A business (also called a firm or enterprise) is a legally recognized organization designed to provide goods and services to consumers. The etymology of “business” relates to the state of eing busy either as an individual or society as a whole, doing commercially viable and profitable work. Businesses are predominant in capitalist economies, most being privately owned and formed to earn profit that will increase the wealth of its owners and grow the business itself. The owners and operators of a business have as one of their main objectives the receipt or generation of a financial return in exchange for work and acceptance of risk. Notable exceptions include cooperative enterprises and state-owned enterprises.
Socialist systems involve either government agencies, public ownership, state-ownership or direct worker ownership of enterprises and assets that would be run as businesses in a capitalist economy. The distinction between these institutions and a business is that socialist institutions often have alternative or additional goals aside from maximizing or turning a profit. Business studies as a line of study is growing in popularity every day. From the time when it was just a few who started to pursue in this line of study, business colleges are now becoming a favoured destination for students.
As we go through the tenure of a course in business studies, we will be exposed to every aspect of the corporate world. The course will start with teaching us the main functions of a company. These include financial planning, marketing management and human resource development. Financial planning will then introduce concepts such as cost cutting, taxation, internal auditing, financial planning and budgeting. The course will also teach us to deal with banks, financial institutions and other creditors as well as debtors and shareholders. It will teach us about nventory management as well as balance sheet management. Marketing studies work at training students in all aspects of this very vast field. Starting with inventory management, moving on to dealer and channel management, distribution network development and management and advertising and promotion, this branch of business studies gets a student completely ready to step into the marketing division of a company.
Human resource development is another very important function of a company. From imparting basic knowledge of the documentation and statutory requirements of this key function, it also eaches us how to deal with different types of behaviour displayed by individuals at the workplace. It often happens that an individual might behave in a completely different manner when he or she is part of a group as compared to his or her normal individual behaviour. These studies teaches us specializing in this line of management how to interpret behavioural patterns displayed by individuals in the organization in group situations and in crisis situations, as well as in the normal day-to-day workplace environment.