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Explain Business concept - Business guide for be your own Boss

Explain Business concept to start your own business and be your own boss

Today we discuss about a different topic we start series of post about Business guide for How to Be your own boss in your own business. As the beginning today we explain what is a Business concept.

Would you like to be a boss with your own business then this article is for you?  After completed our education All of us like to doing a job. Most of them try to join popular companies and work under another one. But few of people doesn’t like to another person or boss. They would like to be a boss in their own business or May be they like to generate more job opportunities or unlimited income. So they like to start their own business. If you like to start your own business this articles for you. 
Explain Business concept - Business guide for be your own Boss

Starting your own business is a good decision. That decision can be a most powerful way to control your life. Also you can generate more job opportunities and help for your county economics. Not only that also it’s a good opportunity for unlimited earnings. Yes, you can achieve your dream, you can work like a boss in your own business. I just think about it and hope to post some articles those guide and help to start your own business.

Business is not only a physical thing you can start your own business without physical locations. With today technology everyone can access to internet easily. So you can start your own business in internet without high cost. You can start blog site, Website, online earning site, Your own Social media, Forum and many more things. So don’t limit your thinking only for physical business activities, Just think about Business without physical location ( internet based) too.

Before discuss about guide to start your own business it’s better to know about what is a business? So as a beginning of How to Be your own boss, Guide to start your own business? Today let discuss about What is Business concept.

What is a business?

For a business there are lot of definitions.

A Business is any profit seeking activity that provide goods and services designed to satisfy customers’ needs.
                                                                                                                                                              - CL Bovee

The purchase and sale of goods in an attempt to make a profit.

Above two definitions are define business as a Commercial Enterprises. But most of business are not participate for Commercial activities. There is some business those participated for none profit activities like social welfare. So there is a common definition for business,

Business is an any economic activity those related to satisfy human needs and wants.

Most of private sector business aim to earn profit but most of public sector business work for achieve social welfare. So simply we can define business as the any activity that related to profitable and non-profitable. So any type of business’s main target is satisfying the human needs.

A human need is state of deprivation of some basic satisfaction like Food, Water, Clothing, shelter.
According to the Abrahim mallow’s he introduced 5 type of human needs according to his mallow’s hierarchy of needs, 

01.Physiological needs - Foods, Clothing, Home
02.Safety needs – Health and well-being, personal security, emotional security
03.Social belonging needs- love, family, intimacy
04.Self-esteem needs-  esteem
05.Self-actualization- pursuing a goal, seeking happiness

A human wants are desires for a specific satisfier of deeper needs. Like, foods – bun, rice, noodles, Clothing – trousers, shirts, sarees

Wants are the ways how people are satisfying their needs. Because of the wants it generates Demands for products (goods and services), demands are opportunities for new business. Any activities related to take those opportunities and work for satisfying that demand we can called as Business. If you can identify right opportunities on market and able to satisfy those opportunities, you can start your business at any time. Sometimes it takes minute to years.

What are the Business aims?

All of the organizations including business have their own achievements. Those achievements/aims need to make decisions, to measure the improvements, lead the process, to analyze the business process and workers. 

  1. Maximising Profits - Try to achieve the maximum profits. This is a most of private sector business aim. That profits important to business for long-term sustainability, for paying return of invests, For future investments.

  2. Maximising sales – Try to achieve the maximum sales for increase their Market share.
  3. Providing a service – Most of public sector organizations try to provide quality services for law prices.
  4. Survival in the market – When business achieving the other aims they also make attention to survive in the market.
  5. Personal satisfaction – In most of small business owners try to achieve the self-satisfaction and respect.

  6. Maximising Employee Welfare – aim to satisfy workers in business.
  7. Maximising share price

The functions of business

Every business has different functions. Those are different from each to each functions. That functions help business to achieve their aims.

Activities related to the conversion process which convers inputs (materials, components) into desire outputs of goods and services.

Activities related to identify customers’ or peoples’ needs and wants and satisfy their needs. That include like pricing, promoting, producing and placing.

Activities related to control the financial activities in business. That include activities like reporting transactions, preparing financial reports, analyzing financial reports and other details.

4.Human Resources
All activities related to human resource management and activities related to human welfare. It includes activities like, Recruitment, Selection, Training, Performance appraisal, Health and safety and payment systems. 

5. Research & developments
All activities related to innovations and developing its products, technologies and systems. As a result of this, business can introduce new or developed its products and technologies to their organizations and for their markets.

6. Administration
All activities related to Documentation, communication and Supervising. 

When if those all activities have better coordination with each to each activity you can run your business without any issues. It helps to achieve your and your business targets easily. As an example if you want to sell quality product for low price with profitability, you should have skillful staff, quality materials, financial ability to buy other necessary materials and resources and good marketing with efficiency and effective. If all of those requirements can be achieved, then you can sell your quality product for low price with profit.

Stakeholders for business.

We can see lot of persons/parties have interested and attention for your business. Each stakeholder interested about different things. Those parties can influence for your business. So it’s better to know who are your stakeholders and what are their interests and influences for you and your business. 

1.  Owners or shareholders – Profit, Stability, improvements
2.  Managers   -  Profit, improvements, job satisfaction
3.  Employees – Salaries, welfare, job satisfaction
4.  Customers – Price, quality, services
5.  Creditors   – Settlements of their credits, interest
6.  Suppliers   – orders, payments
7.  Competitors – Price, Market share
8.  Unions       –  Safety of employees, Facilities
9.  Government – Tax, Employment, Production
10. Society     – Welfare, jobs

If you are interested to start your own business, you should have better understand about many more others. From above details will help you to get a better understand about only Business concept. It will help you to Explain the Business concept to start your own business but it is not enough, there are many more other things you should need to understand. That is only one article for you to understand How to Be your own boss? Guide to start your own business. If you have a better understand about Business concept it will help us to continue our How to Be your own boss? Guide to start your own business Article series.

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