INTRODUCTION TO BUSINESS:
A regular occupation or profession of a person that may or may not be in the form of trade is called as business. Economically some forums describe the term business as the type of occupation or trade consisting of sale and purchase of the product to make profit. Any type of organization and economic system where goods and products are exchanged for money is a business. Businesses can be not-for-profit, privately owned or state owned. The commonest examples of business are farming, house sale, industry or company setup. Every business requires some sort of investments at least in the beginning and then an enough bulk of attracted customers which can bring up its output to the profitable level. Sometimes more investments are also added later when the productivity rate is flourishing. Business is associated to livelihood as the usual commercial activity in which a person is engaged to make earnings. Different types of business organizations exhibit different forms of ownership.
TYPES OF BUSINESSES:
Among various minor types there are three major types of businesses; i.e.; Service business, Merchandising business and Manufacturing (hybrid) business.
The business that provides some sort of services to the customers in exchange of money is a service business. for e.g. repair shops, salons, schools, banks, firms etc.
The business type that buys the products at wholesale rates and sell them at higher rates further is called merchandising business. They are also known as “buy and sell” businesses. These types of business make profits because they sell the products at higher prices than purchase costs. A product is sold without its form changed. for e.g. grocery stores, distributors, resellers etc.
Unlike merchandising business, the type of business that buys products and materials as raw forms with the intention of using them in the process of making new and different other products. Purchased products in this case are transformed highly. A manufacturing business requires raw materials, labor and factory overhead in its production process. The function and reliability of new products is keenly observed. Hybrid business sometimes fall in the same category.
The companies that are classifies as more than one type of businesses is called hybrid business. for e.g A restaurant, combines ingredients in making meal that is manufacturing, serves a chilled drink that is merchandising, fills customer orders that is a service. Another type of hybrid business are social media pages. People make pages on instagram to start selling their products. A normal instagram profile takes 5-8 minutes to get operational. But for getting real looking followers on instagram for your hybrid business, you may have to check on google. However, people on instagram sell their used items, jewelry and apparel.
so, different types of businesses are working mutually or independently for different purposes.
FORMS OF BUSINESS ORGANIZATION:
Two basic types of business ownerships are given as; Sole proprietorship and partnership.
A business owned by only one person is a sole proprietorship. It is an easy setup and least costly. It is often adopted by small business entities.
A business that is owned, hold and managed by two or more persons having shares in the establishing resources, is called partnership. It is a complicated and a massive project requiring huge assets, labor, capital etc.
To run a good business at any level, there is a dire need of fantastic support, huge investment, insight, guidance, experience and honesty.
SCHEDULING A BUSINESS:
The art of pre planning your activities to achieve your goals and priorities in time you have available and to gain output effectively is called scheduling. ENTREPRENEURS are the busy people and they are successful because they work too much and too hard. It is important for them to schedule their tasks and priorities. A good business schedule is a key to success.
As a person, whatever you are, wherever you stay, creating a balance in your life is the key to sustained success. Being healthy and punctual are major points in this scenario. In life whatever you do there must be a proper plan and forecast for every do’s and don’ts, pros and cons to avoid any complication afterwards. Similarly, in the case of business pre-planning and scheduling is very important. If you don’t schedule your tasks according to the need you will lose the battle. A good schedule is not so rigid, it is always flexible, manageable and balanced.
GOOD BUSINESS SCHEDULES:
* Identifying the priorities.
* Fitting the task into your lifestyle.
* Setting and communicating the boarders and boundaries.
* Conserving time and money.
* Working, when you can give your best.
* Understanding the facts about what you can achieve within the time.
* Adding contingency time for the unexpected.
* Taking risks but not too much.
* Working steadily towards your goals.
* Talking and sharing with the peers or your business partners.
* Taking guidance from the experienced seniors.
* Sticking to the morning routine.
* Doing the most pressing work first.
* Keeping schedules packed but not too packed.
* Giving yourself time to regroup and refocus during stress times.
* Reflecting your accomplishments.
* Eating socially and balanced diet.
* Making yourself more visible to grow your business.
* Take a walk and have some space for yourself.
* Plan for what’s next, when you are fresh.
* Disconnect from work when tired.
* Schedule proper sleep hours.
Making good business schedule this way can bring your business flying colors.