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ACTIVITY 1 - Business Management

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Vhixian Ghietter Lontok
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35 views2 pages

ACTIVITY 1 - Business Management

Uploaded by

Vhixian Ghietter Lontok
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Write an entire essay that must answer the following questions.

Minimum of 3
paragraphs answering each question.
1. Define Business.
An organization or enterprising entity that conducts professional, commercial, or
industrial activity is referred to as a business. Depending on a number of
variables, several kinds of businesses may exist. While some are non-profit,
others are for-profit. In a similar vein, their ownership distinguishes them from
one another. There are companies, partnerships, sole proprietorships, and more.

A person engaged in the production of goods or provision of services with the


intention of selling them for a profit is engaging in business.
An enterprise or group engaged in professional activities is referred to as a
business. They may be industrial, commercial, or different. While non-profit
organizations operate for philanthropic purposes, for-profit ones do so in order to
make a profit. Corporations, partnerships, and sole proprietorships are examples of
business ownership. Companies can operate on a small or huge scale.

A business is any type of economic activity where the main goal is to make
money through trading, producing, or providing goods and services. It includes a
broad range of endeavors, such as retail, manufacturing, services, and
entrepreneurship. Entrepreneurs and business owners take on the risks inherent
in their endeavors and work to add value by satisfying client requests and wants.
Through innovation, efficiency, and good management, they aim to maximize
profits, increase market share, and stimulate economic growth.

2. What are the key differences between Business and Profession?


Professionals place more emphasis on providing specialized services based on
individual skill, while business is primarily concerned with making money
through trade, production, or the provision of goods and services.

Professionals concentrate on developing one's own skills and advancing one's


career, whereas businesses are more entrepreneurial in character and involve
ownership and management.
While a profession typically provides expertise and advice to clients or
customers, businesses involve a variety of stakeholders, including shareholders,
employees, and customers.

3. Why is business important to the society?


Companies are the engine of economic growth, propelling a range of economic
endeavors that support both domestic and international economies. Businesses
play a vital role in a country's success by creating and distributing goods and
services that raise living standards, create jobs, and enhance revenue. Therefore,
it is impossible to dispute the role that business plays as a catalyst for economic
growth. Businesses are the engine of economic growth, propelling a variety of
economic activities that support both national and international economies.
Businesses play a vital role in a country's success by creating and distributing
goods and services that raise living standards, create jobs, and enhance revenue.
Thus, it is impossible to dispute the role that business plays as an engine for
economic expansion.

The fact that business creates jobs is one of the main factors making it significant.
The job opportunities that businesses provide help millions of people worldwide.
Businesses of all sizes, from start-ups to multinational conglomerates, employ
people with a variety of skill sets, promoting economic stability and lowering
unemployment rates.

The foundation of successful enterprises is innovation. They work tirelessly to


create new goods and services, advancing technology for the good of society.
Efficiency, sustainability, and an enhanced standard of living are all fostered by
innovation.

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