Business

What is Business? Business is the study of how businesses are set up, financed, organized and controlled, how people are employed, managed and paid, how goods are developed, produced and sold, how goods and services are priced and how the local, national and international government help or hinder businesses.ñ1 In studying the setting up of a business there are many aspects that need to be considered. Such as the type of business ownership which are suitable for the entrepreneur, where the capital will be coming from, what goods or services could be considered to sell and where the business should be located. The extensive amount of research, which is carried out before the business operates, is also studied. There are many sources of finance open to the entrepreneur, which also need to be studied in depth. The business owner has to set the right price for its goods or services ^? a price which is of convenience to the consumer and which is affordable for the owner. This is possible by using break-even analysis, and again market research. Owners of businesses need to constantly consider the financial situation of the firm this may include constructing various balance sheets and a monthly/annually profit and loss account ^? construction of these are important in business. Charts and graphs are also constructed so that the state of the business can be analyzed in depth. Labor in a business involves many aspects. The recruitment of new employees ^? from the advertising of the post right through to the selection of the most appropriate candidate. It also includes training/education involved in business and even how to motivate an employee and the different payment methods they can receive. The main sections in an organization chart actually breaks up the sections in business ^? marketing, finance, production and labor. Trade unions are also a part of labor in business ^? employees can sometimes cause potential harm to the business as well as being a valuable asset, the stages of what a trade union can do are also studied. Market research is also very important to any firm the marketing mix breaks it down into individual sections which are important in business studies ^? product, place, price and