Business means state of being busy is an activity concerned to gain more profit. When any person starts the business then its main aim to earn more and more profit. Profit motive is the essential element of business. Business is a sum total of activities which are concerned with the purchased and sale of goods. When any person starts the business then major problem is face high risk to gain more profit.Features of business:
1. Profit motive
2. Element of risk
3. Economic activity
4. Consumer satisfaction
5. Finance
6. Goods and services
7. Continuity in dealing
- Profit motive: when any person starts the business then firstly, its aim to earn more profit. Profit motive is the essential element of business of every business. Any activity without profit is not a business activity. It should be kept in mind that profit should be earned only through fair and correct ways and not by exploding the society.
- Element of risk: every person starts the business then always think about to gain more profit. But every activity has two sides like brighter and darker. We have to face profit as well as loss. Risk is the mainly part of the business. More risk more profit and less risk less profit.
- Economic activity: economic activity related to production and distribution of goods form a part of business. All economic activity is undertaken with a motive to earn profit.
- Consumer satisfaction: the growth and development of the business depends upon the customer satisfaction. So goods are produced in such a way that consumer are properly satisfied. Knowledge about the consumer needs is very necessary when person starts the business. In other words we can says that business always take care about the likes and dislikes of the consumer.
- Finance: finance is like the heartbeat life of the business. As blood is necessary for every human being similarly finance is required for every business. Growth and development is depends upon the proper adequate of funds. No activity can be undertaken without the help of finance. Finance is the important part of the business.
- Goods and services: sale or exchange of goods or services must for a business. Goods can be classified into two categories: like consumer goods, producer goods.
- Producer goods are those goods which are obtained in that form in which we need them. E.g. machinery, building.
- Consumer goods: these are those goods which are used for further production of goods.
- Continuity in dealing: regular dealing in business transaction is very necessary for business. Isolated transaction cannot be called a business. Therefore a business involved includes regular dealing in business.