Understanding of Business According to Experts
Wider usage can refer to certain market sectors, for example, "television business." The most widespread use refers to all activities carried out by the community providers of goods and services. But the exact definition of "business" is still a matter of debate to this day.
Understanding of Business According to Experts
There are some experts who express their opinions about business, the following will be explained clearly.
Prof. Owen
Business is a company that deals with the production and distribution of goods to be sold back to the market or to provide prices for each item or service.
Urwick and Hunt
Business is every company that produces and distributes and provides goods or services needed by the community and on the basis of its willingness to buy or pay.
Mc. Naughton
Business is an exchange of goods, services or money with the aim of making a profit.
Prof.L.R.Dicksee
Business is a form of activity that aims to benefit those who are interested in or undertake that activity.
William Spregal
Said that business is an activity related to the production and distribution of goods or services that can be classified in business activities.
Hooper
Stating that business is a complex whole in the fields of industry and sales, basic industries, processes, manufacturing and networking industries, insurance, banking, distribution, transportation and others which then enter comprehensively in the business world. The goal is to benefit those who work on it.
Merriam Webster
Business is all activities of making and buying and selling services and then exchanged for money, activities or work is a job and the number of activities is completed by a company, factory or shop.
Brown and Petrello
Business is an institution that produces goods and services needed by society. If the needs of the community increase, then the amount of production is increased to meet all the needs of the community while making a profit.
Steinford
Business means activities in the supply of goods and services needed by consumers.
Musselman and Jackson
They argue that business is the total number of activities organized in the field of commerce and industry in the supply of goods and services to meet the needs of the community and can improve the quality of people's lives.
Basic Forms of Business Ownership
Private company
An individual company is a business whose ownership is held by one person. Individual business owners have unlimited liability on company assets.
Partnership
Partnership is a form of business where two or more people work together to operate a company for profit. Just like an individual company, each partner (partnership) has obligations that are not limited to company assets. Guilds can be grouped into partnerships and limited companies.
Company
A company is a business whose ownership is held by several people and overseen by a board of directors. Each owner has limited company assets.
Cooperative
Cooperative is a business consisting of people or legal entities based on cooperative activities under the principle of cooperatives as well as the people's economic movement based on the principle of kinship. The purpose of cooperatives is for the welfare of their members. The main characteristic that distinguishes cooperatives from other business entities is that cooperative members have multiple identities. Multiple identities mean that members of the cooperative are the owners and users of cooperative services.
Management
The study of business operations efficiently and effectively is called management. The main branches of management are financial management, marketing management, human resource management, operations management, production management, strategic management, business intelligence and information technology management.