What is Business? - Definition | Meaning & Law of Business.


     Business Definition: All the activities related to the production of goods or services for satisfying human needs are called Business

What is Business? - Definition | Meaning & Law of Business.

     The meaning of business is, all those activities which are engaged in production and distribution as well as the exchange of goods for earning the profit. 

What is a Business?

A business is a repeatable process that:

  • Creates and delivers something of value.
  • That person needs or required.
  • At a price, they are willing to pay.
  • In a way that satisfies customer's needs and expectations.
  • So that the business brings in enough profit. 
  • Enough profit to form it worthwhile for the owners to continue operation.
     The business is directly proportional to the value you provide to the customer. The business has different values and different definitions in the market. Some people think that Business is Risk, Business is Money, Business is Idea, Business is Management, Business is Value Creation, Business is Leader, Business is Networking, etc. 
     The Laws for business to create value in the market are mentioned below,

Laws of Business for success: 

  • The Law of Value
  • The Law of  Compensation
  • The Law of Influence
  • The Law of Authenticity
  • The Law  of Receptivity

     The above law is known as Stratospheric Success Laws taken from the book GO GIVER by BOB BURG and JOHN DAVID MANN. The different laws having different deep meaning which is stated herein short,

Laws of Value: Give more and Get More.
Laws of Compensation: The value you provided to the customer.
Laws of Influence: How much interest your product is giving to others.
Laws of Authenticity: Making a good relationship with customers.
Laws of Receptivity: Becoming a good receiver.

     According to SBA estimation, each year 6,27,000 new businesses open and at the same time 5,95,000 close each year. So, the business has different values in human life to tackle the overcome problems. The business is highly based on customer satisfaction. 

     Delivering the good and best value to the customer to meet the social satisfying needs of the customer through economic activities, financing, exchange of goods and services, etc.

In short, business is the element of continuity of transactions.

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