ZUBAIR AHMED

BSE20S042
SOFTWARE
DEPT(2A)
BUSINESS AND IT'S FEATURES
INTRODUCTION:
A business plan is a written description of the future of your business. All of this is a document out
there that describes what you plan to do and how you plan to do it. If you add a paragraph behind
the envelope describing your business strategy, you have written a plan, or at least the germs of a
plan.

Business plans can help perform many tasks for those who write and study them. They are used by
investment-seeking entrepreneurs to convey their vision to potential investors. They can also be
used by firms that are trying to attract key employees, the possibility of new business, deal with
suppliers or simply to understand how to better manage their companies.

So what is included in a business plan, and how do you put together? Simply stated, a business plan
will use your business goals, the strategies that meet them, the potential problems that your
business and how to solve them, the organizational structure of your business (including the title
and responsibilities), and finally, the face. Can do. The amount of capital needed to finance your
venture and keep it running until it breaks.

FEATURES OF BUSINESS:
The following are the ten important features of a business:

1. Economic activity:

Business is an economic activity of the production and distribution of goods and services. It provides
employment opportunities in various fields like banking, insurance, transport, industry, trade etc. It
is an economic activity in which utilities are built for human satisfaction.

It provides a source of income to the society. Business results in employment opportunities which
leads to growth in the economy. It brings forth the industrial and economic development of the
country.

2. Buying and selling:

The basic activity of any business is trade. Business includes purchasing raw materials, plants and
machinery, stationery, property, etc. On the other hand, it sells finished products to consumers,
wholesalers, retailers etc. Business provides various goods and services to different sections of
society. .

3. Continuous process:
Business is not a one-time activity. It is a continuous process of production and distribution of goods
and services. A single transaction of business cannot be called a business. A business must be
conducted regularly to grow and achieve regular profits.

The business must continuously engage in research and developmental activities to gain competitive
advantage. A continuous improvement strategy helps to increase the profitability of the business
firm.

4. Objective of profit:

Profit is an indicator of business success and failure. This is the difference between business income
and expenditure. The primary goal of a business is usually to achieve the highest possible level of
profit through the production and sale of goods and services. It is a return on investment. Profit acts
as a driving force behind all business activities.

Profit is required for survival, growth and expansion of business. It is clear that every business
operates to make a profit. Business has many goals but profit making is the primary goal of every
business. Economic development is necessary.

5. Risks and uncertainties:

Risk is defined as the effect of uncertainty generated on the objectives of the business. Risk is
associated with every business. Businesses are exposed to two types of risk, Insurable and Non-
insurable. The insurable risk is approximate.

6. Creative and Dynamic:

Modern business is creative and dynamic in nature. Business firms have to come out with creative
ideas, approaches and concepts for the production and delivery of goods and services. It means
bringing things in new, new and inventive ways.

One has to be innovative as the business operates under a constantly changing economic, social and
technological environment. To meet the growing needs of consumers, one should also trade with
new products.

7. Customer Satisfaction:

The stage of business has changed from the traditional concept to the modern concept. Now-a-days,
the business adopts a consumer-oriented approach. Customer satisfaction is the ultimate objective
of all economic activities.
Modern business believes in satisfying customers by providing quality products at reasonable prices.
It emphasizes not only profit but also customer satisfaction. Consumers are satisfied only when they
get the real value of their purchase.

The purpose of business is to create and retain customers. The ability to identify and satisfy
customers is a key component to business success.

8. Social activity:

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Business is a socio-economic activity. Business and society are both interdependent. Modern
business operates in the area of social responsibility.

Business has some responsibility towards society and in return it needs the support of various social
groups like investors, employees, customers, creditors etc. to provide goods to different sections of
the society, business performs an important social function and social needs. Completes Business
needs the support of different sections of the society for its proper functioning.

9. Government Control:

Business organizations are under government control. They have to follow certain rules and
regulations made by the government. The government ensures that the business is conducted for
social welfare by keeping effective supervision and control by enacting and amending laws and
regulations from time to time.

10. Optimal use of resources:

Trade countries facilitate optimal use of material and non-physical resources and achieve economic
progress. Scarce resources are used to concentrate economic resources and to meet the needs and
desires of consumers.

CONCLUSION:
Entrepreneurship and innovation are often required to succeed in sustainable business practices.
This chapter provides an overview of entrepreneurship and innovation as it relates to sustainable
business. The discussion is most relevant for sustainable businesses focused on offering new
products and services in response to social concerns. The importance of entrepreneurship and
innovation also applies to companies that change how they produce products and services. The
latter companies can use innovative practices and entrepreneurship to establish their brand name
and market leaders in things that create shared value for society and their companies and, over
time, change in practices in their industry Contributes to.
1. “GOOD LUCK”