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Today we will try to find out what is business? Definition of business, Basic Elements of Business. So let’s start to know What is business and the elements of busuness?
What is business? Definitions and concepts of business, Basic Elements of Business
Most of the people say, I want to start a business. I will start a business . Want to do on business. What business is good?
Brother, what if you want to do business?
Suppose now I say brother started e-commerce but you have no idea about it and you don’t have money to invest so what? First of all you have to say what is your ability to invest, what kind of business is good, what is the future of any business in the area where you live, what is the competition of any business in that area etc.
Congratulations on starting a new business. Take advantage of the excitement of new business. Divide the whole plan into what kind of work you have to do.
So let’s find out what is business? Definition of business
In the general sense, business refers to the exchange of goods or services for the purpose of making a profit.
Business is a social and humanitarian process through which the production and distribution of goods and services meet the needs, wants and profits of the people.
That is to say, business is the act of making goods and services for the purpose of making profit and direct and indirect production and distribution and all the legitimate activities that help them.
Again, for the purpose of making a profit, the transaction between the two parties can be termed as business. Here are some notable definitions of business:
Professor Haney said, “Business is all about the process of extracting materials and resources from nature and converting, processing and producing them with the help of labor and machinery and transporting them to future needs for future value through transportation, insurance and warehousing.
According to B.B Ghosh, “Business denotes human activities which produce or acquire wealth through buying or selling goods.
“That is to say, business is all the activities of people engaged in acquiring wealth through production or purchase and sale of goods.”
B.O. According to Wheeler, business is an institution organized and operated to provide goods and services to the society under the incentive of gain. ‘
In other words, business is an organization which is managed and organized for the purpose of making profit by providing goods and services to the society.
The above definitions are seen in the review, direct and indirect purchase and sale or production and distribution of goods, services and ideologies for profit motive and profit motive and the business is to acquire wealth and serve the people through all the legal activities that help them.
Basic Elements of Business
What is business first?
Business is the process of producing and distributing goods, services, etc., using various means to make a profit.
Elements of Business
The material and non-material things that must be present in the formation, management and control of a business are called business elements.
The elements of business can be divided into two parts. Such as
(a) basic elements;
(B) Auxiliary material.
The following diagram illustrates and discusses the components of a business:
a. Basic Elements: The elements that are essential for building a business are the basic elements of business. These elements are:
1.Entrepreneur: Entrepreneur is an indispensable element of business. An entrepreneur is someone who takes the initiative to build a business. Someone has to take the initiative to start a business. Because, it is not possible to form a business organization without the initiative of the entrepreneur.
2.Institutional Structure: One of the basic elements of business is the institutional structure or organizational structure. Every business has an identity. Whether the business is a small-medium-large producer or service provider, the business can be identified with institutional identities such as monopoly, partnership, joint venture and state-owned business.
3.Capital: The assets invested in a business, which are used in production, are called capital. Capital is required for current operations and resource mobilization. The lifeblood of the capital business. Business cannot be done without it. So capital is an essential element of business.
4.Manpower : People who own all kinds of businesses work. Leader business requires manpower. Jute, distribution and distribution support functions are handled by manpower. Therefore, manpower is an important component of business. Manpower is on the side of business.
5.Land: Another basic element of business is the necessary land. The business needs to have a certain land or space. Where business activities can be conducted. It can be a house or an open space. The amount of land varies according to the size of the business.
6.Raw Materials: Raw materials are one of the elements in building a business. This is because the needs or needs of the buyers and consumers are met by producing and distributing goods and services through the creation of spatial-temporal, personal, financial, risky etc. benefits of the raw material.
7.Goods and services: Production and distribution of goods and services is the business goal. Business activities are centered on goods and services. The objectives of the business are achieved through production, distribution and distribution support activities such as goods, services, advice etc. The main ingredients of any type of business are goods and services. Thus, goods and services are considered a fundamental element of business.
In addition to the basic elements mentioned above, many have considered the following elements again, namely:
(i) Production and distribution;
(ii) Financing;
(iii) Risk and uncertainty; Etc.
Dear friends, we have explained only the basic elements of business in this post. We will try to explain Auxiliary materials on the other post. so, don’t be upset for it.
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