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| − | [[File:Business-model-canvas.png|400px|thumb|right|[[Business Model Canvas]]]][[Business]] is some sequence of [[enterprise effort]]s undertaken in order to make profit and/or obtain other gains. ''Business'' can be an individual's regular [[occupation]], profession, or trade. This can also be the practice of making [[money]] by selling [[product]]s, which can be purchased, produced, or both. | + | [[File:Business-model-canvas.png|400px|thumb|right|[[Business Model Canvas]]]][[Business]] is some sequence of [[enterprise effort]]s undertaken in order to make profit and/or obtain other gains. |
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| − | Colloquially, a for-profit [[legal entity]] is often called a ''business''. However, [[legal entity|legal entiti]]es are usually engaged in more than one ''business''; vice versa, some [[organization]]s distinguish several [[strategic business unit]]s within one [[enterprise]].
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| | + | ==Definitions== |
| | + | According to the [[BABOK Guide|BABOK Guide (3rd edition)]], |
| | + | :[[Business]] (business world). An economic system where any commercial, industrial, or professional activity is performed for profit. |
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| − | ==Model== | + | ===Way of making one's living=== |
| − | :''Main wikipage: [[Business model]]'' | + | :''Business'' can be an individual's regular [[occupation]], profession, or trade. |
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| − | ===Startup=== | + | ===Way of making money=== |
| − | :''Main wikipage: [[Startup business]]'' | + | :''Business'' can also be the practice of making [[money]] by selling [[market exchangeable]]s, which can be purchased, produced, or both. |
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| − | ===Strategy=== | + | ===For-profit entity=== |
| − | :''Main wikipage: [[Business strategy]]'' | + | :Colloquially, a for-profit [[legal entity]] is often called a ''business''. However, [[legal entity|legal entiti]]es are usually engaged in more than one ''business''; vice versa, some [[organization]]s distinguish several [[strategic business unit]]s ([[strategic business unit|SBU]]'s) within one [[enterprise]]. |
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| − | ===Development=== | + | ==Startup== |
| − | :''Main wikipage: [[Business development]]'' | + | :''Main wikipage: [[Startup business]]'' |
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| − | ===Transactions===
| + | Startup business (or, simply, startup). (1) A business in its search of its business model, which usually means ways not to depend on external funding; (2) An enterprise in the early stages of operations. Startups are usually seeking to solve a problem of fill a need, but there is no hard-and-fast rule for what makes a startup since situations differ. Often, a company is considered a startup until they stop referring to themselves as a startup. |
| − | :''Main wikipage: [[Business transaction]]''
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| − | ==Model change== | + | ===Canvas=== |
| − | :''Main wikipage: [[Business analysis]]'' | + | :''Main wikipage: [[Business Model Canvas]]'' |
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| − | ===Needs=== | + | ===Capital=== |
| − | :''Main wikipage: [[Business need]]''
| + | When businesses need to raise money (called [[Capital (economics)|capital]]), they sometimes offer [[Security (finance)|securities]] for sale. |
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| − | ===Requirements===
| + | Capital may be raised through private means, by an [[initial public offering]] or IPO on a [[stock exchange]], or in other ways. |
| − | :''Main wikipage: [[Business requirement]]''
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| − | ===Legal regulations===
| + | Major stock exchanges include the [[Shanghai Stock Exchange]], [[Singapore Exchange]], [[Hong Kong Stock Exchange]], [[New York Stock Exchange]] and [[NASDAQ]] (the USA), the [[London Stock Exchange]] (UK), the [[Tokyo Stock Exchange]] (Japan), and [[Bombay Stock Exchange]] (India). Most countries with capital markets have at least one. |
| − | :''Main wikipage: [[Commercial law]]''
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| − | [[business law]]
