Definition of business according different authors
what is business
Business is a financial activity.According to different economists definition of is also different. But a decision reached by reasoning is that, an institution or organization or economic system which or where goods and services are exchanged for money called busi-ness.Every business requires investment and customers. Because its output can be sold on a consistent basis in order to make a profit.Businesses can be various types.privately owned, not-for-profit,state-owned.
Definition according to different authors
According to Peter Ducker
- “What business are we in?”
- “there is only one valid definition of business purpose: to create a customer” “quality in a product or service is not what the supplier puts in. It is what the customer gets out and is willing to pay for.”
- “it either helps them grow or it stunts them”
- “change that creates a new dimension of performance”
- “as a human body needs vitamins and minerals.”
- “whomever and whatever it touches.”
According to Brown and petrello
according to brown and petrello “Business is an institution which produces goods and services demanded by people”. It means business is an institution that produce goods and services needed by society. If the demand is increased, the producer also will increase production.
According to Griffin and Ebert
Griffin and Ebert (1996): “Business is an organization that provides goods or services in order toearn provit”. With this definition, business activity through the provision of goods and services aim to generate profit. A institution is produce profit when “total revenues” in a period is higher than the “total cost” in the same period. Profit is the main feature of business activity, so that the profit can be expand.
According to Musselman and Jackson
” An activity that meets the needs and desires of the community economic and organized a company to engage in such activities.”
According to Stenford
“Business is all those activities involved in providing the goods and services needed or desired by people”. It means a business activities called that activities ,which provide goods or services required and desired by persons of our society .