Business is a term with a very wide meaning. Definition of business is an activity of people working for the purpose of producing and distributing and distributing goods services at a profit.
A business activity creates utilities by production of goods and services to satisfy human wants. Simply, business is an activity of people directed towards satisfying human wants at a profit.
In broad sense, business is the activity performed by an individual or a group of people with a view to earn profit within the government rules and regulations.
Definition of business
Various authors have defined business in different ways. Some of them are quoted below:
“Business is the exchange of goods, services, or money for mutual benefit or profit.” – Skinner and Ivancevich
“Business may be defined as any form of commercial activity to satisfy the economic wants of people at a profit.” – Keith Davis
“Business is any enterprise engaged in production and distribution of goods for sale in a market or rendering services for a price.”- Professor Owen.
Finally, business without profit or loss is no business. It is the whole complex field of trade, commerce, industry and the network of ancillary services, distribution, banking, transport and so on which serve and penetrate the world of business as a whole.
Other Content of Business:
- Nature and Scope of Business
- Components / Elements of Business
- Features / Characteristics of Business
- What are the Objectives of Business?