Understanding Businesses
A business is an organization or entity involved in commercial, industrial, or professional activities with the goal of producing goods or services. Businesses can be for-profit ventures or non-profit organizations striving to fulfill social or charitable missions. They vary widely in scale, from sole proprietorships to large multinational corporations.
The term ‘business’ also encompasses the efforts individuals undertake to create and sell goods or services for profit.
Key Takeaways:
- A business is an organization engaged in commercial, industrial, or professional activities.
- Businesses can be for-profit or non-profit entities.
- Business types range from sole proprietorships to large corporations.
- Businesses operate in various industries and sizes.
- Examples of successful businesses include Apple and Walmart.
Alex Dos Diaz / Investopedia
Understanding a Business
A business is an entity that operates for commercial, industrial, or professional reasons, starting with an idea that undergoes market research to assess its viability.