20 Definitions of Business According to Experts (Full Discussion)
20 Definitions of Business According to Experts (Full Discussion) – In everyday life, we are familiar with the term business or doing business. The word business comes from the English language, namely busy which means busy. The word busy in old English is bisignical, which means a state where someone is busy "a state of being busy". Meanwhile, etymologically, business is a situation where individuals or groups of people are busy doing work that can generate profits or profits.
The word "business" has three uses, namely singular use which refers to a business entity, namely a juridical and economic entity whose purpose is to make a profit. Broader usage refers to a specific market sector, for example the agricultural business. The broadest usage refers to all the activities carried out by a community.
20 Definitions of Business According to Experts (Full Discussion)
The exact definition of business and its truth is still a matter of debate today. Based on economics, business is an organization that sells services or goods to buyers or consumers or other businesses, to make a profit. In this discussion, we will explain more broadly the meaning of business according to experts.
Understanding Business According to Experts
There are several experts who express their opinions regarding the meaning of business, the following will be explained clearly.
1. Prof. Owen
Business is a company that is related to the production and distribution of goods to be resold to the market or to provide a price for each item or service.
2. Urwick and Hunt
Business is any company that produces and distributes and also provides goods and services needed by the community and on the basis of their willingness to buy or pay.
3. Mc. Naughton
Business is an exchange of goods, services or in the form of money with the aim of making a profit.
4. Prof. L. R. Dicksee
Business is a form of activity whose purpose is to gain profit for those who have an interest in or to carry out these activities.
5. William Spregal
He argues that business is one of the activities related to the production and distribution of goods and services that can be classified in business activities.
6. hoops
Here he argues that business is a complex whole in the fields of industry and sales, on the basis of industry, process, industry manufacturing as well as in networks, insurance, banking, in the fields of distribution, transportation and so on which will then enter the world as a whole. business. Which aims to gain profits for those who work on it.
7. Merriam Webster
Business, namely all activities of making and buying and selling of goods and services which are then exchanged for money, activities and goods work is a job and the number of activities that can be completed by a company, factory or shop.
8. Brown and Petrello
Here they argue that business is an institution that produces goods and services needed by society. If the community's needs increase, then the amount of production is increased so that it can meet all the needs of the community while earning a profit.
9. Steinford
Steinford argues that business means an activity in the supply of goods and services needed by consumers.
10. Musselman and Jackson
Here they both argue that business is the sum total of organized activities in the field of commerce and the supply of goods and services industry can meet the needs of society and can improve the quality of people's lives.
11. Plowman
Plowma argues that business is a series of activities that have to do with the buying and selling of goods and services that are carried out repeatedly
12. Haney
Here he states that business is defined as human activity that has to do with production and obtaining wealth through the buying and selling of goods.
13. businessdictionary
He argues that business is an organization or economic system in which goods and services are exchanged for money. Businesses need large investments as well as customers to sell a certain amount of output in order to gain (make) a profit. Not only for personal gain but businesses can be privately owned
14. Huat, T Chwee (1990)
Here Huat, T Chwee explains that business in the broadest sense is one of the more common terms describes all the activities and institutions that produce goods and services in life daily. Business is a system that produces goods and services to satisfy needs society (business is then simply a system that produces goods and services to satisfy the needs of our society.
15. Steinford (1979)
Steinford stated that Business is an institution which produces goods and services demanded by people.” It means namely, business is an institution which can produce goods and services needed by public. If the needs of the community increase, then business institutions will also increase their development in meeting these needs, while making a profit.
16. Griffin and Ebert (1996)
They both explained "Business is all those activities involved in providing the goods and services needed or desired by people". In this sense, business is defined as an activity that provides goods and services which are needed or desired by consumers. This can be done by a company organization that has a legal entity, as well as companies that have a business entity, or by individuals who do not have a legal entity. or business entities such as street vendors, such as stalls that do not have a Business Location Permit (SITU) and Business Place Permit (SIUP) and also informal businesses other.
17. Hughes and Kapoor
They argue that Business is an organization that provides goods or services in order to earn provit. In line with the above understanding, business activities through the provision of goods and services have the aim of generating profit (profit). A company is said to generate profits when the total receipts in a period (Total Revenues) are greater than the total costs (Total Costs) in the same period. Profit is a main attraction for conducting business activities, so this needs to be through the profits of business actors who can expand their business scale in order to increase greater profits.
18. Allan Afuah (2004)
Here he argues that Business is the organized effort of individuals to produce and sell for a profit, the goods and services that satisfy societies' needs. The general term business refers to all such efforts within a society or within an industry. That is, business is an individual business activity that is organized so that it can produce profits sell goods and services in order to gain profits to meet the needs of society and those in the industry. People who work for money and time by taking risks when carrying out business activities are also known as Entrepreneurs.
19. Glos, Steade and Lowry (1996)
Here they all argue that business is a set of activities carried out in order to create with how to develop and to transform various resources into goods and services that consumers want.
20. Mahmud Machfoed
Here he explained that business is a trading business carried out by a group of people organized in order to make a profit by producing and selling goods and services in order to meet needs consumer
In the world of economics, business has characteristics including the following:
- Social and economic institutions or organizations
- Related to a variety of goods and services in meeting human needs.
- Looking for profit, profit or profit.
- Determine the appropriate price
- There will be a possibility of incurring a loss
There are three important things in business including: producing goods and services, seeking profit, and maximizing consumer needs.
Thus a brief explanation about20 Definitions of Business According to Experts (Full Discussion), hopefully it helps add to the reader's insight and is useful for those who read it. Thank You.
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