| + | Businesses that have gone public are subject to regulations concerning their internal governance, such as how executive officers' compensation is determined, and when and how information is disclosed to shareholders and to the public. In the United States, these regulations are primarily implemented and enforced by the United States Securities and Exchange Commission (SEC). Other western nations have comparable regulatory bodies. The regulations are implemented and enforced by the China Securities Regulation Commission (CSRC) in China. In Singapore, the regulatory authority is the Monetary Authority of Singapore (MAS), and in Hong Kong, it is the Securities and Futures Commission (SFC). |
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| − | ==Administration==
| + | The proliferation and increasing complexity of the laws governing business have forced increasing specialization in corporate law. It is not unheard of for certain kinds of corporate transactions to require a team of five to ten attorneys due to sprawling regulation. Commercial law spans general corporate law, employment and labor law, health-care law, securities law, mergers and acquisitions, tax law, employee benefit plans, food and drug regulation, intellectual property law on copyrights, patents, trademarks, telecommunications law, and financing. |
| − | ''Main wikipage: [[Business administration]]''
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| − | ===Research===
| + | Other types of capital sourcing include crowdsourcing on the Internet, venture capital, bank loans, and debentures. |
| − | ''Main wikipage: [[Business intelligence]]''
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| − | [[business process]], [[business opportunity]], [[business goal]], [[business rule]], [[business objective]], [[business value]], [[natural business year]], [[business threat]] | + | ==Model== |
| | + | :''Main wikipage: [[Business model]]'' |
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| − | == Activities == | + | ===Products=== |
| − | === Accounting ===
| + | :''Main wikipage: [[Market exchangeable]]'' |
| − | {{Main|Accounting}}
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| − | Accounting is the measurement, processing and communication of financial information about [[economic entity|economic entities]]<ref name = "NP 2013">{{cite book |last1=Needles |first1=Belverd E. |last2=Powers |first2=Marian |year=2013 |title=Principles of Financial Accounting |publisher=Cengage Learning |edition=12 |series=Financial Accounting Series}}</ref><ref>{{Cite report |date=November 1940 |title=Accounting Research Bulletins No. 7 Reports of Committee on Terminology |url=http://clio.lib.olemiss.edu/cdm/ref/collection/deloitte/id/9342 |publisher=Committee on Accounting Procedure, American Institute of Accountants |accessdate=31 December 2013}}</ref> such as businesses and [[corporation]]s. The modern field was established by the [[Italians|Italian]] mathematician [[Luca Pacioli]] in 1494.<ref name=jkdiwan>{{cite book|last=DIWAN|first=Jaswith|title=ACCOUNTING CONCEPTS & THEORIES|publisher=MORRE|location=LONDON|id=id# 94452|pages=001–002}}</ref> Accounting, which has been called the "language of business",<ref name="wharton-language">{{Citation | url =http://kwhs.wharton.upenn.edu/2013/09/peggy-bishop-lane-on-why-accounting-is-the-language-of-business/ | title =Peggy Bishop Lane on Why Accounting Is the Language of Business | publisher =Knowledge @ Wharton High School | date =September 23, 2013 | accessdate =25 December 2013 }}</ref> measures the results of an organization's economic activities and conveys this information to a variety of users, including [[investor]]s, [[creditor]]s, [[management]], and [[Regulatory agency|regulators]].<ref name = "UW Dept">{{cite web |url=http://www.foster.washington.edu/academic/departments/accounting/Pages/accounting.aspx |title=Department of Accounting |year=2013 |website=Foster School of Business |publisher=Foster School of Business |accessdate=31 December 2013}}</ref> Practitioners of accounting are known as [[accountant]]s. The terms "accounting" and "financial reporting" are often used as synonyms.
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| − | === Finance ===
| + | :[[File:Product.png|400px|thumb|right|[[Marketable]]]]A [[market exchangeable]] is any item of goods, services, or any intangible that can be sold. |
| − | {{Main|Finance}}
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| − | Finance is a field that deals with the study of [[investments]]. It includes the dynamics of [[asset]]s and [[Liability (financial accounting)|liabilities]] over time under conditions of different degrees of uncertainty and risk. Finance can also be defined as the science of money management. Finance aims to price assets based on their risk level and their expected [[rate of return]]. Finance can be broken into three different sub-categories: [[public finance]], [[corporate finance]] and [[personal finance]].
