Concept of Business

The term business comes from the Latin “negotĭum”, which is a word formed by nec
and otium (“that which is not leisure”). It is the occupation, activity or work that is
carried out for profit.

According to (Maximiano, 2005):

“A business is any activity that provides goods or services to consumers for the purpose
of making a profit. Examples of goods provided by a business are tangible items such as
cars, televisions, or soda. A service is a consumable, one-time benefit. Services include
things such as haircuts, hotel stays, or roller-coaster rides. Business can generate profits
from the sale of goods and/or services, and profits are the financial reward that comes
from taking the risk of running or owning a business.”

Thus, it can be said that business is a matter of a profitable occupation, the action and
the effect of negotiating, such as transactions and the profits obtained from what is
commercialized, are other meanings that this concept admits.

In addition to the definition mentioned above, the business also be considered an action
in which a negotiation or commercialization in carried out, that is, the act or formally
negotiating an order to buy or sell products is done. In this way, a merchant can have his
physical space called a business or store.

Business Goals

For Peter Drucker, the objective of a business is the development of customers and not
the profits themselves. In his understanding, the customer is the base of a business and
the person responsible for this business to proceed.

Clearly the goal of most businesses is to generate a profit by increasing revenue while
holding expenses in check, and one of the chief ways they do this is by providing their
customers with value. When businesses talk about value, they are referring to the
relationship between the price a customer pays for the good or service and the perceived
benefits the customer receives in exchange for his or her time and money.

Value has become such a key component of today’s business model that if you go to
almost any fast-food restaurant you’ll find a “value meal” or “value menu” advertised.
That said, the main objective of a business is to get and please a consumer. However, it
is a fact that in today’s world there are entrepreneurs who behave incorrectly, only
caring about the profit of their business, not giving that much value to the consumer,
even committing the sale of deceptive products just to obtain capital. This type of
company does not fit ethically into the definition of business, since in practice there is
no exchange between the providers being the only beneficiary.

Advantages of a business

Disadvantages of a business

Steps to follow to open a business

The most important characteristic for in a business is to have a passion for the project. It
should always make you excited and sparkle in your eyes.

Once you've figured out what your passion is, you need to get your hands dirty and get
started with your plans. Entrepreneur Lewis Howes made a list with some tips on how
to start your business.

1. Choose the field of action: It is important that you know what products you are
going to offer the market and that you start creating them now. Always try to
mature your ideas to reach a final model. In addition, always be willing to
rethink what you have already determined, always seeking to improve the
quality of the products you offer.
2. Research your market: after you choose your field of action, is essential to
understand the competition and the market when starting your business. Do in-
depth research to become a subject matter expert. It is important that you try to
add differentiating elements to your idea, so that you can have a good output,
recognition and, consequently, achieve profit.
3. Have a goal: Many entrepreneurs usually set new goals every six months.
However, it is always important to have a main goal to reach. Think about what
your biggest goal is and plan to take a small step each day to get there.
4. Analyze the financial issue: Plan how you will be able to obtain the necessary
financial resources to open your own business. Research the best financing
options and the advantages of choosing one payment method or another. By
 delimiting this part, the chances of having problems within the company are
reduced.
5. Develop a plan: Make a list of your strengths and weaknesses, the advantages
and disadvantages of your business, the profit you believe you will achieve in a
given time. By predicting this type of data, it is easier for you to get the job done
and achieve success within the new professional field.
6. Produce content that people want to share: Looking for inspiration in large
companies can always be something interesting to feed your ideas. But don't
forget to produce something unique for your brand – especially if we're talking
about your own website. With technological advancement, people like websites
with differentiated content, which they can always access and share. Create
something that will be a reference to the audience.
7. Choose space: You may need a fixed location to establish your new company or
even digitally. if this is physical, think about the ideal size considering the type
of business you are thinking about opening, what is the best location, among
other factors. Also choose a place that is within your financial conditions, so as
not to create too many debts at the beginning of the company.