Understanding the Nature of Business: Features and Definitions
Dive into the fundamental aspects of business with insights on its definition, organized activities, profit motive, scalability, regular dealings, and societal impact. Explore various perspectives on what business entails and its significance in society.
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Presentation Transcript
COM-I ( Introduction to Business) Dr. Sumita Shankar Dr. Sumita Shankar
INTRODUCTION TO BUSINESS What is Business ?
Definition B.O. Wheelar, Business is an institution organised and operated to provide goods and services to society under the incentive of private gain.
Definition L.H. Haney, Business is a human activity directed towards producing or acquiring wealth through buying and selling activities.
Definition Business is an organized activity to identify , anticipate, and to produce and supply customer requirement efficiently and profitably of all those who are connected with it
NATURE OF BUSINESS or FEATURES OF BUSINESS 1) ORGANISED ACTIVITY
NATURE OF BUSINESS or FEATURES OF BUSINESS 2) Profit Motive
NATURE OF BUSINESS or FEATURES OF BUSINESS 3) Degree of Scale
NATURE OF BUSINESS or FEATURES OF BUSINESS 4) Regularity in Dealings
NATURE OF BUSINESS or FEATURES OF BUSINESS 5) Risks and Uncertainities
NATURE OF BUSINESS or FEATURES OF BUSINESS 6)Societal Interest
NATURE OF BUSINESS or FEATURES OF BUSINESS 7) Social Responsibility
NATURE OF BUSINESS or FEATURES OF BUSINESS 8) Business Functions
NATURE OF BUSINESS or FEATURES OF BUSINESS 9) Customer Satisfaction
NATURE OF BUSINESS or FEATURES OF BUSINESS 10) Creative and Dynamic
NATURE OF BUSINESS or FEATURES OF BUSINESS 11) Government Control `
