Importance Of Business ~ POC Notes

IMPORTANCE OF BUSINESS:
PRODUCTION OF GOODS: It is the only business that gave rise to production on commercial basis. In the olden days man produced goods for his own consumption. He could not produce complex and sophisticated goods like cars, TV’s, airplanes, computers etc that are the fruits of business.

DISTRIBUTING GOODS: Business activity is not confined to production. It includes distribution Goods and goes even beyond it in the form of guarantee or warranty, after sales services, and making available spare parts.

SUCCESS OF INVENTION & INNOVATIONS: The success of inventions counts on business. New inventions are speedily coming up. Today’s invention gets obsolete tomorrow. Today’s luxury and comfortable life is the outcome of business.

SUCCESS OF INDUSTRIAL REVOLUTION: The success of Industrial Revolution that began in the late seventeenth century can be attributed only to business. The main theme of the revolution was some new inventions in the textile sector.

INTERNATIONAL BUSINESS: International business activities developed international business. Today goods and business services are traded across the borders around the word worth trillions of dollars.

STANDARD OF & WEALTH: Business creates wealth that increases standard of living. In the past life was difficult because the consumer had to make things on his own and could not produce everything. Business made it possible for the consumers to get desired products on the markets

GROWTH OF HIGHER EDUCATION: Today’s business has become rather complex. Business complexities have emerged from competition, development of new production, marketing techniques, and increased human faculty. An average and ordinarily educated person cannot analyze the situation, understand and solve problems, so these complications increase the level of education.

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