There is no gain saying the fact that the word “business” has been used in different ways to describe different legitimate activities that fetch them money. Hence, you can hear the words like: business contract, business investment, business interest and so on. These are some of the ways in which the word “business” is used. Therefore, the main focus of this article is to discuss the meaning of the word “business” in simple term, as it were.
A business can be referred to as any activity which an organization or individual, who buys, sells or supplies goods or services, with the intention of making money or profit, engages in. A business refers to all definite maintained activities engaged in as a means of livelihood. In addition, a business can be described as any organization that carries out any professional, commercial or industrial activities. Therefore, all manufacturing companies, production companies, agro-allied companies or service providing companies, restaurants, supermarkets etc. are all business organizations.
The word “organization” here refers to all types of businesses, such as limited liability companies, sole proprietorships, corporations, enterprise and partnerships. As such, no matter how big or small an organization or company is, it is still a business, though it might be of different scales.
NGOs are also businesses because they engage in different activities to source for money to sustain their organizations and their humanitarian activities or projects. They rely on profit making organizations or profit ventures and individual donors who have capacity to donate reasonable sums of money to keep them running. In short, they are funded through grants or private contributions, amongst others. They may not be making profits as expected, yet they are not expected to go bankrupt carrying out their activities. This is one of the reasons they are referred to as businesses in this article. Likewise, other non-profit organizations e.g. trade unions, charitable organizations etc. do all source for funds to carry out their activities. In addition, since they are all involved in activities to raise substantial funds to run their programs, they are known as businesses.
There is no gain saying the fact that the word “business” has been used in different ways to describe different legitimate activities that fetch them money. Hence, you can hear the words like: business contract, business investment, business interest and so on. These are some of the ways in which the word “business” is used. Therefore, the main focus of this article is to discuss the meaning of the word “business” in simple term, as it were.
A business can be referred to as any activity which an organization or individual, who buys, sells or supplies goods or services, with the intention of making money or profit, engages in. A business refers to all definite maintained activities engaged in as a means of livelihood. In addition, a business can be described as any organization that carries out any professional, commercial or industrial activities. Therefore, all manufacturing companies, production companies, agro-allied companies or service providing companies, restaurants, supermarkets etc. are all business organizations.
The word “organization” here refers to all types of businesses, such as limited liability companies, sole proprietorships, corporations, enterprise and partnerships. As such, no matter how big or small an organization or company is, it is still a business, though it might be of different scales.
It’s also important to note that, these businesses referred to as organizations may either be profit making or non-profit making, such as non-governmental organizations (NGOs), trade unions, public arts organizations, charitable organizations etc. However, either profit making or non-profit making organizations, they are all businesses. Why? It’s because they all carry out either professional, commercial or industrial activities.
It’s also important to note that, these businesses referred to as organizations may either be profit making or non-profit making, such as non-governmental organizations (NGOs), trade unions, public arts organizations, charitable organizations etc. However, either profit making or non-profit making organizations, they are all businesses. Why? It’s because they all carry out either professional, commercial or industrial activities. NGOs are also businesses because they engage in different activities to source for money to sustain their organizations and their humanitarian activities or projects. They rely on profit making organizations or profit ventures and individual donors who have capacity to donate reasonable sums of money to keep them running. In short, they are funded through grants or private contributions, amongst others. They may not be making profits as expected, yet they are not expected to go bankrupt carrying out their activities. This is one of the reasons they are referred to as businesses in this article. Likewise, other non-profit organizations e.g. trade unions, charitable organizations etc. do all source for funds to carry out their activities. In addition, since they are all involved in activities to raise substantial funds to run their programs, they are known as businesses.
