Business

Introduction : An organization or enterprising entity engaged in commercial, industrial or professional activities. A business can be a for-profit entity or a non-profit organization engaged in business activities.

Definition of Business :

Stephenson defines business as, "The regular production or purchase and sale of goods undertaken with an objective of earning profit and acquiring wealth through the satisfaction of human wants."

According to Dicksee, "Business refers to a form of activity conducted with an objective of earning profits for the benefit of those on whose behalf the activity is conducted."

Lewis Henry defines business as, "Human activity directed towards producing or acquiring wealth through buying and selling of goods."

 

Features of Business :

1. Specific- Policy should be specific. 
2. Vision : Policy should be with a clear vision.
3. Clear : Policy must be clear.There should be no misunderstandings in following the policy.
4. Appropriate : Policy should be appropriate to the present organizational goal.
5. Reliable : Policy must be uniform enough so that it can be efficiently followed by the subordinates.
6. Simple :  policy should be simple and easily understood.
7. Inclusive : In order to have a wide scope, a policy must be comprehensive.
8. Flexible : Policy should be flexible in operation.
9. Stable : Policy should be stable.
10. Profit : Policy should be profitable.