Definition of Business by Different Authors | Business Definition by Experts

Definition of Business by Different Authors
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In a normal sense, Business is all legitimate economic activity, including production and distribution, for the purpose of making a profit.

Business is related to an equation which is as follows:

B = ΣI+ ΣT + ΣAT
Where,
ΣI = Industry (Related to production)
ΣT = Trade (Distribution of products)
ΣAT = Auxiliaries to trade (Business related all activities)

Definition of Business by Different Authors:

Koontz and Fulmer define business as: “Any person, group company or government department or agency whose purpose is to produce or sell products or services.”

According to Griffin and Ebert (1996): “Business is an organization that provides goods or services in order to earn profit”

According to Peter F. Drucker: “Any organization that fulfills itself through the marketing of product or service is a business.”

Skinner and Ivancevich define business as: “Business is the exchange of goods, services or money for mutual benefit or profit.”

B. B. Ghosh defines business as: “Business denotes human activities which produce or acquire wealth through buying or selling of goods.”

Brown and Petrello (1976) define business as: “Business is an institution which produces goods and services demanded by people”

According to Dicksee, Business refers to a form of activity conducted with an objective of earning profits for the benefit of those on whose behalf the activity is conducted.”

According to Stephenson: “The regular production or purchase and sale of goods undertaken with an objective of earning profit and acquiring wealth through the satisfaction of human wants.”

Prof. Y. K. Bhushan Said: “Business may be defined as the organized production or sale of goods undertaken with the object of earning profit through the satisfaction of human wants.”

Definition of Business by Different Authors:

Steinford (1979) defines business as: “Business is all those activities involved in providing the goods and services needed or desired by people”.

Afuah Allan (2004) defines business as: “Business is a set of activities undertaken to create a way to develop and transform the December power to goods or services that consumers want.”

According to Prof. Norman Richard Owens: “Business means an enterprise engaged in the production and distribution of goods for sale in a market or the rendering of services for a price.”

Stoner, Freeman & Gilbert, 1995: “Small Business refers to businesses locally owned and managed, often with very few employees working at a single location.”

According to Keith and Carlo: “Business is a sum of activities involved in the production and distribution of goods and services for private profits.”

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