What is a Business?

What is a Business?

If you find yourself on this page, you must have thought about starting a business or just maybe want to know what a business actually is. Here I will try an explain what a Business is as best as I can but, it will be mixed with my view of a business/company. 

Want to Start a Business? Click Here 

So let’s dive in.

Investopedia Definition of a Business : “A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or non-profit organizations that operate to fulfill a charitable mission or further a social cause. “

I do agree with this definition but allow m to ad for better context. A business’ goal is to make a profit. (Not rocket science) The profit of a company is the sign of health for the underlying business. Businesses that do produce a profit has the ability to branch out their product range, increase their clients by spending more on advertising or invest in tangible assets for the business.

 

To produce a profit is only the sign of a healthy business

To run a business doesn’t simply mean you have a product to sell, oh no. A Business is much more complex, you the owner needs to understand key principles of a business. For example:

  1. How to Innovate
  2. How to Source or Manufacture
  3. How to Sell
  4. How to Market
  5. How to Communicate with Employee’s 
  6. How to Scale

 

And these are just a few tips. I always get a chuckle if someone tells me they have an amazing product to sell and they are thinking of starting a business. And Yes, for many they think just by creating and selling said product they are a ‘ Business’ but i like what Mark Cuban always says on Shark Tank (entrepreneurial show). 

He would always correct an Entrepreneur who does all the work and sell their a tremendous amount of product without a System. 

That is the key.

A Business is a System. Without a System, you are simple someone selling an amazing product. 

 

If you think you are a business owner, simply ask you the following question: 

If you had to leave unabroutbly to visit your family somewhere abroad, will your Business/Company carry on making an income? 

If the answer is Yes – Well done! You have a system in place. 

If your answer is No – You are an Employe of your own Business. 

Want to learn how to build a System for your Business? 

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