WHAT IS A BUSINESS?

A business is an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit or non-profit. Some organizations operate solely to fulfill a charitable mission such as unicef or greenpeace.

As sole traders, individuals can also produce and sell goods and services for profit. Businesses range from a sole proprietorship (a person who owns the business and is personally responsible for its debts), partnerships, to large corporations.

In other words, doing business is the ability of a person or a larger group of people to provide a product or a service to customers in exchange for money or—if it’s a non- profit charity—providing a service to promote a cause. The key to successful business lies in the ability to identify a product or service that is in high demand, then, finding a way to provide it.

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