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| − | === Manufacturing === | + | ===Processes=== |
| − | {{Main|Manufacturing}}
| + | :''Main wikipage: [[Business process]]'' |
| − | [[Manufacturing]] is the production of [[merchandise]] for use or sale using [[Wage labour|labour]] and [[machine]]s, [[tool]]s, chemical and biological processing, or formulation. The term may refer to a range of human activity, from [[handicraft]] to [[High tech manufacturing|high tech]], but is most commonly applied to [[Industry|industrial]] production, in which [[raw material]]s are transformed into [[finished good]]s on a large scale. | + | [[natural business year]], [[business process management]][[File:Process.png|400px|thumb|right|[[Process]]]] |
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| − | === Marketing === | + | ===Development=== |
| − | {{Main|Marketing}}
| + | :''Main wikipage: [[Business development]]'' |
| − | Marketing is defined by the [[American Marketing Association]] as ''"the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large."''<ref>Marketing definition approved in October 2007 by the [[American Marketing Association]]: [http://www.marketingpower.com/AboutAMA/Pages/DefinitionofMarketing.aspx].</ref> The term developed from the original meaning which referred literally to going to a market to buy or sell goods or services. Marketing tactics include [[advertising]] as well as determining product [[pricing]].
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| − | With the rise in technology, marketing is further divided into a class called [[digital marketing]]. It is marketing products and services using digital technologies.
| + | ===Transactions=== |
| | + | :''Main wikipage: [[Market transaction]]'' |
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| − | === Research and development === | + | ===Policies=== |
| − | {{Main|Research and development}}
| + | :''Main wikipage: [[Business rule]]'' |
| − | Research and development refer to activities in connection with corporate or government innovation. Research and development constitute the first stage of development of a potential new service or product. Research and development are very difficult to manage since the defining feature of the research is that the researchers do not know in advance exactly how to accomplish the desired result. {{citation needed|date=July 2017}}
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| − | === Safety === | + | ==Strategy== |
| − | {{Main|Safety}}
| + | ===Competition=== |
| − | Safety is a key business concept that is defined by [[Merriam-Webster]] as “the condition of being safe from undergoing or causing hurt, injury, or loss”.<ref>[https://www.merriam-webster.com/dictionary/safety Definition of "safety"], [[Merriam-Webster]], updated February 2018.</ref> Injuries cost businesses billions of dollars annually.<ref>Leigh, J. (2011). Economic Burden of Occupational Injury and Illness in the United States. Milbank Quarterly, 89(4), 728-772. DOI: 10.1111/j.1468-0009.2011.00648.x</ref> Studies have shown how company acceptance and implementation of comprehensive safety and health management systems reduces incidents, [[insurance]] costs and workers’ compensation claims.<ref>Rowe, Kelly P. (2007). OSHA and small businesses: A winning combination: When small businesses tap into OSHA's many resources, everyone benefits. Occupational Hazards, 69(3), 33.</ref> New technologies, like wearable safety devices<ref>Goldberg, S. (2016). Business Technical: Wearable Devices at Work. Business Insurance, 50(2), 1.</ref> and available online safety training, continue to be developed to encourage employers to invest in protection beyond the "[[:wikt:canary in a coal mine|canary in the coalmine]]" and reduce the cost to businesses of protecting their employees.
