A 'business' is an organization fueled by the trade of goods, services, or both. It requires an investment and a steady market that can support its growth from birth to maturity. Most important of all, it needs a good relationship with its consumer. Consumers are the key sources in generating profits, and thus play an important role in keeping a company alive.
To engage in this system would mean keeping yourself busy as an individual. You will need to allot time and effort doing profitable work and you will need to network. Networking and knowing people that will prove helpful to you are key factors in making your industry grow. The investment that business requires is not only money but time, effort, and people as well.
Business ownership can be sole proprietorship, a partnership, a corporation, or a cooperative. Sole proprietorship refers to a for-profit institution owned by an individual. The owner can either opt to work alone or hire employees.
As opposed to sole proprietorship, partnership refers a form of trade owned by two or more individuals. Partnership can be further classified into limited liability partnerships, limited partnerships, or general partnerships.
A corporation on the other hand is an organization that has its own separate legal entity apart from its owners. It is characterized by a limited liability system that can either be for-profit or not-for-profit. For-profit corporations are owned by shareholders that elect a board of directors to run the corporation and to select its managerial body.
There is little distinction between a cooperative and a corporation. The former is also a limited liability organization but differs from the latter in the sense that its members share the decision-making authority. A cooperative can also be intended as for-profit or not-for-profit.
The realm of business is very broad. A business can be running a city, building your own company, inventing technology, running a website, creating an image, displaying a talent, protecting nature, working with music or education, sports, or leading a television network. It can also be big or small. But no matter what kind you choose, they all require a big dream and the determination to materialize that dream.
Success stories about this realm usually boil down to an idea that grows into a multimillion industry. A lot of companies within the last ten years began from simple concepts such as selling unadulterated smoothies, making organic purees for babies, or tickling the taste buds with potato chips. Ideas coupled with hard work are among the basic elements that lead to success in this field.
Good management also leads to good business. The role of management is to make sure there is an increase in production and profit, and to ascertain company growth. It is important to keep in mind that careful planning, control, and organization play a crucial role in the perpetual existence of a company.
The journey to success in this field, however, is not always smooth sailing. It always comes with difficulties and sacrifices. But with hard work and determination, success is always possible.
