Business is defined as working and selling your own artifact. These businesses can be commercial,industrial or NGOs,Partnerships,small business or start up.
- Commercial businesses make a profit by selling products or services to consumers.
- An example of a commercial business is a restaurant. Restaurants sell food and make money by charging people for their meals.
- Industrial businesses are companies that produce goods for other companies to use and sell to consumers. Industrial businesses often work with other industrial and commercial businesses to create a finished product that will be sold to consumers.
- NGOS are non-profit organizations that help people in their community and make the world a better place to live,they raise money from people who support their cause.
- Partnerships form when two or a group of people start a business together because they share a common goal and have the same vision for the future of the business. Partnerships can either be for profit or not for profit.
- Small business consists of individuals who run a small business with a small number of employees and limited resources. Most small businesses start out as sole proprietorships and later develop into limited liability companies when they grow larger.
- Startups are new companies that have just recently started their business. They often rely on angel investors and venture capitalists to help them get up and running and expand their business.
What to do before starting a business? Let's get into it!
Every business needs a business plan because it provides a clear roadmap for how the business will operate. A business plan should include information on what the business is and how it will make money, how the management team will work together, where the money will be raised to fund the business and how the company will become profitable in the future. Creating a business plan is a helpful way to evaluate if a particular business idea is viable and determine if sufficient funding is available to make the idea a reality.
It's your step-by-step guide that shows you what you need to start your business and how to get your business started. Business plans include details on how to run business operations including market strategies, production and sales forecasts, financial projections and other important information.
Some amazing examples of well-known Businesses:
Some well-known businesses are Mcdonald's, Starbucks and Nike. These businesses are all very successful and have made a lot of money for their owners.
Mcdonald's is a fast food restaurant that was founded in 1940. Today it has more than 33,000 locations around the world and serves around 68 million people a day. It was the largest fast-food chain in the world until 2016 when it was overtaken by Subway.
Starbucks is an American company that was founded in 1971 in Seattle, Washington. The company sells coffee drinks, pastries and snacks. It currently has more than 28,000 stores in over 60 countries around the world and employs about 150,000 people. Starbucks is the biggest coffee chain in the world and generated sales of almost $21 billion in 2017.
Nike is a company that produces sports equipment and clothing. It was founded in 1964 in Oregon in the United States by William Bowerman and Philip Knight under the name Blue Ribbon Sports. It is headquartered in Beaverton, Oregon and employs more than 72,000 people worldwide.