Web Definition: Business
Historically, the term business referred to activities or interests. By extension the word became synonymous with an individual commercial enterprise. It has also taken on the more general meaning of a nexus of commercial activities. People establish businesses in order to perform economic activities. With some exceptions, businesses exist to produce profit. In other words, the owners & operators of a business have as one of their main objectives to receive or generate a financial return for their time, effort & capital. One can classify businesses in many different ways. Service businesses offer intangible products & typically have different, usually smaller, capital requirements than manufacturers. Distributors will have different inventory control needs than a retailer or manufacturer. Most legal jurisdictions specify the forms that a business can take & a body of commercial law has developed for each type. Some common types include partnerships, corporations & sole proprietorships.
Read More »Dictionary Entry: That which busies one, or that which engages the time, attention, or labor of any one, as his principal concern or interest, whether for a longer or shorter time - constant employment - regular occupation - as, the business of life - business before pleasure.
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