1. 1. Introduction to BusinessConcept of business
2. 2. BusinessEvery human activity which is engaged in for the sake of earning profit may be called business.2
3. 3. According to L. H. Haney Business may be defined as human activities directedtoward providing or acquiring wealth through buyingand selling of goods. In the words of B. W. Wheeler An institution organized and operated to providegoods and services to the society, under the incentiveof private gain is business.3
4. 4. A Short History of Business Industrial revolution Entrepreneurship Era Production Era Marketing Era Global Era4 Information and internet Era
5. 5. Economy The large set of inter-related economic production and consumption activities which aid in determining how scarce resources are allocated.5
6. 6. Organization An entity where 2 persons or moreworking together for a commonpurpose
7. 7. Market A market is one of many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. Physical retail markets Internet markets (non-physical) Auction markets Markets for intermediate goods Labor market Currency market7 Stock market
8. 8. KINDS OF INDUSTRYPrimary Industry : Extractive GeneticSecondary Industry Construction ManufacturingTertiary Industry Services
9. 9. Kinds of Industries Primary Industry Extractive Industry _ Extraction of underground resources. Genetics _ Genetic industries are those, which are engaged in reproducing and multiplying certain species of animals and plants.
10. 10. Kinds of industries Secondary Industry All of manufacturing, processing, and construction lies within the secondary industry.
11. 11. Kinds of industries Tertiary Industry Services _ Banking, consultancy, accountant, Lawyer, Interior decorator, designer, music composer etc.11
12. 12. Factors of production Labor _ People working in an organization. Capital _ Amount invested by investor in the business. Entrepreneurship _ Management ability of the people who are running the business. Physical Resources _ Land, building, vehicles, machinery etc.
13. 13. Types of Environmental Forces Internal Forces Factors within the organization. These are controllable by the organization. External Forces Factors found outside an organization. These factors are not controllable by the organization.
14. 14. SWOT Analysis Strengths Weaknesses Opportunities Threats