Question

Define the term ‘business’. How has the concept of ‘business’ over the years? What is the difference between the act of ‘doing business’ and ‘a business’? What will the concept of ‘business’ look like in the future? Why? Please discuss.

Answer 1

Many peoples are working together in an organisation is called as Business. By working together, the peoples will make and sell products in the business. The another group of people who buys these goods and services that manufacturing in that organisation is called as customers. Each business can make profit from the products that they are selling . Simply we can say that a business means "doing things"

Years ago the people community are more localised towards the business. The business oraganisation can interact with customers personally. Therefore they can able to understand their customers and deal with them face to face. But today's populations are quick moving and regularly changing. So it is invitable to bring the modern business practices. It lead to decrease in face to face dealing with the customers. Years back only large businesses can trade abroad. But now, because of computerization and internet facilities, a business organisation can trade there business accross the various countries. As comparing to old business ways, there occuring large transformation from the old to new business concept.

While considering the term 'Doing Business', initially all the businesses are well ordered under laws of their states. When an business entity will committing in the transactions for achieving the economic and financial profit is called as 'doing business'. A Business is simply defined as selling the goods and services by an organisation to their customers. The customers may be an individual or another businesses.

The Future Business becomes more and more faster than the existing business concepts. The business will use various automation techniques in future. When works are automated, it lead to quick business transactions. Business may become more ethics based in future. The business entities are playing an major role in the society improvement. The future business processes are become highly technology based and having more data and more risk.