According to L.H Haney
Business may be defined as human activity directed toward producing or acquiring wealth through buying and selling goods.
Business include all those economic activities which are concerned with earnings profit and creating wealth through production and distribution of goods or services.
For running business , generally no minimum education qualification is required.
The main objective of business is to produce and distribute goods and services to earn profits.
Business needs capital to start and run.
Business involves risks of suffering loses.
Business is bound by some ethical codes of conduct.
Concept of business
1. Traditional concept.
The traditional concept of business states that the main motto of business is to earn profit.
2. Modern concept.
The modern concept views profit not as an end but as a valuable means to achieve an end.
Characteristics of Business
1. Human activity.
Business is human activity. No business can be performed without human efforts.
2. Economic activity.
Business is an economic activity undertaken by an individual or a group of individuals to serve the interests of the owner and the society.
3. Enterprise.
A business is a enterprise. It is established by entrepreneurship. Entrepreneur is a person who bears lost In business as well as established business efficiency.
4. Production distribution and exchange.
Business produce large number of goods and distribute that goods in large quantities and goods are exchanged in terms of money.
5. Profit motive.
Business is established with the motive of earning profit. Profit is the indicator of success of the business and loss is the indicator of failure of the business.
6. Consumers satisfaction.
Satisfaction of consumer is the key to get successful business. A business can get success if consumers get satisfaction with the business products.
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