Business is a very broad topic and it gives a major impact on the lives of many people who are associated with it as being owners or being employees. For having any sort of business start up or running a business it’s an important factor to understand the criticality of business and need to follow up various things such as type of business, taxation policy, laws related to business such as registration and all and so on.
Executing a smooth and a gainful business is not easy and specially running it smoothly for a longer period is more tough and therefore, requires a lot of efforts and strategies by the entire team running the business.
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What is business:-
Business is being referred to us doing activities or putting their efforts towards manufacturing, producing, trading or selling of goods and services for the purpose of gaining money.
Examples of Business:-
Few of the examples of business are as follows:-
1. Trading Business:-
ABC stock exchange company is a share broking firm who has been involved in buying and selling of commodities, shares, equities, bonds and so on. The purpose of buying and selling such commercial instruments is done by them for making profits and earning money. Therefore, ABC Stock Exchange is doing a business of Trading.
2. Manufacturing Business:-
A company named ABC ltd. was established in the year 1998 and has industries in the city of Ahmedabad for making packing sheets, polythene and so on. These sheets are further sold in the market at both wholesale prices and retail prices. This sort of business where there is the manufacturing unit of their own and is selling further for making money is known as manufacturing business.
3. Consultancy Business or Service Business:-
There are various professionals lined up in the world with respect to different knowledge. Some people open up their own firm for giving these sorts of services and therefore are known for running consultancy business.
A CA firm known as ABC & Associates are charging their clients and making money for providing them advice related to taxation and other accounting matters. Therefore, ABC & associates is running a business of consultancy services.
4. Marketing Business:-
A company known as ABC ltd is a marketing firm and the main task of this firm is to help other business entities for promotion of their business through advertising, selling or delivering their business to others in return of money from their firm as revenue. These sorts of people are doing the marketing business.