What is Business
Business is a very all-encompassing term, but a business is an entity made up of people who come together to focus their skills and resources to achieve a specific goal. A business is a place where goods and services are exchanged for specific needs in return for something of monetary value or at an agreed term.
A business can be privately owned, not-for-profit or state-owned:
A not-for-profit business, is also known as a non-profit organisation, non-business entity or non-profit institution and is committed to a particular social cause. A not-for-profit organisation will use its surplus revenue to achieve its ultimate objective or goal.
A privately owned business is one which an individual, organisation or small number of shareholders have total control over.
A state-owned business is an enterprise in which the state or government has significant control over, either through full, majority or significant minority ownership. Such business can be used to improve the efficiency of public service delivery.
Another frequently asked question is, what is business management? Business management refers to the activities involved with running a company, such as control, leading employees, monitoring business performance, organising individuals, completing administration tasks and planning both short-term and long-term activities.