Business is the act of being busy with providing goods or services or both to customers and gaining profit in return. Business can be done by a individual or group of persons, when group of persons come together to do business, they are referred to as Company, and such company in business is known as Enterprise or Firm, while individual in business can be called Entrepreneur.
Business has very broad meaning as it tends to cover every activity of human. In my own definition, anything worthwhile and productive that gets you busy is business. Business has been called one of the most rewarding engagement ever known by man because it has to do with commercial viability of human activity. Therefore, you are in business when you engage in supply of goods and services.
Supply of goods and services can be divided into two segments – Production and Distribution. Production makes the goods and services available while distribution gets it to the consumers of goods who in this regard is the customer. Both plays vital role in making the goods and services available and getting it across to the customers.
Customers or Consumers are the end users who utilizes the available goods and services to their own benefit. For a business to be complete and effective, these three components has to be in place – Production, Distribution, and Consumption! While production and distribution are the direct involvement in business, consumption compliments the both and make the efforts commercially viable.
How To Get Involved in Business
Get involved in production and distribution of goods and services. Starting a business is never easy but the results afterward in most cases outweigh whatever hardship you may experienced at the initial stage. You need to be optimistic and do your research before engaging in any business – failure to do that is the reason many business may not survive it’s first year of existence. Below are what you must do prior to getting involved in any business.
Research – Carryout proper research about any business you intend to do. Find out the acceptability of such goods and services and determine the profit potential. Do not go into any business base on mere sentiment, make sure you conduct due diligence before committing your hard earned dollar. This way, you will have clear vision of what should be expected in return.
Adequate Preparation – Make a careful preparation by putting the necessary things in place. Adequate preparation puts you in the right frame of mind which ensures a balanced attitude. It also speaks good of you and your business and makes the potential customers respect you and what you do.
Adequate preparation doesn’t have to mean elaborate preparation, they are two different things. Adequate preparation means putting the necessary things in place – sometimes, the most basic needs. While elaborate preparation has to do with going above board.
Do not go into any business scantily or inadequately prepared. Once you narrow your mind on any particular business, do all you can to make sure you have everything properly put together before going into it, it doesn’t matter how small the business is.
The Benefit of Doing Business
Being able to control and monitor your income is one huge advantage of business over employment. In business, it’s like you are in total control of your income and determines the direction it goes. That is why the world’s wealthiest people are people who through business have the command over their income.
When properly done, business has the key that can unlock the dollars vault. So, go ahead and give it a trial but make sure you do all things well.