Understanding business is not as hard as we think, but there are certain points we need to know before speaking about Business. If we want to know the details of anything or any subject we need to start from its first beginning, same approach is applied to our post today.
Business is the major player in an economic growth, it’s the key to employment which will lead to a society and community development. Business is when we exchange products and services, and for me I think it was the first move connecting people with each other’s, at first we were hunters and each person is responsible for bringing his needs without any help. While Business is about helping each other, let’s say if a party has a certain product or service he can easily exchange it with the other party for another product or service. That is what was the bartering. This network between people evolved until it reached what we know now as a modern business it was the reason behind changing Economic, social, technological, and even political aspects. Yes, it’s all about Business.
In order to work the business the parties involved should exchange products and services with value, the higher the value the bigger the price. Another important point that made the business appear the way we know it today, was the rise of manufacturing, transportation, communication, and a lot of other sectors which created opportunities to launch different types and sorts of businesses.
Business is a huge word that contains almost everything related to Finance, economy, profit, loss, where the companies, agencies, ownerships, etc. are used to run a certain business. In the old days it was just about exchanging products and services, where Nowadays there are conditions that must be applied to have a successful business, and here comes the role of the functioning, which means how to present a certain product or service (designing, producing and all steps until delivering). We cannot talk about business without mentioning the financial part, which is essential for growth and continuity. An owner should know how to manage his financial resources, starting with budgeting, accounting to analyzing and much more. Big world with a lot of complications but business is essential in our life these days. Running a successful business is not eating a piece of cake and for sure it has its challenges, especially with all the evolution we are passing through. Each product or service has a lot of competitors, the market is getting bigger, and new incomers are always entering so a successful business need to be different from others and that’s not as easy as it looks. Other factors may also affect all over the world but mainly in developing countries, Economic uncertainty can lead to destroy a certain business, and meeting the regulations and laws is very important for protecting the entity and guaranteeing the path to go on and on while contravening these laws will lead to really bad circumstances. After all technology is the Foundation stone for almost everything and not adapting to it will put almost every business outside the competition. Talking about the importance of technology and business together we cannot bypass talking about Nokia after being the first and the leader of the market, but one missing step by not adapting the smartphone revolution caused them to lose a huge share to Apple and Samsung, of course in addition to many other factors like some strategic missteps, internal and Organizational challenges. As for me as an Employee since 2017 I had a chance to start a personal business it was a coffee shop even this kind has its own challenges mainly the existence of a lot of competitors and offering products and services with high quality but low price. The feasibility study I made was successful, the plan as a whole was working properly and just perfectly, till suddenly the economic situation just dropped down and the value of our local currency dropped about 98.7%. That was the biggest challenge ever that happened where I live, causing a disaster for tens but hundreds of businesses to shut down and thousands of employees to be laid off. I highlighted this point to clarify that business can lead to economic growth and improvement in community lifestyle, but on the other hand, bad economic policies can lead to destroy businesses, resulting to ruin the community. An additional point to be taken into consideration that is every individual has to support the local businesses since this will turn positively on improving their way of living starting with products and services prices and not ending with the increase of employment rates in a certain community. As a conclusion, we all need to understand what business is and how it works since it’s a mainstay to build a community, as it plays a significant role in economic growth and development. The evolution is running fast and all sectors must follow to keep opening opportunities for different types of businesses. Still, the main idea is running a successful business while keeping in mind the challenges and being aware of finding solutions. From Competition to market dynamics and economic uncertainty not to forget the regulations and laws and other obstacles. Keeping ourselves updated on technological advancements is essential, as failing to embrace change can lead to a huge negative impact. (Remember the example of Nokia) I believe my Personal experiences in business put the light on some complications. Even a successful feasibility study and a well-executed plan do not guarantee a hundred percent safety from external factors. The relationship between business and the economy is entangled. While business has the potential to drive economic growth and enhance communities, it is vulnerable to external forces. It is essential to foster an environment that supports business development also that can happen from the side of governments to set regulations and policies that encourage small and medium businesses to get involved in the market to ensure the well-being of the community as a whole.
Talking about business we will have to keep in mind what Harold Geneen said “In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later."
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