Skip to main content

What are Business Features?

Following are the main business features:- 

1. Creation of Value 
Main feature of business that it creates the value. Value means anything which increases the quality of existing product. For example, a retailer buys the goods at large quantity. He converts his large quantity in small packs. Now, small consumer can buy it. Retailer is businessman. He increases the value of his product by his efforts and makes useful for his small consumers. 
2. Selling of Idea 
It is the second feature of business that businessman sells the idea.For example, all are selling same books but some businessmen are ideal because they have idea to sell best book to the buyer who needs it. They bring the idea about how to sell the books. For example, educational community wants to read educational books. Businessman will send the offer to buy new and updated educational books. They make a separate set for separate community 
3. Practice of Business 
Like any other practice, business is also based on practice. A businessman opens his shop daily till his death. He learns everyday, how to do business. One day, he becomes perfect in his business. 

4. Taking of Risk
It is the one of important feature of business that businessman always takes the risk. He buys the goods. To buy the goods is the main risk because before selling it may be useless. It may be under the fire. Any mishappening can happen with his bought goods. He does not fear from taking any business. He follows the more risk and more profit principle. 
5. Aim of Earning Profit 
It is the feature of business that businessman always wants to earn profit. For earning profit, he works hard. For buying goods, he can go anywhere. He does his best for selling goods to customer. He develops his skill of better salesman. 

Popular posts from this blog

Branches of Commerce

Commerce is just like a tree. Following are its main branches.

Technological Environment

Definition of Technological Environment :-

“Technological Environment means the development in the field of technology which affects business by new inventions of productions and other improvements in techniques to perform the business
 work. "

Information Technology Act 2000

Introduction of Information Technology Act 2000

Information technology is one of the important law relating to Indian cyber laws. It had passed in Indian parliament in 2000. This act is helpful to promote business with the help of internet. It also set of rules and regulations which apply on any electronic business transaction.

Due to increasing crime in cyber space, Govt. of India understood the problems of internet user and for safeguarding the interest of internet users, this act was made.

Objective of Business Environment

Following are main objectives of business environment:
1. Knowledge of Information 
By studying the business environment, we can know the changes of business. This information is very useful for our business. Every businessman should aware current environment of business. With this, he can think the future of his business in such environment. 
2. Basis of Decisions 
One of main objective of the study of business environment that it can provide all the information which is needed for taking good decisions. Suppose, you completed your internal business environment study. With this study, you can take decision relating to purchase, sale, salary and price because you know your competitor, you know your suppliers and you know your customers. 
3. Helpful in making of Policies 
For making good business policies, we need to know and scan business through business environment. 
4. Technological Planning 
Today, technology is changing very fastly. 3 years ago, I have to search software for downloading …

Factors of Environmental Scanning

Following are the main factors of environment scanning.

1. Events

Past events of business environment is the main factor of environment scanning. For example, if Govt. has to control food prices, it has to scan every week prices of vegetables, fruits, milk and other food items. For more simplification of price rise, Govt. will calculate wholesale price index.