The objectives: The readers will discuss and illustrate the word of business.
Business Dictionary defined business as an organization or an economic system where goods and services are exchanged for one another or for money. moreover business is a profit organization, where products are being exchanged for money.
Investors words defined Business as a commercial activity engaged as a means of livelihood or profit or an entity which engages in such activities, therefore business it’s a type of customer or commercial activity engaged to earn profit include with the product, services, etc.
William Pride, Robert Hughes, and Jack Kapoor explained business as ‘the organized effort of individuals to produce and sell, for a profit, the goods, and services that satisfy society’s needs.’ A business, then, is an organization which seeks to make a profit through individuals working toward common goals. The goals of the business will vary based on the type of business and the business strategy being used. Regardless of the preferred strategy, businesses must provide a service, product, or good that meets a need of society in some way. retrieved from https://study.com/academy/lesson/what-is-a-business-definition-characteristics-examples.html, therefore there is two type primary of business it is either profit organization or nonprofit organization.
Primary Type of Business
Profit Organization- An organization or company their main goal is to earn a profit.
Non-Profit Organization- A nonprofit organization their main goal is different and not to earn profit most of the nonprofit organization their goal is to give services to the individual.
Business and Customers
Many business professionals, business owners, and entrepreneurs defined business is to satisfy the needs and want of customers or individual. moreover, customer satisfy the business by payment in return to pay for all business needs such as Utilities expenses( monthly bill), Marketing expenses, Taxes, Salary Expenses and profit distribution to business owners, a business without customers the result is bankruptcy.
Business and Community
AM Business Owner Arnie Mariano(2018) identified business to satisfy the needs of communities such as economy, individual, and government, therefore business satisfy the economy, individual and government as business will create job opportunities for people in community and business will create that will satisfy economy for economic growth, as business satisfy the government thru taxes and etc. moreover community and economy satisfy the needs of business thru customers and the possible growth in economy is the increase of migration demand outside the community as Government grant help to business currently need help.
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