Business is a systematic process to exchange goods and services for profit. It means you create a product that has a $100 rupees cost. If you charge only $100 then you covered the cost but have not made the profit. But if you sell that for $110 then you made $10 profit. And that’s the business.
Similarly when you provide services such as web development services and set hourly price and get that price then it’s a business.
Innovation and Problem solving is the main cell of the business. You have to solve one or two and specific problems, you have to full fill the needs of the people. You have to help them to get desirable and expected results. If something is not working or is too costly for customers, then you have to innovate. Business is not a one-time project or a challenge, it’s a continuous process of success and failure.
And to sustain, grow and expand your business it’s important that you make a profit. Similarly, if you provide services in exchange for the price then it’s also a business.
Goods and services both need labor (workforce/efforts), capital (money), land (place/platform of work), sources(tools), and entrepreneurship (Risk-taking ability).
Real-Life Examples of Large and Small Businesses:
- Local Shops
- Malls
- Factories
- eCommerce Websites
- YouTube Website
- Google Search Engine Website
- Blog Website/Blogging
- Social Media Websites
- YouTube Channels
- Affiliate Marketing
- SaaS (Software as a Service)
- PaaS (Platform as a Service)
- IaaS (Infrastructure as a Service)
- Freelance Work
- Production
- Distribution
- Consulting
- Advertising
- Marketing
- SEO
- Web Development
- App Development
- Apps/Software
All are examples of business. Each one is using capital, labor, platform, resources, and entrepreneurship to start, manage and grow the business.
You can also watch this explanation in Hindi in this video:
Importance of Business:
Business is the backbone of any country’s economy. If there is no business there is no economy. Entrepreneurship and business increase employment in the country. Employment and income improve the living standard and mindset of the people. A voter with a good mindset chooses good political leaders.
A good political leader creates environmental, educational, entrepreneurship, and citizen-friendly development policies. When businesses and citizens’ incomes grow then governments get a good amount of tax. And they will be able to spend or invest in infrastructure development in the country.
When the people of the country become developed on a mental, social, educational, environmental, and financial level then that country becomes powerful. And when a good country with good people becomes powerful it will be very beneficial for every living thing in the world.
That’s why business is important. It solves not only individuals’ problems or consumer problems but also solves and provides solutions to thousands of things indirectly. It can be an internet-based business or shop or factory.
Related: Importance of Internet in Business
When someone starts and grows the business, then it will not only help the owner of the business but also inspire thousands of other people in that area or community. Not only just inspiration but also economic development in that area. That’s why starting and running a business with good ethics is very important and is a great profession.
We do things based on our goals, desires, needs, and circumstances. We do jobs or we do business, both are useful and part of each other. No business can grow without a team or employees. And no one gets jobs without business.
If someone is not doing a business but doing a job then it’s not a bad thing or a wrong decision. If someone is doing a business and not a job then it’s also not a bad and wrong decision.
Everyone tries to do the work they like.
But practically, if you’re unable to achieve basic financial goals in Job then you do the business.
Starting a business or doing a job required thinking and planning. It’s about what is best for someone or what is naturally good for someone.
If someone is from a business background, then obviously he/she will like to do business. But there are various types of people and mindsets. If someone wants to do the business, but not a job, then we don’t have to force them to do the job. If someone wants to job but not the business, then we also don’t have to force them into the business.
Everyone thinks and take a decision in life based on their inner feelings, capabilities, skills, desires, needs, situations, and knowledge.
If someone is hard-working and wants to achieve more in life then he/she definitely has to do challenging work. And it’s not easy to achieve everything in life comfortably. Both Jobs and Businesses need effort and hard work. Nothing comes easy in life.
That’s why many choose a job to do in a company and government. And many choose the scientific field. And many choose entrepreneurship and business.
Not all can become the same. And it’s also against nature if all of us think the same. Everything in nature is different. We’re also a part of nature. And we have to nourish ourselves based on our natural abilities, needs, and desires.
We don’t have to copy others. We have to do what we can do. It can be a business, a job, or an invention.
Success and financial stability in business are uncertain. But those who like to defeat uncertainty on their own terms become successful in business. And due to their winning attitude, it helps thousands of people or the whole ecosystem. The business improves the living standard of the people. It helps in fulfilling their dreams and desires. That’s why business is important.
Things included in the business:
Business is not an individual game. It’s a systematic combination of various people’s efforts and things.
The following things are included in the business:
- Self-belief and confidence/Competitiveness
- Business Ideas, Innovation and problem-solving.
- Business vision, goals, and plans.
- Investments
- Profit/Loss
- Production
- Packaging
- Pricing
- Promotions
- Distribution
- Marketing
- Sales
- Customer support/Feedback
- Finance
- Taxes/Accounts
- Risk/Benefits
- Stress/Relief
- Challenges
- Innovations
- Excitement
- Luxury
- Money
- Knowledge
- Efforts
- Skills
- Competition
- Product/Services Quality
- Continues efforts
- Willingness to make the change
- Willingness to help people
- Communication skills
- Technology, Computer, and Internet
- Team / People
- Consumer/Customers
- Data Analysis
- Research foundations
- Scaling and expansion
etc. And many other things are part of the business on daily basis.