A business is a legal entity that is set-up or designed to make goods, sell goods, or provide a service. Many businesses are for-profit organizations as opposed to a non-profit organization or hobby job. How an organization is structured affects how a business is run, how it is taxed, and how profits are distributed. The actual business structure can also affect the personal liability of any owners of the business.
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The title of this post has another dimension, too.
ReplyDeleteWhat is [the] business [of the organization] is the question which the top management of the organisation needs to define.
This can be in the from describing the purpose or product in as clear and as precise terms as possible. It should be able to provide the basis for the current and future strategic intent for the organization.
It is also necessary that all other stakeholders are aware of this purpose and should, preferably, in agreement.
The vision and mission statements are the tools to articulate and communicate the purpose for which the organisation exists.
The purpose of the business has a time dimension as well.