What does business mean?

WHY WE SHOULD BE INTERESTED IN THE MEANING OF BUSINESS.

1. TO BECOME GOOD AT BUSINESS: Business is one of the human endeavors or field. That it is  a human field makes it an important thing, behoving understanding. Some of us may want to pursue it. We could only excel in the field if we know what business means. We cannot become adept at business if we do not know the meaning. To study and understand something, you have to first understand it's definition; the basic idea of what it is all about. That is why, whenever teachers want to teach us anything they begin by defining it; explaining what it means. 

This makes understanding the meaning of business foundational to the pursuit of business. 

To illustrate it, the first thing you would do when you want to forge friendship with someone is to learn his name. If we want to keep up with the tradition of learning something well, we must begin by learning it's meaning. How could you for instance learn the types or forms, and disadvantages of something that you do not know it's meaning? Is it possible? Knowing it's meaning would precede every other thing you would know about it.

Thus, the meaning of the term, -BUSINESS  is the first thing a student of business ought to learn.

2.TO BECOME LEARNED: The term business is one of the words that you would find in the Dictionary. We cannot know what someone is referring to when he employs the word if we do not learn it. If we do not learn the meaning, we would remain ignorant of it. And we value knowledge. Only very few things like; Wisdom, Health, Happiness are more important than knowledge. Thus why we attach so much value to knowledge. To cure our ignorance on this subject, we want to learn the meaning of business. When we learn the meaning,we transform from the state of ignorance to learned, and also  we increase our knowledge.

3. TO CURE OUR CURIOSITY: Some of us have heard this word many many times, and are curious to know what it means. The only way we could solve this matter, is by learning the meaning of business. He who is curios to understand the meaning of something, and actualizes it, usually stops to be conscious about it.

Since knowing the meaning is necessary for the above reasons, what then does business mean?

                 DEFINITION OF BUSINESS 

 Professors, Willam Pride, Robert Hughes, and Jack Kapoor defined business as, ''the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy needs''. 

The Oxford Learners Dictionaries defined it as; ''the activity of making, buying, selling or supplying goods or services for money''.

The Collins Dictionary provides these definitions;

A. ''Business is work relating to the production, buying, and selling of goods or services''.

B. A business is an organization which produces and sells goods or which provides a service.

The Cambridge Dictionary defines it as; ''the activity of buying and selling goods and services''.

 All the above definitions align with fact. The truth is that there are entities that are considered business. All of them usually involves activities and processes that leads to production and sell, for  gaining wealth or  rendering of services for the purpose of humanism. This very traits defines most of the things considered business.

Therefore whenever we see entities that involves activities geared towards production for sell for profit or rendering of service we would consider it a business. Sometimes what defines and distinguishes an entity is its function. To illustrate it consider the Umbrella. Protection from Rain, and provision of shelter from Sun defines and distinguishes it from other things. Therefore what we would always consider to be an Umbrella is that which as it's feature, replicates the characteristics of Umbrella.

Each business usually involves activities. The totality of those activities is usually what is considered a particular business.A particular business is a complete circle. The activities of a business makes up the circle. So when you are talking about a certain business, you are talking about all those activities that comprise it. For something to be considered a business it has to fulfil two requirements;

a. It must be a collection of individuals working in an organized way to produce goods for sell for profit or render  services for free.

b. It must satisfy a societal need or customers wants

All businesses in the world exactly resembles what those authorities portray or paint to be business.

To enhance your understanding of business,  consider examples of business. By understanding what all businesses share in common, you would come to grasp what business really entails. For instance, when you collect as many Camera devices as possible, you would find that they share many general attributes and features that forms the framework of their nature. Then you would consider whatever has that nature or possesses those generalities to be a Camera. 

The; Apple, The Dangote, J.P Morgan Chase, Amazon, Alphabet, Microsoft, M.TN, Berkshire Hathaway etc, are examples of business.

All of those are considered business.What do they all have in common? All of them are involved in activities that leads to the provision of one product or service. The products and services they provide are synonymous with them.

Therefore when we see an organized people that indulges in activities that leads to product creation and service distribution, we would consider the totality of their activities to be a business hence most of the things called business has this nature.