People engage in business for several reasons, but the most compelling reason for many is to earn a substantial income. Entrepreneurs have income limited only by the practical opportunities in the marketplace, as opposed to the salary maximum established by an employer.Know More
The desire to work independently in pursuit of a vision is another primary driver of entrepreneurial business activity. Some people don't want to work for a boss. Others have an innovative mind or brilliant idea, and they want to pursue their business vision on their own as opposed to sharing the idea within an existing organization.
People also engage in business to make a difference in the world. Bill Gates has been financially successful as the founder and leader of Microsoft, but he also relishes in what the technological innovation of his company has done for global communication. Gates also gives a lot of money to charity through the Bill Gates Foundation.
Engaging in self-employed business activities allows greater life freedom and flexibility than working for an employer. When individuals set up their own businesses, they are able to set their own hours and policies, establish prices, and make all important decisions on how to operate the company.Learn More
According to the Houston Chronicle, the functions of a research and development department are to engage in new product research and development, existing product updates, quality checks and innovation. The functions of this department are closely related to the functions of the sales, production and other divisions, requiring collaboration. The department is crucial in developing new products that are competitive in the market through extensive product and market research.Full Answer >
The nature of a business is the type of sector or industry to which it belongs. There are several primary and broad sectors of business categories, which include statutory, voluntary and private sectors. Businesses generally fall into one of those categories, which are determined based on the type of work that businesses perform.Full Answer >
Change is important in business as it enables a company to meet the dynamic needs of its customers and create growth opportunities. Change also allows a business to keep up with advancing technology and respond to different economic conditions, such as strong or weak economic growth.Full Answer >
Inventory, or specifically inventory management, is important for a business to ensure that the business is able to maximize potential sales and market share. Inventory plays a key role in business strategy as it represents a portion of the business's assets and one of its primary sources of revenue.Full Answer >