| + | :''Main wikipage: [[Competitive strategy]]'' |
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| − | === Sales === | + | ===Behavior=== |
| − | {{Main|Sales}}
| + | :''Main wikipage: [[Business strategy]]'' |
| − | Sales are activity related to selling or the amount of goods or services sold in a given time period. Sales are often integrated with all lines of business and are key to a companies' success.<ref>{{cite news |title=How To Organize Your Marketing Department In The Digital Age |url=https://www.cmo.com/features/articles/2015/2/12/organizing-for-digital-cwtk.html#gs.ZPr_RZ8 |accessdate=October 15, 2018}}</ref>
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| − | == Management ==
| + | [[business goal]], [[business objective]], [[business value]] |
| − | {{Main|Management}}
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| − | {{See also|Outline of business management}}
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| − | The efficient and effective [[Business operations|operation of a business]], and study of this subject, is called [[management]]. The major branches of management are [[finance|financial management]], [[marketing]] management, [[organizational studies|human resource management]], [[strategic management]], [[manufacturing|production management]], [[operations management]], [[service management]], and [[information technology management]]. {{Citation needed|date=September 2011}}
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| − | Owners may manage their businesses themselves, or employ managers to do so for them. Whether they are owners or employees, managers administer three primary components of the business' value: financial resources, capital (tangible resources), and human resources. These resources are administered in at least six functional areas: legal contracting, manufacturing or service production, marketing, accounting, financing, and human resources.{{Citation needed|date=June 2011}}
| + | ==Analysis for a change== |
| | + | :''Main wikipage: [[Business analysis]]'' |
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| − | === Restructuring state enterprises === | + | ===Needs=== |
| − | In recent decades, states modeled some of their [[asset]]s and enterprises after business enterprises. In 2003, for example, the [[People's Republic of China]] modeled 80% of its [[state-owned enterprise]]s on a company-type management system.<ref>[http://english.people.com.cn/data/China_in_brief/Economy/Major%20Industries.html Major Industries]. People.com</ref> Many state institutions and enterprises in China and Russia have transformed into joint-stock companies, with part of their shares being listed on public stock markets.
| + | :''Main wikipage: [[Business need]]'' |
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| − | Business process management (BPM) is a holistic management approach focused on aligning all aspects of an organization with the wants and needs of clients. BPM attempts to improve processes continuously. It can, therefore, be described as a "process optimization process". It is argued that BPM enables organizations to be more efficient, effective and capable of change than a functionally focused, traditional hierarchical management approach.{{who|date=October 2013}} <!-- also what does this have to do with state enterprises? --> | + | ===Requirements=== |
| | + | :''Main wikipage: [[Business requirement]]'' |
| | + | [[File:Requirement-lifecycle.png|400px|thumb|right|[[Requirement lifecycle]]]] |
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| − | == Organization and regulation == | + | ===Legal regulations=== |
| − | {{See also|Theory of the firm}}
| + | :''Main wikipage: [[Commercial law]]'' |
| − | Most legal [[jurisdiction]]s specify the forms of ownership that a business can take, creating a body of [[commercial law]] for each type.
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| − | The major factors affecting how a business is organized are usually:
| + | [[business law]] |
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| − | * '''The size and scope of the business firm''' and its structure, management, and ownership, broadly analyzed in the [[theory of the firm]]. Generally, a smaller business is more flexible, while larger businesses, or those with wider ownership or more formal structures, will usually tend to be organized as corporations or (less often) partnerships. In addition, a business that wishes to raise money on a [[stock market]] or to be owned by a wide range of people will often be required to adopt a specific legal form to do so.
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| − | * '''The sector and country.''' Private profit-making businesses are different from government-owned bodies. In some countries, certain businesses are legally obliged to be organized in certain ways.
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| − | * '''[[Tax advantage]]s.''' Different structures are treated differently in tax law and may have advantages for this reason.
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| − | * '''Disclosure and compliance requirements'''. Different business structures may be required to make less or more information public (or report it to relevant authorities) and may be bound to comply with different rules and regulations.
