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Difference between revisions of "Business"
 
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[[Image:Calvin Coolidge cph.3g10777.jpg|thumb|250px|right|"The business of America is business." - [[Calvin Coolidge]] ]]
 
'''Business''' generally refers to an activity producing revenue, sustenance, or subsistence.  All sources of income for individuals and governments are in one way or another directly the result of  business activity.
 
'''Business''' generally refers to an activity producing revenue, sustenance, or subsistence.  All sources of income for individuals and governments are in one way or another directly the result of  business activity.
  
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'''Business''' is a term with a multitude of economic meanings, varying distinctly in scope.  As a broad field, "business" can be used to refer to a field of [[social science]] aimed at achieving particular economic goals, typically service, gain, or [[profit]].
 
'''Business''' is a term with a multitude of economic meanings, varying distinctly in scope.  As a broad field, "business" can be used to refer to a field of [[social science]] aimed at achieving particular economic goals, typically service, gain, or [[profit]].
  
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Less generally, "business" can be used to refer to a specific [[industry]] or [[market sector]] in an [[economy]].  Examples include the "fast food business" and the "automobile business".
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Less generally, "business" can be used to refer to a specific [[industry]] or market sector in an [[economy]].  Examples include the "fast food business" and the "automobile business".
  
 
"Business" can also be used as a [[synonym]] for a specific business entity, a.k.a. [[corporation]], [[company]], etc.
 
"Business" can also be used as a [[synonym]] for a specific business entity, a.k.a. [[corporation]], [[company]], etc.
 +
 
== Key factors for success in business ==
 
== Key factors for success in business ==
  
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*[https://archive.ph/4Es44#selection-232.0-249.24 Critical Success Factors]
 
*[https://archive.ph/4Es44#selection-232.0-249.24 Critical Success Factors]
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=== Business execution ===
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''See also:'' [[Business execution]]
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[[Business execution]] is about the implementation of a business strategy and ensuring plans are translated into action and that business goals are achieved.
  
 
=== Key factors for success in various business industries/sectors ===
 
=== Key factors for success in various business industries/sectors ===
  
 
*[https://ca.indeed.com/career-advice/career-development/key-success-factors-examples Key Success Factors Examples in Various Industries]
 
