Business

A business is an organization or entity that provides goods or services to customers in exchange for money, with the goal of making a profit.
In simple terms, it’s an activity where businesses create, market, and sell products or services to meet customer needs and generate income.

🔑 Key Components of a Business:

Goods or Services – What the business’s offers (e.g., products, services).

Customers – The people or businesses that buy the goods or services.

Revenue – The money the business’s earns from sales.

Profit – The money left after expenses are subtracted from revenue.

Employees – People who work for the business.

Operations – The day-to-day activities required to run the business.

🏢 Types of Businesses:

Sole Proprietorship – Owned and run by one person (e.g., freelancers, local shops).

Partnership – Owned by two or more people (e.g., law firms, small businesses).

Corporation – A larger company that is legally separate from its owners (e.g., Apple, Google).

Non-Profit – An organization that doesn’t seek to make profits but supports a cause (e.g., charities).

🌍 Importance of Business:

Economic Growth: Creates jobs, supports innovation, and drives prosperity.

Social Impact: Provides solutions to problems and improves quality of life.

Personal Wealth: Offers individuals the chance to make a living or create wealth.