Business
What is Business
A business is any thing that has an aim of getting profit, it can also be defined as anything that participates in the market.
Elements of Business
Revenue
Profit
Revenue is the total value of your company. Revenue = Profit + Cost
Profit is the money a company makes after paying the cost.
Revenue - Cost = Profit
Cost
Cost is the cost of the making of your product.
Revenue - Profit = Cost
Customers
Demand
Supply
The units in the company available to the customers.
The popularity of the product or service in the market
Society
The income of a business depends on the preferences of the customers, an example can be that if you live in a green community and produce plastic, you might go bankrupt
Ethics
Is when you act with integrity
In the case of business, it is when you don't cheat anyone in your company or any other company. This can make people prefer your products over others. So they are sure they won't face any troubles.
Stakeholders
Managers
Owners
Workers/Employees
Customers
Company Departments
Departments
Marketing
Human Resource
Finance
Research and Development
Operation
Supply Chain
Pros and Cons
Cons
Pros
It can sell products that are helpful to the society or the environment
It can take over lots of space that other people need
It can sell products that are harmful to the people or environment
It can have a bad effect on the environment
Child labour
Can fund poor people with money for support purposes
Provide jobs to people who really need them
Helps in technological advancements