•There is one thing stronger than all the armies in the world, and that is an idea whose time has come. : Victor Hugo
•You get recessions, you have stock market declines. If you don't understand that's going to happen, then you're not ready, you won't do well in the markets.
: Peter lynch
•Don't bring your need to the marketplace, bring your skill. If you don't feel well, tell your doctor, but not the marketplace. If you need money, go to the bank, but not the marketplace.
: Jim Rohn
•A business has to be involving, it has to be fun, and it has to exercise your creative instincts.
: Richard Branson
Business may be defined as any economic activity on a continuous basis which involves production or purchase of goods for sale, transfer or exchange of goods, or supply of service at a profit. Business is an integral part of society, produces goods and services for society and offers them for sale to people in that society. Unless the goods are satisfactory and preferred by people, they will not buy the goods. Therefore the business first has to create a customer for itself from the society in which he exists. No business can exist without a customer.
The objectives define what the business is going to do in concrete terms and enable the business to analyze their own experience and as a result improve their performance. Business objective may be classified broadly into economic objectives and social objectives.
Profit is a measure of the success in the business. Profit is helpful in the following: i.To earn a living.
ii.To expand the business.
iii.To reinvest a part for expansion.
iv.To gain prestige and have a good image.
v.To attract competent Employees.
vi.To secure customer loyalty.
The Market consists of customers as well as competitors. To measure Market standing two things has to be taken into consideration. •Market potential.
The business has to see itself in the light of competition. If it has to determine in quantifiable terms the present and prospective customers. The objective of a business must be to establish a place in the market and protects itself from competition.
This means to explore and discover ways and means of making product more useful. It includes improving of collection, exploring new markets and use of better methods of distribution. In a competitive market, every business must be on the lookout for introducing new products or making the existing products more useful. Best possible use of scarce resources:
Every business should make the best use of the 4M’s (Money, Men, Materials, Machineries). This objective can be achieved by employing efficient people to work, maintaining and making full use of machines, reducing wastage of materials and allocation as well as spending money with regard with the benefits to be derived.
Business is an integral part of society and business activities cannot be persuade in isolation from the rest of the society. Social objectives should form a part of business objectives in its long run interest. The social objectives of business should include the following: Supply of desired quality of products.
Avoidance of unfair trade practices.