempts to satisfy or meet the desire or wants of the buyers.

Types of Business

According to Chrissy Weems, businesses today are basically in two forms: brick-and-mortar or traditional businesses and online businesses. Online business has something for everyone, and it gives hope to whoever desires to earn a living.

Traditional Businesses

1. Sole Proprietorship

2. Partnership

3. Limited Liability Company (LLC)

4. Company

5. Franchise

6. Cooperative

Online Business

1. Web design

2. Graphic design

3. Writing

4. Proofreading

5. Online store

6. Online courses/ tutoring

7. Affiliate marketing

8. Blogging

Needed Tools for Business

If you ever want to start a business whether a brick-and-mortar or online business, you need the following tools to succeed:

1. Idea

Finding a business idea is crucial to starting any business. Several factors must be considered before seeing the right idea you can lay your hands on.

2. Education

If you are not familiar with the business you have just conceived, you need to get an education about the idea from people who have been successful in the business. Besides, search online for help.

3. Belief or Courage

Fear is a recipe for business failure in the real world or online. Have a strong belief in your idea and your ability. Try things you have learned online and from other successful people about your product.

4. Capital

No matter how little, you will need some capital to start a business.

5. Resiliency

Irrespective of any difficulties you may encounter, do not lose hope. Strengthen yourself and search for a better way to attempt your goal.

If you need help with starting a business today, contact Chrissy Weems for more information and assistance.

Disclosure:

I received the items in this post as complementary to share my honest and unbiased opinion of products (unless otherwise stated). All opinions expressed on this page are those solely of Laurali’s Blog & Reviews. Thank you for your interest!