Again, the business can be a production business or marketing business through its working system. From this discussion, you should understand that there is a difference in a pattern in business but some features are in businesses that are same all pattern. We can say these patterns are the feature of business.
There are some elements in a business like external, internal, visible or invisible that elements create the difference from other subjects and these elements are called features of the business.
There are some features related to originality and these are…..
1. Entrepreneur
No business can be started without the enterprising activity of an entrepreneur. For this reason, for staring any kind of business there is always needed for an effective enterprising activity of an entrepreneur. This is not important that what kind of business organization it is. It is more important that the entrepreneur should collect the necessary elements, supply capital and after all the Risk before starting a business organization. So, the conjunction of an entrepreneur in business is very important.
2. Expectation of Profit
The primary object or goal of a business is to earn the profit. Risk has to take for running a business. For this reason, the businessman is agreed for taking the risk with the hope of profit. Again, profit of the business is one of the best elements of determining the existence of the business. The necessity of profit is essential for the stability of the business. So, the expectation of getting profit is one of the best features.
3. Risk and Uncertainty
Risk and uncertainty are one of the most basic features. If you want to manage your business organization, you have to face some risk and uncertainty. There is a proverb in business that No risk, No gain. Normally, the risk is less for the big business person than the small business person. So, pre-determined, risk and uncertainty are the features of the business.
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4. Recurring Purchase and Sale
The main thing in the business is to purchasing and selling products. But, if you sell a product suddenly, it will not be a business. So, there should be a recurring buy and sale in business. Such as, a bought a computer for his own need and later he sold it to another. Like this kind of transaction will not be included in the business. This is because of sudden sale.
5. Organization
The organization is adjusting of overall functions of a business. This is not any fact that what the size of your business organization is. The organization is an important element for managing your business. Life supplies power in our body as like organization supplies power in business. The organization is only combined and coordinates different elements of business like land, labor, and capital. The organization can be different according to the nature of the business. But a business can not run without proper organization.
6. Financing
It is said that the capital is the life of a business. The size and exits of a business are dependent on the quantity of capital. If you are managing a small business, you will need the small amount of capital and for the big company, capital needs big. So, it is very needed for managing the business to collect capital and for this reason, capital is one of the most features of the business.
7. Economic Activities
Business is an organization of integrated economic activities. Economic activities are creating utilize like the place, time etc. You will get value if you fulfill the utility of man. So, it is also a feature of business.
8. The transaction at Money Value
The value of money should be in all kinds of products that are related to business. If there is no monetary value of any content or product, it will not be the element of the business. At the present time, it not allowed to commodity changes. So, it is one of the most basic features of the business.
9. Legal Validity
The activities of the business should be run according to the law of our land. Cause, if there is all kind of element in business but it is doing the illegal activity; it will not be a business. Such as, Smuggling is not legal to any country. So, legal validity is a feature of a business.
You will see different organizations and they have the different strategy and all this strategy, rules should the features of the business. If you know the basic features of business, it will help you in professional life by starting a business.
