Business means the state of being busy or engaged in any work. Any kind of legal activities for the intention to earn profit is called business. The word ‘Business’ is come from the English words ‘Busi+Ness’, that means business is concerned to all human activities with earning profit.
In general sense: In general meaning business is the legal process of production and purchasing and selling to earn profit.
In broad sense: Business is related all kinds of legal works of producing, marketing and exchanging products and services with the intension to earn profit.
From the functional point of view, the business is related to an equation that is as follows:
B = Σ Industry + Σ Commerce + Σ Direct Service.
So business is the form of three types of works such as:
- To produce products and distribute services.
- Purchasing and selling of products and services.
- Related works of producing and marketing the products and services.
Many scholars define the business on many perspectives. Some of these definitions are as follows:
Lewis H. Haney Said, “Business may be defined as human activity detected toward producing or acquiring wealth through buying or selling goods.”
R.W. Babson said, “Business includes those human activities relating to the production and the distribution of goods, services, and ideas with a view to earning profit.”