Features of Good Business
What is Business?
Socially we are continuously involved in some certain activity or other in order to fulfill their unlimited wants. Dailywe are going across the word ‘business’ or ‘businessman’ right or left. Business has become necessaryportion of present world.
Good Business dealing is a desire of every one in recent time, which is related with continuous and consistentmanufacture and supply of goods and services to fulfill their wants.
We all need food, clothing and shelter. We have many other domestic needs to be satisfied with daily life. We met these requirements carefully. The buyer takes from the wholesaler. The seller gets from manufacturers. Shopkeepers, wholesalers, manufacturers are doing business and therefore they are called commercially.
There are some activities or other activities in human activities to meet their unlimited desires. Every day, we come with direct or indirect words ‘business’ or ‘merchant’. Business has become the essential part of the modern world.
Business is an economic activity, which is compatible with production and distribution of goods and services to meet human desires.
Features of business are discussed in following points which are given below.
- Interchange of Merchandises and services
All business activities are directly related to the exchange of commercial services or services for money or money directly or indirectly.
- Dealings In Several Transactions
In business, exchange of goods and services is a regular feature. A business is regularly related to several transactions and not only one or two transactions.
- Income is the main Objective
Business intends to make profit. Profit is a reward for the business person’s service.
- Business Services For Economic Financial Success
No business can run without economic financial planning. To become a good business man get good skills for achieving their goals and someone needs to have business features and skills. A businessman needs experience and expertise to run a business.
- Risks and Uncertainties
Business is under danger and uncertainty. Some risks, such as fire and theft, can lead to loss of harm. There are uncertainties, such as loss change or loss of cost due to loss change and cannot be caused by a business person.
- Buyer and Seller
At least two parties in every business transaction that is buyers and sellers. There is no agreement or agreement between the business and the buyer and the seller.
- Connected with Business
Business activity may be linked to goods or services production. In this case, it is called industrial activity. The industry may be basic or secondary.
- Marketing and Distribution of goods
Business activity may be related to marketing or distribution of goods in which it is called commercial activity.
- Deals in goods and services
In business dealings in goods and service. Every business should take goods or services on a small or larger business. Goods and Capital like such as consumer goods such as bread, butter, cloth, shoes, pen etc. etc., or plants, machinery, buildings etc. etc. or can be used for transportation, electricity, banking, insurance, advertising etc.
Goods may be divided into following two categories:-
1stlyConsumer Goods: which goods are used by end consumer for consumption is called consumer goods e.g. T.V., Soaps, etc.2ndlyProducer Goods: Which goods are used by producer for further production are called producers goods e.g. Machinery, equipment, etc.
- To Satisfy human wants
The business man also wants to fulfill human desire through their business. By the production and supply of various items, businessmen want to provide consumer satisfaction.
- Social obligations
Modern businesses have their social responsibility awareness & obligations. Today’s business is based on service rather than being profitable.