*[https://ca.indeed.com/career-advice/career-development/key-success-factors-examples Key Success Factors Examples in Various Industries]
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=== Key business skills ===
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*[https://online.hbs.edu/blog/post/business-skills-every-professional-needs 10 Important Business Skills Every Professional Needs], Harvard Business School
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*[https://www.indeed.com/career-advice/career-development/business-skills 6 Business Skills You Need (And How To Improve Them)], Indeed
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*[https://www.smallbusiness.wa.gov.au/starting-and-growing/essential-business-skills Essential business skills], Small Business Development Corporation, Australian government
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*[https://www.business.com/articles/12-business-skills-you-need-to-master/ 12 Business Skills You Need to Master], Business.com
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== Business plan ==
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''See also:'' [[Business plan]]
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[[File:Business-plan.jpg|thumbnail|right|300px|A solid and realistic business plan is the basis of a successful business.<ref>[https://www.investopedia.com/financial-edge/1010/top-6-reasons-new-businesses-fail.aspx Top 6 Reasons New Businesses Fail], Investopedia</ref>]]
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According to Investopedia:
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{{Cquote|A solid and realistic business plan is the basis of a successful business. In the plan, you will outline achievable goals for your business, how your business can meet those goals, and possible problems and solutions. The plan will figure out if there's a need for the business through research and surveys; it will figure out the costs and inputs needed for the business, and it will outline strategies and timelines that should be implemented and met.
 +
 +
Once you have the plan, you should follow it. If you start doubling your spending or changing your strategies whimsically, you are asking for failure. Unless you have found that your business plan is overwhelmingly inaccurate, stick with it. If it is inaccurate, it's best to find out what's wrong with it, fix it, and follow the new plan rather than change how you do business based on quick observations.
 +
 +
The more mistakes you make, the more expensive your business will become and the greater the chance of failure. You may also be called to pivot when market conditions change drastically and impact negatively the chances of success based on the initial business plan. In this case, you revisit your plan and edit it fully based on the decided pivot.<ref>[https://www.investopedia.com/financial-edge/1010/top-6-reasons-new-businesses-fail.aspx Top 6 Reasons New Businesses Fail], Investopedia</ref>}}
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=== How to write a business plan ===
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*[https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan Write your business plan], Small Business Administration
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*[https://www.nerdwallet.com/article/small-business/business-plan How to Write a Business Plan, Step by Step], Nerd Wallet
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*[https://www.forbes.com/advisor/business/how-to-write-a-business-plan/ How To Write A Business Plan (2024 Guide)], Forbes, 2024
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*[https://www.bankofamerica.com/smallbusiness/resources/post/how-to-write-effective-small-business-plan/ How to write an effective business plan in 11 steps (with workbook)], Bank of America
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*[https://hbr.org/1985/05/how-to-write-a-winning-business-plan How to Write a Winning Business Plan], Harvard Business Review
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== E-commerce as a percentage of total commerce ==
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''See also:'' [[Digital marketing]]
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As of 2025, digital commerce (often measured by e-commerce sales) accounts for a significant and growing share of global retail activity. Worldwide, online retail sales represent around 20.8 % of all retail transactions according to industry projections, with this share expected to increase further in coming years.<ref>[https://www.quantumrun.com/consulting/e-commerce-sales/?utm_source=chatgpt.com E-commerce Sales Statistics 2025]</ref>
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In specific markets like the United States, digital commerce penetration is slightly lower but still substantial. In Q2 2025, e-commerce made up approximately 16.3 % of total U.S. retail spending, reflecting continued adoption of online shopping and digital sales channels by consumers.<ref>[https://www.quantumrun.com/consulting/e-commerce-sales/?utm_source=chatgpt.com E-commerce Sales Statistics 2025]</ref>
  
 
== Management ==
 
== Management ==
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[[File:Management.jpg|right|400px|thumbnail|right|[[Management]] is a process of planning, decision making, organizing, leading, motivation and controlling the human resources, financial, physical, and information resources of an organization to reach its goals efficiently and effectively."<ref>[https://vikramuniv.ac.in/files/wp-content/uploads/Management_concepts_notes_by-_Dr.Neha_Mathur_ma_am.pdf What is Management? Definition, Concept, Features. LECTURE NOTES ON MANAGEMENT CONCEPTS FOR STUDENTS ACADEMICS USE BY-DR.NEHA MATHUR]</ref>]]
  
 
''See also:'' [[Management]]
 
''See also:'' [[Management]]
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[[Management]] is a process of planning, decision making, organizing, leading, motivation and controlling the human resources, financial, physical, and information resources of an organization to reach its goals efficiently and effectively."<ref>[https://vikramuniv.ac.in/files/wp-content/uploads/Management_concepts_notes_by-_Dr.Neha_Mathur_ma_am.pdf What is Management? Definition, Concept, Features. LECTURE NOTES ON MANAGEMENT CONCEPTS FOR STUDENTS ACADEMICS USE BY-DR.NEHA MATHUR]</ref>
 
[[Management]] is a process of planning, decision making, organizing, leading, motivation and controlling the human resources, financial, physical, and information resources of an organization to reach its goals efficiently and effectively."<ref>[https://vikramuniv.ac.in/files/wp-content/uploads/Management_concepts_notes_by-_Dr.Neha_Mathur_ma_am.pdf What is Management? Definition, Concept, Features. LECTURE NOTES ON MANAGEMENT CONCEPTS FOR STUDENTS ACADEMICS USE BY-DR.NEHA MATHUR]</ref>
  