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| − | Many businesses are operated through a separate entity such as a corporation or a partnership (either formed with or without limited liability). Most legal jurisdictions allow people to organize such an entity by filing certain charter documents with the relevant Secretary of State or equivalent and complying with certain other ongoing obligations. The relationships and legal rights of [[shareholder]]s, limited partners, or members are governed partly by the charter documents and partly by the law of the jurisdiction where the entity is organized. Generally speaking, shareholders in a corporation, limited partners in a limited partnership, and members in a limited liability company are shielded from [[Legal liability|personal liability]] for the debts and obligations of the entity, which is legally treated as a separate "person". This means that unless there is misconduct, the owner's own possessions are strongly protected in law if the business does not succeed.
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| − | Where two or more individuals own a business together but have failed to organize a more specialized form of vehicle, they will be treated as a general partnership. The terms of a partnership are partly governed by a partnership agreement if one is created, and partly by the law of the jurisdiction where the partnership is located. No paperwork or filing is necessary to create a partnership, and without an agreement, the relationships and legal rights of the partners will be entirely governed by the law of the jurisdiction where the partnership is located. A single person who owns and runs a business is commonly known as a ''sole proprietor'', whether that person owns it directly or through a formally organized entity. Depending on the business needs, an adviser can decide what kind is proprietorship will be most suitable.
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| − | A few relevant factors to consider in deciding how to operate a business include:
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| − | # General partners in a partnership (other than a limited liability partnership), plus anyone who personally owns and operates a business without creating a separate legal entity, are personally liable for the debts and obligations of the business.
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| − | # Generally, corporations are required to pay tax just like "real" people. In some tax systems, this can give rise to so-called [[double taxation]], because first the corporation pays tax on the profit, and then when the corporation distributes its profits to its owners, individuals have to include dividends in their income when they complete their personal tax returns, at which point a second layer of income tax is imposed.
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| − | # In most countries, there are laws which treat small corporations differently from large ones. They may be exempt from certain legal filing requirements or labor laws, have simplified procedures in specialized areas, and have simplified, advantageous, or slightly different tax treatment.
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| − | # "Going public" through a process known as an [[initial public offering]] (IPO) means that part of the business will be owned by members of the public. This requires the organization as a distinct entity, to disclose information to the public, and adhering to a tighter set of laws and procedures. Most public entities are corporations that have sold shares, but increasingly there are also public [[Limited liability company|LLC's]] that sell units (sometimes also called shares), and other more exotic entities as well, such as, for example, [[real estate investment trust]]s in the US, and [[unit trust]]s in the UK. A general partnership cannot "go public".
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| − | === Commercial law ===
| + | A very detailed and well-established body of rules that evolved over a very long period of time applies to commercial transactions. The need to regulate trade and commerce and resolve business disputes helped shape the creation of law and courts. |
| − | {{Main|Corporate law}}
