What is a Business?

First of all you should know the meaning/definition of 'business' before learning business keywords.

A business can be defined as a legal entity in which goods and services are exchanged for value. Although there are businesses that are non-profit most organizations are for-profit organizations.

Every business requires some form of investment and a business is generally characterized as running in a systematic, continuous and regular businesslike manner, and having ordinary commercial principles governing it.

Here are some of the definitions that can be referenced,

Dr. Peter Drucker's Definition of a Business:

• "There is only one valid definition of business purpose: to create a customer."
• "Because its purpose is to create a customer, the business enterprise has two, and only these two, basic functions: marketing and innovation. Marketing and innovation produce the results; the rest are costs."
• "It is the customer who determines what a business is...The customer is the foundation of a business and keeps it in existence. He alone gives employment."

"A business (also known as enterprise or firm) is an organization engaged in the trade of goods, services, or both to consumers"

[Arthur O'Sullivan and Steven M. Sheffrin (2003). Economics: Principles in action]