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== Business networking ==
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== Sales ==
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''See also:'' [[Sales]]
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[[Sales]] are business activities related to selling or the number of goods or services sold in a given targeted time period.
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== Recruitment ==
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''See also:'' [[Recruitment]]
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[[Recruitment]] is the process of finding (identifying and sourcing) screening, shortlisting, and interviewing candidates for jobs/positions (either permanent/temporary) within an [[organization]].
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== Business relationships ==
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Business relationships are vital for a company's success. They are the foundation for growth, competitiveness, innovation, stability, the loyalty of customers/partners and long-term prosperity. Strong relationships with customers, employees, partners, and other stakeholders lead to increased sales volumes and market share, improved efficiency, greater innovation, and a positive reputation.
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'''Articles on establishing and improving business relationships:'''
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[[File:Social network diagram.png|thumbnail|350px|A fictional social network diagram]]
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''See also:'' [[Business networking]]
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*[https://www.indeed.com/career-advice/career-development/business-relationship 12 Ways To Build Positive Business Relationships], Indeed
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*[https://www.indeed.com/career-advice/career-development/how-to-maintain-business-relationships 7 Steps To Maintain Business Relationships], Indeed
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*[https://blog.hubspot.com/sales/how-to-build-business-relationships How to Build Business Relationships: 7 Key Tips & Helpful Context], Hubspot
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*[https://www.forbes.com/sites/katevitasek/2024/01/24/4-simple-ways-to-strengthen-business-relationships/ 4 Simple Ways To Strengthen Business Relationships], Forbes
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*[https://www.kiflo.com/blog/how-to-nail-your-first-year-as-a-partnership-manager#:~:text=What%20are%20the%20first%20steps%20to%20building,commitments%20promptly%20to%20establish%20reliability%20and%20rapport. How to Nail Your First Year as a Partnership Manager]
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*[https://www.linkedin.com/pulse/how-build-business-relationships-scale-partnerships-mayur-gupta-/ How to build business relationships and scale partnerships]
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*[https://www.entrepreneur.com/leadership/how-to-build-long-lasting-business-relationships/487666#:~:text=Key%20Takeaways,constructive%20feedback%20to%20strengthen%20partnerships. 8 Strategies for Building Long-Lasting Business Relationships], Entrepreneur
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*[https://www.achieveunite.com/the-trust-factor-10-ways-for-fostering-strong-partnerships/ The Trust Factor: 10 Ways for Fostering Strong Partnerships]
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*[https://hingemarketing.com/blog/story/5_keys_to_building_business_relationships 5 Keys to Building Business Relationships]
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*[https://chatgpt.com/share/68a2c91d-31d4-8003-8ddc-9b9666100901 How to establish business relationships], AI
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*[https://chatgpt.com/share/68a2c52d-685c-8003-8962-d8ce1ebe27b9 How to improve business relationships], AI
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=== Business networking ===
  
 
''See also:'' [[Business networking]]
 
''See also:'' [[Business networking]]
  
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According to Investopedia, "Networking is the exchange of information and ideas among people with a common profession or special interest, usually in an informal social setting."<ref>[https://www.investopedia.com/terms/n/networking.asp Networking: What It Is and How to Do It Successfully], Investopedia</ref> '''Business networking''' is networking for [[business]] purposes.
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According to Investopedia, "Networking is the exchange of information and ideas among people with a common profession or special interest, usually in an informal social setting."<ref>[https://www.investopedia.com/terms/n/networking.asp Networking: What It Is and How to Do It Successfully], Investopedia</ref> [[Business networking]] is networking for business purposes.
  
 
== Revenue diversification for a business ==
 
== Revenue diversification for a business ==
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*[https://web.archive.org/web/20230606221217/https://www.forbes.com/sites/williamcraig/2015/04/24/business-diversification-the-risk-and-the-reward/?sh=f35147c7d09c Business Diversification: The Risk And The Reward], Forbes
 
