Brian Alouda Itava

BUSINESS IN THE SOCIETY Business is the only career or practice that can favor both the learned and the uneducated at the same time. Business makes a greatest percentage of income generating activities all over the world. Think of the most successful people in the world like Steve Job, Richard Branson and Bill Gates for example, what are they referred to? You do not need to be told that they are referred to as Businessmen. They are not the only ones running things in the world there are hundreds of thousand other business people who have existed over time. For your information, the Republican leading Presidential Hopeful, Donald J. Trump is a successful businessman with a lot of brands under and after his own name. Secret Behind a successful Business There are a few guiding principles that determines a successful business and the most common include determination, discipline, dedication and focus. One must have the drive to venture into business notwithstanding the challenges that come along with the decision. As a matter of fact, business, venturing into business is a great thing to do as it will translate into a raised stand of living but be warned there are a lot of risks to be considered before starting a business. As earlier stated, the will and the drive to do business, must be accompanied by determination and dedication, most of the time while starting a business or somewhere in the middle, there are a lot of raging tides hitting on the business, the storms of decline in demand for your product or service for example, the risks of losing your capital or assets to theft or accidents among others, with discipline and dedication stated above you can survive a great deal. Types of Business Business could be described as any activity that results in income generation through selling of products and or service to a defined group of individuals or organizations. There are four major types of businesses and these includes sole proprietorship, partnership, corporation and a non-profit cooperation. Sole proprietorship This is a form of business that is started and owned by an individual, in many cases he gets his capital from family and friends. He/she shares the returns from the business with no one but unfortunately he duffers the loss all alone. Partnership Unlike sole proprietorship, partnership form of business involves two or more people especially professionals in a given field say medicine. They come together with the aim of starting a business, they contribute capital and that also means they share profits and losses equally. Corporation This is a more complex form of business that have privileges, liabilities and certain legal rights. There are more profits in this form of business. It can sue or be sued in a court of law. Non-profit cooperation This is form of business that has a legal entity but is not meant for profit reasons but for achievement of a certain goal or objectives. In most cases these types of businesses are run by social organizations. To operate a successful business there are a few responsible steps to be followed that have been proven to work in any business environment and these includes: defining business principles and policies, identifying key stakeholders, and setting up internal monitoring of the business operation.