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| − | A very detailed and well-established body of rules that evolved over a very long period of time applies to commercial transactions. The need to regulate trade and commerce and resolve business disputes helped shape the creation of law and courts. The [[Code of Hammurabi]] dates back to about 1772 BC for example, and contains provisions that relate, among other matters, to [[Freight transport|shipping]] costs and dealings between merchants and [[broker]]s.<ref>{{cite web|url=http://mcadams.posc.mu.edu/txt/ah/assyria/hammurabi.html|title=Law Code of Hammurabi}}</ref> The word "corporation" derives from the Latin ''corpus'', meaning body, and the [[Maurya Empire]] in Iron-Age India accorded legal rights to business entities.<ref>{{cite web|url=http://www.law.yale.edu/documents/pdf/cbl/Khanna_Ancient_India_informal.pdf |title=The Economic History of the Corporate Form in Ancient India |author=Vikramaditya S. Khanna |deadurl=yes |archiveurl=https://web.archive.org/web/20131019095432/http://www.law.yale.edu/documents/pdf/cbl/Khanna_Ancient_India_informal.pdf |archivedate=2013-10-19 |df= }}</ref> | |
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| | In many countries, it is difficult to compile all the laws that can affect a business into a single reference source. Laws can govern treatment of labour and employee relations, [[Health and Safety Executive|worker protection and safety]], discrimination on the basis of age, gender, disability, race, and in some jurisdictions, sexual orientation, and the minimum wage, as well as [[Trade union|unions]], worker compensation, and working hours and leave. | | In many countries, it is difficult to compile all the laws that can affect a business into a single reference source. Laws can govern treatment of labour and employee relations, [[Health and Safety Executive|worker protection and safety]], discrimination on the basis of age, gender, disability, race, and in some jurisdictions, sexual orientation, and the minimum wage, as well as [[Trade union|unions]], worker compensation, and working hours and leave. |
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| | Some businesses are subject to ongoing special regulation, for example, [[Public utility|public utilities]], investment securities, banking, insurance, [[broadcasting]], [[aviation]], and health care providers. Environmental regulations are also very complex and can affect many businesses. | | Some businesses are subject to ongoing special regulation, for example, [[Public utility|public utilities]], investment securities, banking, insurance, [[broadcasting]], [[aviation]], and health care providers. Environmental regulations are also very complex and can affect many businesses. |
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| − | === Capital === | + | ==Administration== |
| − | When businesses need to raise money (called [[Capital (economics)|capital]]), they sometimes offer [[Security (finance)|securities]] for sale.
| + | ''Main wikipage: [[Business administration]]'' |
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| − | Capital may be raised through private means, by an [[initial public offering]] or IPO on a [[stock exchange]], or in other ways.
| + | ===External research=== |
| | + | ''Main wikipages: [[Business opportunity]] and [[Business threat]]'' |
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| − | Major stock exchanges include the [[Shanghai Stock Exchange]], [[Singapore Exchange]], [[Hong Kong Stock Exchange]], [[New York Stock Exchange]] and [[NASDAQ]] (the USA), the [[London Stock Exchange]] (UK), the [[Tokyo Stock Exchange]] (Japan), and [[Bombay Stock Exchange]] (India). Most countries with capital markets have at least one.
| + | ===Internal research=== |
| − | | + | ''Main wikipage: [[Business intelligence]]'' |
| − | Businesses that have gone public are subject to regulations concerning their internal governance, such as how executive officers' compensation is determined, and when and how information is disclosed to shareholders and to the public. In the United States, these regulations are primarily implemented and enforced by the United States Securities and Exchange Commission (SEC). Other western nations have comparable regulatory bodies. The regulations are implemented and enforced by the China Securities Regulation Commission (CSRC) in China. In Singapore, the regulatory authority is the Monetary Authority of Singapore (MAS), and in Hong Kong, it is the Securities and Futures Commission (SFC).
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| − | | |
| − | The proliferation and increasing complexity of the laws governing business have forced increasing specialization in corporate law. It is not unheard of for certain kinds of corporate transactions to require a team of five to ten attorneys due to sprawling regulation. Commercial law spans general corporate law, employment and labor law, health-care law, securities law, mergers and acquisitions, tax law, employee benefit plans, food and drug regulation, intellectual property law on copyrights, patents, trademarks, telecommunications law, and financing.
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| − | Other types of capital sourcing include crowdsourcing on the Internet, venture capital, bank loans, and debentures.
