Business means a firm where people generally work along together. In such a business, individuals work individually either to create and sell goods or services to customers. Other times, the company owners hire other individuals to do the same job. The company that creates the goods or provides the service is termed the business owner. The business owners use their capital or earnings from the business to buy different tools and equipment required for the business. The company or firm then sells these goods and/or services to customers.
The company or businessman creates and implements a set of rules or policies which allow the company to increase its income by producing quality goods and services to be marketed and sold to consumers. The quality goods and services are produced at the cheapest price possible. The businessman sells the product or service to customers through a distribution system using trucks, barges, and other vehicles. Businessmen also use warehouses, factories and stores to stock their products.
The objective of every business is profit. The profit a businessman makes is decided by his total investment plus the profits he earns through sales. The objective of every business is to increase the income and value of its tangible assets, liabilities, and surplus cash. The objective of every business is to create and develop new products or service and realize the objective of increasing its income. Every businessman has an end result, which is to generate more profit for his firm.