Characteristics of Business

 Business is the process of exchanging product or service on the behalf of money for mutual development of one another.

There are many characteristics of business. Some of important characteristics are as below-

1.Economic activity- It is the first characteristics of business. It is an economic activity because money involves all functions sub function of business. Without money no any activities of business is performed.

2. Exchange- Business is the process of exchanging between two persons, groups, organizations etc. First person is called Seller and second person is called buyer. Seller gives product and get money whereas buyer gives money and get product so exchange happens between them.

3. Risk- Business has maximum risk. It depends on the size of business.If the size of business is large the ratio of risk is also very high whereas the size of business is low the size of risk is low. There are two types of risk. These risks are systematic and unsystematic. 

4. Uncertainty- Every business has to face uncertainty. The need, want, desire of customers are changing so it is possible product or service is popular one time may not useful in other time so we have to anticipate.

5. Continuous activity- It is also an important characteristics of business. It performs its functions in the form of 24 into 7 . There are only five days in which plant is closed in India. These five days are national holidays. These days are 26 January, 15     August, 02 October Vishwakarma Puja and any election day.

6.Creative- Business is a creative activity. It innovates new product or service that develops common man, society. It saves time, energym effort, resource of customers.

7.Legal activity- It is a legal activity. It follows the rules, regulation, law that is made by local, state and central government.

8.Social activity- It is a social activity. It follows the customs, tradition, cultural, civilisation, norms, ethics of society.

9.Development approach- The approach of business is development. It develops common man, customers, consumers, society and nation.

10. Goal oriented- It is a goal oriented approach. These goals are changable according to time but it has a goal. These goals may be Survival, Sales revenue maximization, profit maximization etc.

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