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| | === Intellectual property === | | === Intellectual property === |
| − | {{Main|Intellectual property}}
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| | Businesses often have important "[[intellectual property]]" that needs protection from competitors for the company to stay profitable. This could require [[patent]]s, [[copyright]]s, [[trademark]]s, or preservation of [[trade secret]]s. Most businesses have names, logos, and similar branding techniques that could benefit from trademarking. Patents and copyrights in the United States are largely governed by federal law, while trade secrets and trademarking are mostly a matter of state law. Because of the nature of intellectual property, a business needs protection in every jurisdiction in which they are concerned about competitors. Many countries are signatories to international [[treaty|treaties]] concerning intellectual property, and thus companies registered in these countries are subject to national laws bound by these treaties. In order to protect trade secrets, companies may require employees to sign noncompete clauses which will impose limitations on an employee's interactions with stakeholders, and competitors. | | Businesses often have important "[[intellectual property]]" that needs protection from competitors for the company to stay profitable. This could require [[patent]]s, [[copyright]]s, [[trademark]]s, or preservation of [[trade secret]]s. Most businesses have names, logos, and similar branding techniques that could benefit from trademarking. Patents and copyrights in the United States are largely governed by federal law, while trade secrets and trademarking are mostly a matter of state law. Because of the nature of intellectual property, a business needs protection in every jurisdiction in which they are concerned about competitors. Many countries are signatories to international [[treaty|treaties]] concerning intellectual property, and thus companies registered in these countries are subject to national laws bound by these treaties. In order to protect trade secrets, companies may require employees to sign noncompete clauses which will impose limitations on an employee's interactions with stakeholders, and competitors. |
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| − | === Trade union === | + | ==See also== |
| − | {{Main|Trade union}}
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| − | A trade union (or labor union) is an [[Political organisation#Labour unions|organization of workers]] who have come together to achieve common goals such as protecting the integrity of its trade, improving safety standards, achieving higher pay and benefits such as health care and retirement, increasing the number of employees an employer assigns to complete the work, and better [[working conditions]]. The trade union, through its leadership, bargains with the employer on behalf of union members ([[wikt: rank and file|rank and file]] members) and negotiates [[Labour and employment law|labor contracts]] ([[collective bargaining]]) with employers. The most common purpose of these associations or unions is "maintaining or improving the conditions of their [[employment]]".<ref name="Webb">{{cite book |last=Webb |first=Sidney |last2=Webb|first2= Beatrice |title=History of Trade Unionism |publisher=Longmans and Co. London |year=1920}} ch. I</ref> This may include the negotiation of [[wage]]s, work rules, complaint procedures, rules governing hiring, firing, and promotion of workers, benefits, [[Occupational safety and health|workplace safety]] and policies.
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| − | ==Related coursework== | + | ===Related lectures=== |
| − | *[[Enterprise Architecture Quarter]]. | + | :*[[What Career Is]]. |
| | + | :*[[Enterprise Architecture Quarter]]. |
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| − | [[Category: Septem Artes Administrativi]][[Category: Articles]] | + | [[Category: CNM Cyber Orientation]][[Category: Septem Artes Administrativi]][[Category: Articles]][[Category: Business Analysis]] |
Business is some sequence of enterprise efforts undertaken in order to make profit and/or obtain other gains.
Definitions
According to the BABOK Guide (3rd edition),
- Business (business world). An economic system where any commercial, industrial, or professional activity is performed for profit.
Way of making one's living
- Business can be an individual's regular occupation, profession, or trade.
Way of making money
- Business can also be the practice of making money by selling market exchangeables, which can be purchased, produced, or both.
For-profit entity
- Colloquially, a for-profit legal entity is often called a business. However, legal entities are usually engaged in more than one business; vice versa, some organizations distinguish several strategic business units (SBU's) within one enterprise.
Startup
- Main wikipage: Startup business
Startup business (or, simply, startup). (1) A business in its search of its business model, which usually means ways not to depend on external funding; (2) An enterprise in the early stages of operations. Startups are usually seeking to solve a problem of fill a need, but there is no hard-and-fast rule for what makes a startup since situations differ. Often, a company is considered a startup until they stop referring to themselves as a startup.
Canvas
- Main wikipage: Business Model Canvas
Capital
When businesses need to raise money (called capital), they sometimes offer securities for sale.
Capital may be raised through private means, by an initial public offering or IPO on a stock exchange, or in other ways.
