Foundation of Business

By Md. Motaharul Islam

Business is a process which can help us to earn prfits and exchange mutual benefites. Why we do business? Offcourse there are some specific reasons or objectives behind this question. Mainly we do business for profits, besides this business can helps to survive our life style and ensure to assign our responsibility for the society.

Business is the exchange of goods, services or money for mutual benefit or profit. Literally speaking business means business. In simple words, business means the state of being busy. Broadly, business involves activities connected with the production of wealth. It is an organized & systematized, human activity involving production & purchase of goods & services with the objective to selling them at a profit. According to prof. Own, “Business is an enterprise engaged in production & distribution of goods for sell in market or rendering services for a price Finally, we can tell that business concerns with buying & selling goods, manufacturing goods or providing services in order to earn profit.

There are different features of business from above description as follows:


 * 1) Sale or transfer of goods for value--One of the basic features of business is that it involves sale or transfer of Goods & Services for value.


 * 1) Dealing in goods & services--Infect implies dealing in goods & services like bread, cloths watch etc.
 * 2) Recurrence of dealings--Business involves recurring or repeated transactions of sell & Purchase for sell.
 * 3) Profit motive--Profit motive is the biggest & powerful stimulus. For running a of   Business, Business involves production & purchase of goods & services With the Motive of selling them at profit.
 * 4) Risk involved--Business risk also. Profit or depends upon the degree of risk involves. The business is rewarded in tarns of profit for his/her risk bearing capacity.

Business must achieve there objectives to, Remain in operation. Lists of Business objectives generally include such factors as-


 * 1) Survivable, Growth & social responsibilities--Survival is an obvious objective and growth is another objective because business does not stand still.

In resent years, meeting social responsibilities has been recognized as an important objective of business.
 * 1) Profit--The profit objective plays the major role in business. Successful business organization earn a profit because there goods & services effectively meet customers needs & demands. Profit rewards a business enterprise conducting a number activity.

We can starts different types of business for different purpose. For starting any business we need money. But how much money are required for which business this is very important. That is why we should know about different types of business, commerce, industry, trade etc. We also want to gather some ideas about profession.

Having gun through the definition & characterizes of business let us now know the scope or component of business. It includes industry, commerce & trade. In brief industry is concerned with the production of goods & material while trade & commerce are concerned with there distribution. Let us discussed these in more detail-

A)	Industry- in simply ward industry refers to the process of interactions & production of goods sent for final consummation or use by another industry for us production. According to nature industry are broadly classify into four times.


 * 1) Interactive Industries- This industry are concerned with the extraction & utilization of natural recourses from the earth, sea & air.
 * 2) Genetic Industries- these industries include Breeding of plants, seeds, cattle Breeding farm, fish hatcheries, poultry farms
 * 3) Manufacturing Industries- manufactories are engaged in the conversion of rentals or semi-finished goods into finished goods, manufactories industry can further be classified into following five types-
 * 4) Analytical industry


 * 1) Processing industry


 * 1) Synthetic industry


 * 1) Serves industry


 * 1) Assembly industry


 * 1) Construction industries- these industries are concerned with the creation of infrastructural facilities for face lifting other activating like construction of building bridge roads etc.

B) Commerce- Commerce is the gather major components of business. It includes all those activities which are necessary to bring goods & services from, the place of there production to the place of there consumptions. In simple words commerce include trade & aid to trade. The principle functions. Of trade are to remain the following hindrances-

I.Hindrances of persons II. Hindrances of Exchanges

III. Hindrances of place

IV. Hindrances of time

V.	Hindrances of information

C) Trade- Trade infact is a branch of commerce itself. In a way, it is a final stat of business activity involving sale & purchase of goods on the basic of its coverage & volume trade is normally classified into the following types-

1.	On the basis of value-


 * a)	Whole sale trade


 * b)	Retail trade

2.	On the basis of coverage-


 * a)	Regional trade


 * b)	National trade


 * c)	International trade

Today the business has become very competitive & complies. It is said that, “Business has become a bed of thorns”. A businessperson has to give proper thought to this consideration in order to make his business a successful one. The important requisites for success in a modern business are listed as follows:

1. Clear objective

2. Planning

3. Sound origination

4. Market research capability

5. Finance

6. Proper plant location layout & size

7. Effective Management

8. Harmonious relations with the employees

9. Risk taking capacity.

Business Business is the exchange of goods and services for mutual benefits or profits.

Profession: Profession means a kind of vocation, which creates with it a specialized skill & knowledge the individual has acquired. A professional man renders his specialized services to his client in return for a predetermined fee like doctors, lawyers, teachers etc.

The main differences between business & profession are given below: