What is Business and why does it exist?
The common perception of business people and economists is that…
“Business exists to make a profit” – “Business is driven by profit” – “Profit”.
Is “profit” the real reason business exists?
Maybe in a vacuum, but let’s take a broader view of the situation…
Does Apple exist to make a profit?
Does Amazon exist to make a profit?
Or… is profit the benefit or feedback they receive for providing excellent products and services?
Does your iPad sit on your desk so Apple can make a profit?
Or… does your iPad sit on your desk to provide a service that improves the quality of your life?
Here is the answer to the title:
“Business is a function that exists to provide quality products and services to improve the quality of life for society at large”.
Business serves an important function in everyone’s life and provides products and services that fill in gaps that enable society to exist better today than they did yesterday.
Sometimes, business is viewed as evil because strategies are based on gaining profit for providing products and services.
Business is based on competition – the winner is determined based on who creates the most wanted product and/or service.
Where would we be today without the function of business?
Business is critical for the success of society and an economy’s strength is predicated on the success of its businesses.
Some people look down on business because the stereotype is that business people are cut-throats who aim to win at all costs.
Business competition does attract these types of people and stories are written about these select few because of the emotions that are triggered – they sell newspapers.
On the other hand, people get into business because they want to better society and provide products that help people live a better quality of life.
Compete – Develop – Provide a Service – Provide a Product – Improve the quality of Life
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