Personal Business Philosophy : The Purpose Of Business

Therefore, the functional definition of Business would be the act of offering services and products that will raise the quality of life to other members of the community that without external help they would not be

Simply business is an economic system which includes the activity of exchanging of goods or service to another. It may be profit oriented or non-profit oriented. It is one of the important component of whole economy for running the economic cycle smoothly. It help to balance the aggregate demand and supply in market. For example, a business can provide demandable products or services to the market. It is one of the important source of employment. It takes capitals, factors of production, labor and so on from the market and supplies the demandable goods and services. It provides employments to people which increases their income and enhance their living standard. Most of the developed country are known by their business sector. For instance japan is well known by its technology business

responsibility. On one hand we know that the primary objective of a business is the attainment

Assume you are in a leadership position in the organization. How could you impress upon employees the importance of answering customer messages in a timely manner? How could you make this easier for employees?

Many industries and privately owned business face several fulfillments, as well as challenges and obstacles. Without challenges and obstacles to jump through, what would make a professional business goals exciting, but yet troubling at the same time; that a company wants to just forefeet as an alternative? When challenges arrive one of the best things that companies can do, is look back at what has been accomplished, turn to their mission and vision statements, ultimately stand up and focus on what it stands for and review their SWOT analysis to where and what can be differently to secure their achievements and/or make operation stronger.

Having my personal business is not only a particular aim but also a profession goal that I wish I can one day accomplish through my struggle and perception. Achievement of this course has motivated me numerous of the features that follow with managing your business, and presently seem as though I have a higher belief in the significance of an accomplished Human Resource office. The policies, practices, and systems that associate with my private business system will eventually ascertain the behavior, attitudes, and appearance of my workers. By implying able to personally guide who operates for me and how they act during working for me, I will be ready to promote my businesses’ ultimate overall progress. In my view, Training, Recruitment,

A business is any activity that seeks to provide goods and services to others while operating at a profit.

The purpose of business is to provide goods and services, thus contributing to society. Despite obtaining profit is not a fundamental purpose of business, profit and purpose are not in confrontation. There are correlations between profit and purpose.

The main reason why a person starts a business is to be in charge, make important decisions, and become successful and also to provide an income for themselves and their family (Exploring business, 2014, ch.5 p.10). An economic system that provides goods and services to consumers in order to make money is a business (Exploring business, 2014, ch.1 p.6). Before starting a business, it is important for an individual to ensure that they are willing to do whatever it takes to run the business, ensure they have the right skills needed to run the business and have enough starting capital (Exploring business, 2014, ch.4 pp. 3-4).

The role of business in the society became a major aspect across business after Milton Freedman wrote the most provocative article in 1970. As an economist, Freedman stated that the main purpose of businesses is to generate profits for its shareholders. Furthermore, he argued that companies with responsible attitudes were likely to encounter increased binding constraints unlike those that lacked these attitudes, resulting in them becoming less competitive. As a hotly debated topic, Freedman's article has both positive and negative points regarding the societal role of businesses.

After considering the readings, I have created my own set of management principles consisting of combination of theories from different key contributors/historians:

We view business as a means to the material and social wellbeing of the investors, employees and the society at large, leading to accretion of wealth through financial and moral gains as a part of the process of the human civilization.

To say the truth the business world is more challenging. To assess the purpose the business it should be noted that we can say that the profit must come in the first array and in some special cases the benefit to the society also has come as a major why the business is doing in the current world. If we wish to make analysis the environment of the business then the industry in which the business is operating must be given preference as well as the risk the business is having in the current time being.

PRODUCTION: Production is a technical process which involves transformation of raw material (input) into required product or service (output) by adding up economic cost (1). In other words it is the step-by-step transformation of one form of material into another form through chemical or mechanical processes (4).

The word "Business" has been defined as an organization involved in trade of goods and services.There are stupendous numbr of businesses which are existing in almost all the countries in the world,producing various kinds of goods and providing different types of services to make the lives of people better.Most of them are done for profits and only few is carried out for charity