Prof. Dr. Zulfiqar Hasan

What is Business?

A Business (or firm) is a system that provides products or services desired by customers.

“Business means an enterprise engaged in the production and distribution of goods for sale in a market or the rendering of services for a price”. -Norman Richard Owens.

What are Selling in Business?

1.  Goods are tangible items manufactured by businesses, such as laptops.
2.  Services are intangible offerings of businesses that can’t be held, touched, or stored. Physicians, lawyers, hairstylists, car washes, and airlines all provide services.

Businesses also serve other organizations, such as hospitals, retailers, and governments, by providing machinery, goods for resale, computers, and thousands of other items.

Core Elements of Business

  1. Owners
  2. Managers
  3. Employees
  4. Consumer
  5. Suppliers
  6. Distributors

Qualities of a Successful Businessman

  1. Physical and mental capacity
  2. Education and experience
  3. Organizing capacity
  4. Leadership
  5. Honesty and trust
  6. Patience
  7. Efficient
  8. Effective
  9. Punctuality
  10. Foresightness
  11. Tactful
  12. Democratic attitude