Portal:Business

Time_required_to_start_a_business,_OWID

Business refers to the organized efforts and activities of individuals to produce and sell goods and services for profit. It encompasses a wide range of activities, including entrepreneurship, management, marketing, finance, and accounting. Businesses can be classified into various types, such as sole proprietorship, partnership, corporation, and limited liability company (LLC).

Types of Business

• Sole proprietorship: A business owned and operated by a single individual.
• Partnership: A business owned by two or more individuals who share profits and liabilities.
• Corporation: A legal entity that is separate from its owners, providing limited liability to its shareholders.
• Limited liability company (LLC): A hybrid business structure that offers the limited liability of a corporation with the tax benefits of a partnership.

Key Concepts in Business

• Entrepreneurship: The process of starting and operating a new business venture.
• Management: The coordination and administration of tasks to achieve a goal.
• Marketing: The activities involved in promoting and selling products or services.
• Finance: The management of money, including investing, borrowing, lending, budgeting, and saving.
• Accounting: The process of recording, summarizing, and reporting financial transactions.

Business Functions

• Human resources: The department responsible for hiring, training, and managing employees.
• Operations management: The administration of business practices to create the highest level of efficiency possible.
• Sales: The activities involved in selling products or services to customers.
• Customer service: The support provided to customers before, during, and after purchasing products or services.

Related Pages

• Economics
• Industry
• Trade
• Commerce
• Corporate governance
• Business ethics
• Supply chain management
• Strategic management