Summary Introduction to Business – Complete Beginner Notes | UK & US Universities

INTRODUCTION TO BUSINESS – COMPLETE NOTES


1. What is Business?

- Business is an organization or activity that provides goods or services to customers for profit.

- Every business aims to meet customer needs and create value.


2. Types of Business Activities

1. Production – Making goods (e.g., factories, manufacturing)

2. Buying & Selling (Trade) – Retail, wholesale

3. Services – Banking, healthcare, consulting

4. Support Activities – Marketing, HR, IT, finance


3. Objectives of Business

- Profit-making: Main aim to earn money

- Customer satisfaction: Delivering good quality goods/services

- Innovation: New products & services

- Social Responsibility: Ethical and sustainable practices


4. Types of Business Organisations

1. Sole Proprietorship – Owned by one person

2. Partnership – Owned by 2+ people, share profits/losses

3. Private Limited Company – Limited liability, private shareholders

4. Public Limited Company – Shares traded on stock market

5. Cooperative Society – Owned & managed by members


5. Functions of Business

1. Production/Operations – Making goods/services

2. Marketing – Selling products, understanding customer needs

3. Finance – Managing money, investments

4. Human Resource (HR) – Managing employees, recruitment, training