Major stock exchanges include the Shanghai Stock Exchange, Singapore Exchange, Hong Kong Stock Exchange, New York Stock Exchange and NASDAQ (the USA), the London Stock Exchange (UK), the Tokyo Stock Exchange (Japan), and Bombay Stock Exchange (India). Most countries with capital markets have at least one.
Businesses that have gone public are subject to regulations concerning their internal governance, such as how executive officers' compensation is determined, and when and how information is disclosed to shareholders and to the public. In the United States, these regulations are primarily implemented and enforced by the United States Securities and Exchange Commission (SEC). Other western nations have comparable regulatory bodies. The regulations are implemented and enforced by the China Securities Regulation Commission (CSRC) in China. In Singapore, the regulatory authority is the Monetary Authority of Singapore (MAS), and in Hong Kong, it is the Securities and Futures Commission (SFC).
The proliferation and increasing complexity of the laws governing business have forced increasing specialization in corporate law. It is not unheard of for certain kinds of corporate transactions to require a team of five to ten attorneys due to sprawling regulation. Commercial law spans general corporate law, employment and labor law, health-care law, securities law, mergers and acquisitions, tax law, employee benefit plans, food and drug regulation, intellectual property law on copyrights, patents, trademarks, telecommunications law, and financing.
Other types of capital sourcing include crowdsourcing on the Internet, venture capital, bank loans, and debentures.
Model
- Main wikipage: Business model
Products
- Main wikipage: Market exchangeable
- A market exchangeable is any item of goods, services, or any intangible that can be sold.
Processes
- Main wikipage: Business process
natural business year, business process management
Development
- Main wikipage: Business development
Transactions
- Main wikipage: Market transaction
Policies
- Main wikipage: Business rule
Strategy
Competition
- Main wikipage: Competitive strategy
Behavior
- Main wikipage: Business strategy
business goal, business objective, business value
Analysis for a change
- Main wikipage: Business analysis
Needs
- Main wikipage: Business need
Requirements
- Main wikipage: Business requirement
Legal regulations
- Main wikipage: Commercial law
business law
A very detailed and well-established body of rules that evolved over a very long period of time applies to commercial transactions. The need to regulate trade and commerce and resolve business disputes helped shape the creation of law and courts.
In many countries, it is difficult to compile all the laws that can affect a business into a single reference source. Laws can govern treatment of labour and employee relations, worker protection and safety, discrimination on the basis of age, gender, disability, race, and in some jurisdictions, sexual orientation, and the minimum wage, as well as unions, worker compensation, and working hours and leave.
Some specialized businesses may also require licenses, either due to laws governing entry into certain trades, occupations or professions, that require special education or to raise revenue for local governments. Professions that require special licenses include law, medicine, piloting aircraft, selling liquor, radio broadcasting, selling investment securities, selling used cars, and roofing. Local jurisdictions may also require special licenses and taxes just to operate a business.
Some businesses are subject to ongoing special regulation, for example, public utilities, investment securities, banking, insurance, broadcasting, aviation, and health care providers. Environmental regulations are also very complex and can affect many businesses.
Administration
Main wikipage: Business administration
External research
Main wikipages: Business opportunity and Business threat
Internal research
Main wikipage: Business intelligence
Intellectual property
Businesses often have important "intellectual property" that needs protection from competitors for the company to stay profitable. This could require patents, copyrights, trademarks, or preservation of trade secrets. Most businesses have names, logos, and similar branding techniques that could benefit from trademarking. Patents and copyrights in the United States are largely governed by federal law, while trade secrets and trademarking are mostly a matter of state law. Because of the nature of intellectual property, a business needs protection in every jurisdiction in which they are concerned about competitors. Many countries are signatories to international treaties concerning intellectual property, and thus companies registered in these countries are subject to national laws bound by these treaties. In order to protect trade secrets, companies may require employees to sign noncompete clauses which will impose limitations on an employee's interactions with stakeholders, and competitors.
See also
Related lectures