*[https://web.archive.org/web/20230606221217/https://www.forbes.com/sites/williamcraig/2015/04/24/business-diversification-the-risk-and-the-reward/?sh=f35147c7d09c Business Diversification: The Risk And The Reward], Forbes
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<br />
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[[File:Eggs in a basket.jpg|center|thumbnail|300px|"Don't put all your [[egg]]s in one basket" - Popular saying.]]
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{{Clear}}
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== Entrepreneurship ==
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[[Image:Jobs.jpg|thumb|right|thumbnail|175px|[[Steve Jobs]] was the entrepreneur who founded Apple. ]]
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''See also:'' [[Entrepreneurship]]
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 +
[[Entrepreneurship]] is the [[creativity]] of individuals to dream up and create new products that people knew they wanted or needed. It is an essential part of [[capitalism]].<ref>https://www.prageru.com/video/if-you-hate-poverty-you-should-love-capitalism/</ref> It is this ability that leads to the creating of a profitable new business venture. Someone skilled in entrepreneurship is called an [[entrepreneur]]. [[Innovation]] is also a big part of entrepreneurship. In a highly competitive world innovative ideas are what will separate the entrepreneurs from the rest. As innovation is key to create an outstanding product, strong brand and to build a customer network.
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<ref>https://startupistanbul.com/blog/2015/03/the-importance-of-innovation-in-entrepreneurship/</ref>
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== E-commerce ==
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''See also:'' [[E-commerce]]
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[[E-commerce]], or electronic commerce, "is the process of buying and selling products and services online through digital platforms. It encompasses various models, including business-to-consumer (B2C), business-to-business (B2B), and consumer-to-consumer (C2C) transactions. Key benefits include expanded market reach, lower costs for businesses, and greater convenience and product choice for consumers."<ref>[https://www.google.com/search?q=ecommerce&oq=ecommerc&gs_lcrp=EgZjaHJvbWUqCggAEAAYsQMYgAQyCggAEAAYsQMYgAQyBggBEEUYOTINCAIQABiDARixAxiABDIHCAMQABiABDIHCAQQABiABDINCAUQABiDARixAxiABDIKCAYQABixAxiABDIKCAcQABixAxiABDIHCAgQABiABDIGCAkQLhhA0gEIMzU1OWowajGoAgCwAgA&sourceid=chrome&ie=UTF-8 E-commerce]</ref>
  
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==Personal Affairs==
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== Top reasons businesses fail ==
  
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Business is often used as a term referring to personal responsibilities or concerns of a specific individual or collective entity.
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*[https://www.investopedia.com/financial-edge/1010/top-6-reasons-new-businesses-fail.aspx Top 6 Reasons New Businesses Fail], Investopedia
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*[https://www.uschamber.com/co/start/strategy/why-small-businesses-fail Top 3 Reasons Why Small Businesses Fail and How to Avoid Them], U.S. Chamber of Commerce
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*[https://nehemiahecommunity.com/kingdom-business-leaders-resources/why-businesses-fail/?gad_source=1 25 reasons businesses fail and how to prevent them], Nehemiah E-community
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*[https://www.lightspeedhq.com/blog/why-small-businesses-fail/ 19 Reasons Why Small Businesses Fail (and How to Avoid them)], Lightspeedhq.com
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*[https://www.tonyrobbins.com/career-business/why-do-businesses-fail/ 14 Reasons Why Businesses Fail], Tony Robbins
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*[https://www.forbes.com/sites/bernardmarr/2022/08/29/the-top-10-reasons-why-businesses-will-fail-over-the-next-10-years/?sh=7247b3a045ed The Top 10 Reasons Why Businesses Will Fail Over The Next 10 Years], Forbes 2022
  
 
== See also ==
 
== See also ==

Latest revision as of 08:14, February 5, 2026

"The business of America is business." - Calvin Coolidge

Business generally refers to an activity producing revenue, sustenance, or subsistence. All sources of income for individuals and governments are in one way or another directly the result of business activity.

Economics

Business is a term with a multitude of economic meanings, varying distinctly in scope. As a broad field, "business" can be used to refer to a field of social science aimed at achieving particular economic goals, typically service, gain, or profit.

Less generally, "business" can be used to refer to a specific industry or market sector in an economy. Examples include the "fast food business" and the "automobile business".

"Business" can also be used as a synonym for a specific business entity, a.k.a. corporation, company, etc.

