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BUSINESS STUDIES
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BUSINESS
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Meaning

Business is an economic activity that involves the exchange, purchase,

sale or production of goods and services with a motive to earn profits and
satisfy the needs of customers.

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Charectiristics of Business
An economic activity
Production and procurement of goods and services
Sale or exchange of goods and services
Dealing in regular basis
Profit earning
Uncertainty of return
Element of risk
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Objectives of Business

Economic Objectives -

⚬ Earning profit
⚬ Creation of customers
⚬ Innovation
⚬Market share
⚬Productivity

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Social objectives -

⚬Supply of quality products

⚬Employment generation
⚬Avoidance of anti social and unfair trade
practices.
⚬Welfare of employees
⚬Avoidance of pollution
⚬Community services

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Steps in establishing a business :-

1. Conduct market research

2. Preparation of business plan
3. Fund your business
4. Business location
5. Choose a business structure

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6. Choose your business name

7. Register your business
8. Get federal and state tax IDs
9. Apply for license and permits
10. Open a business bank account

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