Friday, January 3, 2020

How A Business Is An Organization Or Economic System

Introduction: A business is an organization or economic system where goods and services are traded for one another or for money. Every business requires some form of profit and this will mainly be traded through investment. Entrepreneurship is the process of which starting a business, This is usually a new company offering an innovative product, process or service. There are four different business sizes which are Micro, Small, Medium and Large Businesses. A micro Business has up to nine staff members and popular examples of it are Corner shops and Newsagents. Many Business owners like the idea of starting a micro business because they want to be the boss and they wish to be independent. Many individuals also believe that with hard work and thorough planning, starting and running their own business will provide a better income which might not be the same for working for another business/company. A Small Enterprise has between 10-49 staff members, popular examples of a Small business is a Law firm or a tuition centre. A large business consists of more than 250 staff members, examples of a large business is a University or a hospital. A large business can generate more income because It will be open to more people, However it may require a lot of funds to startup and run. There are five different types of Business ownerships which are Sole trader, Partnership, Limited Company, Public limited company and social enterprise. A sole trader is a Business owned by one person,Show MoreRelatedAccounting Information System Chapter 1 Discussion Questions1687 Words   |  7 PagesDiscussion Questions 1. Discuss some of the challenges facing business today. Does information technology play a role in these challenges? Explain. The business world and society in general are undergoing phenomenal and sometimes turbulent change. 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