Business and its Salient Features

We all can only imagine the about the days we read in school books as depicted by the historians about the ancient people engaged in farming, pottery, over sea expeditions etc. They didn’t know the concept of currency or cash. Instead any kind of business transaction between them was done the on basis of exchange of materials between them. Many movies have incorporated this concept have showed how in the busy early Egyptian market a butcher sold meat in lieu of some other material like pots or sacks of grains. It was the emergence of Industrial Revolution in the later half of the eighteenth century that people came to realize the concept of industries or organizations.

Emergence of Business as a Process

  • With the workers and their family members leaving the boundaries of villages and settling in the cities, there emerged the concept of capitalization and a developed society.
  • The people of this newly formed social set up felt the importance of ready made fresh cash. Money became the prime necessity of not only nuclear families but also that of an entire nation.
  • The development of science and technology provided better quality machineries. The modified and high quality machineries accompanied with manual strength yielded high quality products and within a small span of time it was visible that revenue earned by industries was much more than agricultural output.
  • Globalization proved the growing rate of acceptance of industrialization by many nations. The nature of an industry can be small or large. Transaction of any kind of good or service in lieu of money irrespective of the nature came out as a process known as business.


Employees of a Business Organization

A Business Process Comprises of Variant Forms of Ownership

  • Partnership

In case of partnership the number of owners varies, it may be two or even more than two individuals. Partnership form of ownership is generally of three types namely

General Partnership

In case of general partnership a particular process can be owned by two or more number of individuals. There will ne the presence of a document depicting the legal existence of the ownership among the individuals. The partners of the business process will remain liable all together to any kind of legal threat or financial problem.

Limited Partnership

This partnership is similar to general partnership with a difference of presence of one general partner.

Liable Limited Partnership

Here again there can be two or more partners, where one partner is not responsible for any king of legal or financial fraud done by the other partner.

  • Sole Owner

As the name suggests here a single individual is the owner of a business process. Thus this makes the person responsible to face any kind of legal or financial threat alone.

  • Corporate

A corporate organization can be both privately owned and as well as state owned. In case of private corporate authorities they are owned by shareholders. These shareholders contribute money and help to keep a business financially stable. The shareholders appoint the board of directors who are responsible for the smooth functioning and development of the corporate organization.

  • Co-operative

While in case of co-operative ownership instead of shareholders, the members of the co-operative business organizations are the decision makers.

In case of a business organization, it’s working procedures or products they vary as per the nature of the business which can be related to finance, transport, agriculture, mining and many more.

Summery- Business is the financial backbone of any nation. It supports massively the economic structure of a nation. With people realizing the fast forward phase in which this world is progressing, no nation can become financially stable based upon agricultural output alone. Businesses done are of varied nature and sizes. It doesn’t matter what of what size or nature it is, until and unless it yields the profit margin sufficient for the owners, employees and the concerned nation.

Author’s Bio: Myke Thomas is a proficient author who writes quality articles on Procurement Solutions. He is a vastly experienced author who has been penning thoroughly informative articles for decades. His articles have been very helpful for the readers.

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