A Business is an enterprise, a company or a firm made up of an association of people be a natural, legal or a mixture of both who share a common purpose and unite in order to focus their various talents and organize their collectively available skills or resources to achieve specific declared goals and are involved in the provision of goods and services to consumers. A business can also be described as an organization that provides goods and services for human needs.
A company or association of persons can be created at law as a legal person so that the company in itself can accept limited liability for civil responsibility and taxation incurred as members perform to discharge their duty within the published policy.
Businesses serve as conductors of economic activity, and are prevalent in capitalist economies, where most of them are privately owned and provide goods and services allocated through a market to consumers and customers in exchange for other goods, services, money, or other forms of exchange that hold intrinsic economic value.
Businesses may also be social nonprofit enterprises or state-owned public enterprises operated by governments with specific social and economic objectives. A business owned by multiple private individuals may form as an incorporated company or jointly organized as a partnership.
Business can be classified in a variety of ways. At the top level, industry is often classified according to the three-sector theory into sectors primary, secondary, and tertiary.
- Real Estate
- Wholesalers, retailers, distributors
- Services and utilities
- Agricultural: Agricultural business includes the domestication of fish, animals and livestock, as well as oil and mining businesses that extract natural resources and raw materials, such as wood, petroleum, natural gas, ores, plants or minerals.
- Financial: Financial services includes banks, credit unions, credit cards, insurance companies, and investment companies such as real estates investment companies, pension funds, mutual funds, stock exchanges and other companies that generate profit through investment and management of capital.
- Manufacturers: Manufacturers produce products either from raw materials or from component parts, then export the product at a certain profit. They include goods such as cars, medical devices, aircraft etc..,
- Entertainment: Entertainment companies and mass media companies generates profits primarily from the sale of intellectual properties like film studios, production houses, and mass media companies such a s cable television networks, online digital media agencies, newspapers and magazine publishing houses
- Real estates: Real estates business involves in buying, selling, invest, construct and develop the properties includes land, residential properties etc..,
- Wholesalers, retailers and distributors: They act as a middleman and gets goods produced by manufacturers to the customers, they make profits by increasing their price, most of the stores and catalog companies are retailers and distributors.
- Transportation: Transportation business deals with railways, airlines, shipping companies which delivers goods and individuals to their destinations.
- Services and utilities: Service business offers abstarct goods or services and typically charge for labor, or other services provided to government, to customers or to other business, interior decorators, beauticians, pest controllers etc.., comes under service business. Utilities produces public services such as water, electricity, waste management, sewage treatment, these are usually works under the charge of a public government.
So these are the few topics about Business based on classifications and sectors.