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Word Business literally means busyness or the state of being busy. It includes all the economic activities of a busy man.
Simple Meaning:
It includes all those activities which are related to profit earning,
So business includes all those legal activities whose primary purpose is to make a profit.
Functions of a Business:
Business functions are groupings of business processes and capabilities.
1.Organization:
This is the first function of the businessman. It is about decided whether the business should be a sole proprietorship, partnership or a company. He should also decide what work should be allocated to each worker. In order to run the organization smoothly, he should also set the responsibility and authority of each individual worker.
2.Strategy:
It is a long term plan. This function of business is about the development and implementation of a strategy.
3.Warehouse:
In modern businesses goods are produced on a mass scale and cannot be sold on the same day so there is a need to store that goods, in order to store those goods warehouse, is necessary.
4.Transportation:
In order to transfer goods from warehouse to market, which may be at a large distance from the point of product or warehouse transport is necessary.
5.Advertising:
If customers don't know about the product they will not buy the product. For awareness of customer and persuasion of customers advertising is necessary.
6.Insurance:
There is a lot of risk in business during production and after production.SO in order to shift those risks insurance is necessary.
7.Accounting:
It is about recording every transaction in terms of number in order to know whether the business is making a profit or not and how much is the profit of a business is?
8.Management:
The basic function of a businessman is to manage the business.
9.Production Function:
A businessman combine factors of production(Land, Labour, Capital and Organization) and produces the goods with the object of earning a profit.
10.Sales Function:
In order to make earning a profit, sales are necessary without sales no business can make profit and even not make revenue.
Simple Meaning:
It includes all those activities which are related to profit earning,
So business includes all those legal activities whose primary purpose is to make a profit.
Functions of a Business:
Business functions are groupings of business processes and capabilities.
1.Organization:
This is the first function of the businessman. It is about decided whether the business should be a sole proprietorship, partnership or a company. He should also decide what work should be allocated to each worker. In order to run the organization smoothly, he should also set the responsibility and authority of each individual worker.
2.Strategy:
It is a long term plan. This function of business is about the development and implementation of a strategy.
3.Warehouse:
In modern businesses goods are produced on a mass scale and cannot be sold on the same day so there is a need to store that goods, in order to store those goods warehouse, is necessary.
4.Transportation:
In order to transfer goods from warehouse to market, which may be at a large distance from the point of product or warehouse transport is necessary.
5.Advertising:
If customers don't know about the product they will not buy the product. For awareness of customer and persuasion of customers advertising is necessary.
6.Insurance:
There is a lot of risk in business during production and after production.SO in order to shift those risks insurance is necessary.
7.Accounting:
It is about recording every transaction in terms of number in order to know whether the business is making a profit or not and how much is the profit of a business is?
8.Management:
The basic function of a businessman is to manage the business.
9.Production Function:
A businessman combine factors of production(Land, Labour, Capital and Organization) and produces the goods with the object of earning a profit.
10.Sales Function:
In order to make earning a profit, sales are necessary without sales no business can make profit and even not make revenue.
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