The Art of Business

What Is Business?

Imagine a community without business. People will have to grow their own food, make their own clothes, and provide their own entertainment. For hundreds of years, people live this way and tried to be self-sufficient modern times, people depend on business firms for jobs. When business is good, many workers are needed. When business is poor, only a few workers are needed because there is not enough job.

Producing the many different kinds of goods and services requires helping one another and earning money to buy them. Business is a man-ma institution where people work together to produce goods and services to satisfy the needs. Its primary motive is to make profit.
Simply, business is people trading with one another to satisfy their wants. It involves two (2) important activities.

1.production of goods and services 

2.the marketing of goods and services 

Business has also some social responsibilities.
These are:

1. protection of the environment
2. protection of the consumer
3. protection of minority groups by employment and promotion of opportunities

The Entrepreneur

Successful entrepreneurs have a strong desire to make profit and share the same characteristics.

1. Creativity -an entrepreneur has a creative mind that is the basis for her/his business.

Example: Knowing what teenagers like to eat most of the time

2. Knowledge of the needs and wants of people

Example: People with less money buy their needs such as food and clothes. Those with excess money can afford to buy their wants, such as party dress and jewelries.

3. Willingness to take risks -to develop skills in planning and organizing resources to minimize risk.

4. Responsibility - to accept financial loss as well as profit.

5. Skills - to know what resources are needed and to use them properly.

The Importance of an Entrepreneur
Entrepreneurs are important 1n improving the economic conditions. Here are some of their contributions in the economic development of the country.

1.They discover new products, new sources of materials, and new method of production.

2. They develop new markets and create customers and different systems of marketing.

3. They introduce new technologies, new industries, and new products.

4. They create employment.

Duties of an Entrepreneur

In a small business, the entrepreneur is usually the manager. She/he has to administer her/his business and direct the flow of activity to make it efficient and profitable. Efficiency is concerned with doing things right.

As a manager, the entrepreneur has the authority and the power to make and enforce rules. She/he is also responsible for the whole business operations as well as to her/his employee’s subordinates. She/he must also have leadership to make her/his subordinates perform effectively to achieve the company's goal. G Generally, the main objective in a business is to gain profit.

The Consumer
Consumers are the most important factor that determines what goods or services the company will produce. They have the power to accept or refuse what is offered for sale. Consumerism is a movement for the protection of buyers against useless, inferior, and dangerous product, misleading advertising; and unfair practices.

The responsibility of business to consumers covers three (3) areas: product safety, cost, and reliability.