The Concept of Business

The Concept of Business.

The term 'Business' was originated from the state of being busy, which i word busyness, and is defined by the Oxford Dictionary as a person's regular occupation, profession and trade. It could also be defined as an organisation or firm which is involved in the provision of goods and services in order to satisfy the wants or needs of consumers. Such activities include catering, banking, accounting, law, production, etc. Businesses are most common in capitalist economies, in which they are mostly privately owned, and hence provide their goods and services in hopes of profit, although some non-profit organisations are existent as well as government-owned organisations

The Entrepreneur and Business

For a business to go into operation, it needs to organise four major factors, to ensure its smooth running. Those factors include land (natural resources), labour (human resources), capital (man-made resources) and finally enterprise (initiator and risk bearer).

The term "Enterprise" connotes the driving force that propels an individual to start up a business idea. The concept can also be viewed as an individual that sets up, manages and funds a business of his own in order to make a living and create an impact in a society (Uwakwe, 2013). The entrepreneur can also be referred to as a person who sets up a business, whilst taking on the financial risks in hope of making profit. He is in charge of putting together all the other factors of production and organising all resources to achieve a reward. The reward for enterprise as a factor of production is profit.