What is business?

What is business?

Business refers to the activity of producing, buying, selling, or exchanging goods or services for profit. It encompasses a wide range of commercial, industrial, and professional activities conducted by individuals, organizations, or companies with the primary goal of generating revenue and creating value.

It can be said more simply that, Business = Buying or creating and selling. Business means buying or making and selling.

That is, to buy or make something and sell it for more than the purchase price or make price. Very simple. The more times you can duplicate this work, the more business it will be.

In simpler terms, business is the successful process of bringing money into the pocket (in a legitimate way, of course). Business is a money-making game. If you play it right, you’ll be a millionaire, or a footpath (meaning you’ll end up on the street). The secret of making money in business is to never make money making the main objective.

Three basic elements of business

Give a drink shop and make a brand of water, be it a business of one rupee or a hundred crore rupees, these three elements are real-

The product or service you want to sell

Customers willing to buy that product or service with money

Method of receiving money in exchange for goods.

All businesses around the world are based on these three basic foundations. You need to buy or create a product or service. Customers will be needed to sell that product or service. The customer will need a sales method or a system to convert the product or service into money. A setup has to be put in place through which the product reaches the customer and you get your money.

First, you need to decide what product or service you will be working with. If you make the product or service yourself, you will be a manufacturer, and if you source it from somewhere else, you will be a trader or wholesaler.

Second, it takes the desired buyer for this product. Your second step will be successful if buyers are interested in buying your 10 taka product for 15 taka.

Third, the business system or model will be needed. The system or model is how the product will reach the customer and how you will realize the revenue.

That’s it! If you can do this properly, the journey of a billion-dollar business has become. Now the work is done to prepare this element to generate money.