A business (also known as enterprise or firm) is an organization involved in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit or state-owned. A business owned by multiple individuals may be referred to as a company, although that term also has a more precise meaning.
The etymology of "business" relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work. The term "business" has at least three usages, depending on the scope — the singular usage to mean a particular organization; the generalized usage to refer to a particular market sector, "the music business" and compound forms such as agribusiness; and the broadest meaning, which encompasses all activity by the community of suppliers of goods and services. However, the exact definition of business, like much else in the philosophy of business, is a matter of debate and complexity of meanings.
Read more about Firm: Basic Forms of Ownership, Classifications, Management, Organization and Government Regulation
Famous quotes containing the word firm:
“Reason sits firm and holds the reins, and she will not let the feelings burst away and hurry her to wild chasms. The passions may rage furiously, like true heathens, as they are; and the desires may imagine all sorts of vain things: but judgement shall still have the last word in every argument, and the casting vote in every decision.”
—Charlotte Brontë (1816–1855)
“Keep your own secret, and get out other people’s. Keep your own temper, and artfully warm other people’s. Counterwork your rivals with diligence and dexterity, but at the same time with the utmost personal civility to them: and be firm without heat.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)
“A man who graduated high in his class at Yale Law School and made partnership in a top law firm would be celebrated. A man who invested wisely would be admired, but a woman who accomplishes this is treated with suspicion.”
—Barbra Streisand (b. 1942)