9 Basic Features of Business

The business is the activity of production, distribution and promotion or selling goods or providing services in exchange for money in a legal way. The size of business may be big, middle or small.

Again, business can be production business or marketing business by its working system. From this discussion, you should understand that there is a difference in 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 business like external, internal, visible or invisible that elements create difference from other subjects and these elements are called features of business.

There are some features related to originality and these are…..

1. Entrepreneur
No business can be started without the enterprising activity of entrepreneur. For this reason, for staring any kind of business there is always needed to an effective enterprising activity of entrepreneur. This is not important that what kind of business organization it is. It is more important that the entrepreneur should collect necessary elements, supplying capital and after all the Risk before starting a business organization. So, the conjunction of entrepreneur in business is very important.

2. Expectation of Profit
The primary object or goal of a business is to earn profit. Risk has to take for running a business. For this reason, the business man is agreed for taking risk with the hope of profit. Again, profit of business is one of the best elements of determining the existence of business. The necessity of profit is essential for stability of business. So, the expectation of getting profit is one of the best features.

3. Risk and Uncertainly
Risk and uncertainly is one of the most basic features. If you want to manage your business organization, you have to face some risk and uncertainly. There is a proverb in business that No risk, No gain. Normally, the risk is less for big business person then small business person. So, pre-determined, risk and uncertainly are the features of business.

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 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 business. This is because sudden sale.

5. Organization
Organization is adjusting of overall functions of a business. This is not any fact that what the size of your business organization is. Organization is an important element for managing your business. Life supplies power in our body as like organization supplies power in business. Organization is only combined and coordinates different elements of business like land, labor and capital. Organization can be different according to nature of 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 is dependent on the quantity of capital. If you are managing a small business, you will need small amount or capital and for big company, capital is need big. So, it is very need for managing business to collect capital and for this reason, capital is one of the most features of business.

7. Economic Activities
Business is a organization of integrated economic activities. Economic activities are creating utilize like place, time etc. You will get value if you fulfill the utility of man. So, it is also a feature of business.

8. Transaction at Money Value
The value of money should be in all kinds of products that are related to business. If there is no money value of any content or product, it will not be the element of business. At the present time it not allowed to commodity changes. So, it is one of the most basic features of businesss.

9. Legal Validity
The activities of 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 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 different strategy and all this strategy, rules should the features of business. If you know the basic features of business, it will help you in professional life for starting a business.