Business is the process of producing, purchasing, or selling goods or services for profit. It entails different operations including production, marketing, selling, and administration. A business can either be owned by one person (sole proprietorship), by a group of individuals (partnership), or by a firm (corporation).
Key Components of a Business:
Product or Service – Something of value provided to customers.
Customers – Individuals or businesses that purchase the product or service.
Profit Motive – Typically to make more money than it takes to run.
Operations – On-going activities to keep the business in operation.
Legal Structure – Incorporated in a specific form (e.g., LLC, corporation).
Types of Business:
Manufacturing – Creates tangible products (e.g., automobiles, apparel).
Retail – Markets products directly to consumers (e.g., stores, online).
Services – Supplies expertise or manpower (e.g., consulting, repair, instruction).
Technology – Creates and markets software or other digital products.
Nonprofit – Seeks to benefit a cause instead of profit (though it still functions essentially like a business).
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