A business (also known as enterprise or firm) is an organization engaged in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit or state-owned. A business owned by multiple individuals may be referred to as a company, although that term also has a more precise meaning.
The etymology of "business" relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work. The term "business" has at least three usages, depending on the scope — the singular usage to mean a particular organization; the generalized usage to refer to a particular market sector, "the music business" and compound forms such as agribusiness; and the broadest meaning, which encompasses all activity by the community of suppliers of goods and services. However, the exact definition of business, like much else in the philosophy of business, is a matter of debate and complexity of meanings.
Read more about Business: Basic Forms of Ownership, Classifications, Management, Organization and Government Regulation
Famous quotes containing the word business:
“It is bad to be poor. I shall go to the wall for bread and meat, if I neglect my business this year as well as last.”
—Abraham Lincoln (1809–1865)
“This whole business of Trade gives me to pause and think, as it constitutes false relations between men; inasmuch as I am prone to count myself relieved of any responsibility to behave well and nobly to that person who I pay with money, whereas if I had not that commodity, I should be put on my good behavior in all companies, and man would be a benefactor to man, as being himself his only certificate that he had a right to those aids and services which each asked of the other.”
—Ralph Waldo Emerson (1803–1882)
“I do not claim that all women, or a large portion of them, should enter into independent business relations with the world, but I do claim that all women should cultivate and respect in themselves an ability to make money.”
—Ellen Demarest (1824–1898)