What is a Business?
A business is basically an organization in which people cooperate together. In a normal business, people engage in business to either make and sell goods or services. Others also purchase the goods and services from the firm. However, in a business also the owner hires workers for labor and pays them salaries for working. Business enterprises are also run by a manager or a president. The business enterprise may be run by any person who owns the firm.
A business can have one or more divisions and the more divisions that exist; the more are the responsibilities of each division. In addition, the more the number of workers in each department also the more is the need to hire efficient persons for performing the duties assigned to them. In order to achieve the desired goals of the enterprise, it requires expertise, abilities and knowledge of the business operations. These are essential requirements to accomplish the objectives of the enterprise.
In order to achieve the objectives of the business firm, it is necessary to set definite goals for the enterprise. It is important to determine the objects of developing the business enterprise. It is also important to set realistic objectives so that it becomes easier to identify the actions required to reach the objectives and the manner of achieving the objectives. A clear understanding of the objectives of the business is very much important as well. This understanding enables individuals to decide what actions they would do and how they would carry out the activities required for the development of the business.