Introduction To Business

Topics: Economics, Business, Economy Pages: 4 (1023 words) Published: April 11, 2014

University Of Development Alternative (UODA)

Name: Md. Rakibul Hassan
Department: BBA
Student ID: 021132071
Registration No: (A/C) ID: 2013571
Batch No: 43
Group : B
Assignment On: Intruduction To Business
Assignment Topic: Characterstics Of Business
Course Code: ITB 101

Everything has some own characteristics, Business has also If we look the definition of business: Business means being busy, it is a process of producing and exchanging goods and services with a view to make profit. From this definition we have find One characteristics that is Profit, Business has more characteristics, Now we are going to discuss below Characteristics of Business:

Business has some basic & own characteristics. Like as-

Expectation of profit:- Every organization must have the expectation of profit. Making profit is an essential characteristic of business, According to F.H. Knight: “Profit is reward for bearing the risk and uncertainty” The primary aim of business is to earn profits. Profits are essential for the survival as well as growth of the business, Profit is the biggest stimulus for maintaining the continuity of business. The hope of making a good profit attracts men of ability to business.

Legality:- Business activities must have to be legal, Earning profit through the illegal way is not called business. Profits must, however, be earned through legal and fair means. Business should never exploit society to make money. That’s why smuggling is not called business.

Risks and Uncertainty:- Profit is the reward for assuming risk. Risk implies the uncertainty of profit or the possibility of loss. Risk is a part and parcel of business. Business enterprises function in uncertain. It is said in the business world that, “No risks no gains” A business person or entrepreneur has to take risk to run his business properly.

Dealings in goods and services: - Business means dealing in goods and services. The goods may be consumers’...
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