Key factors for success in business

See also: Organizational skills and Planning and Communication and Collaboration and Teamwork skills and Achievement orientation

Business execution

See also: Business execution

Business execution is about the implementation of a business strategy and ensuring plans are translated into action and that business goals are achieved.

Key factors for success in various business industries/sectors

Key business skills

Business plan

See also: Business plan

 
A solid and realistic business plan is the basis of a successful business.[1]

According to Investopedia:

“ A solid and realistic business plan is the basis of a successful business. In the plan, you will outline achievable goals for your business, how your business can meet those goals, and possible problems and solutions. The plan will figure out if there's a need for the business through research and surveys; it will figure out the costs and inputs needed for the business, and it will outline strategies and timelines that should be implemented and met.

Once you have the plan, you should follow it. If you start doubling your spending or changing your strategies whimsically, you are asking for failure. Unless you have found that your business plan is overwhelmingly inaccurate, stick with it. If it is inaccurate, it's best to find out what's wrong with it, fix it, and follow the new plan rather than change how you do business based on quick observations.

The more mistakes you make, the more expensive your business will become and the greater the chance of failure. You may also be called to pivot when market conditions change drastically and impact negatively the chances of success based on the initial business plan. In this case, you revisit your plan and edit it fully based on the decided pivot.[2]

”

How to write a business plan

E-commerce as a percentage of total commerce

See also: Digital marketing

As of 2025, digital commerce (often measured by e-commerce sales) accounts for a significant and growing share of global retail activity. Worldwide, online retail sales represent around 20.8 % of all retail transactions according to industry projections, with this share expected to increase further in coming years.[3]

In specific markets like the United States, digital commerce penetration is slightly lower but still substantial. In Q2 2025, e-commerce made up approximately 16.3 % of total U.S. retail spending, reflecting continued adoption of online shopping and digital sales channels by consumers.[4]

Management

 
Management is a process of planning, decision making, organizing, leading, motivation and controlling the human resources, financial, physical, and information resources of an organization to reach its goals efficiently and effectively."[5]

See also: Management

Management is a process of planning, decision making, organizing, leading, motivation and controlling the human resources, financial, physical, and information resources of an organization to reach its goals efficiently and effectively."[6]

Sales

See also: Sales

Sales are business activities related to selling or the number of goods or services sold in a given targeted time period.

Recruitment

See also: Recruitment

Recruitment is the process of finding (identifying and sourcing) screening, shortlisting, and interviewing candidates for jobs/positions (either permanent/temporary) within an organization.

Business relationships

Business relationships are vital for a company's success. They are the foundation for growth, competitiveness, innovation, stability, the loyalty of customers/partners and long-term prosperity. Strong relationships with customers, employees, partners, and other stakeholders lead to increased sales volumes and market share, improved efficiency, greater innovation, and a positive reputation.

Articles on establishing and improving business relationships:

 
A fictional social network diagram

See also: Business networking

Business networking

See also: Business networking

According to Investopedia, "Networking is the exchange of information and ideas among people with a common profession or special interest, usually in an informal social setting."[7] Business networking is networking for business purposes.

Revenue diversification for a business

See also: Revenue diversification and businesses

Diversification is a risk-reduction strategy for a business involving adding products, services, locations, customers and markets to your business's portfolio.[8]

Articles on revenue diversification for a business:


 
"Don't put all your eggs in one basket" - Popular saying.

Entrepreneurship

 
Steve Jobs was the entrepreneur who founded Apple.

See also: Entrepreneurship

Entrepreneurship is the creativity of individuals to dream up and create new products that people knew they wanted or needed. It is an essential part of capitalism.[9] It is this ability that leads to the creating of a profitable new business venture. Someone skilled in entrepreneurship is called an entrepreneur. Innovation is also a big part of entrepreneurship. In a highly competitive world innovative ideas are what will separate the entrepreneurs from the rest. As innovation is key to create an outstanding product, strong brand and to build a customer network. [10]

E-commerce

See also: E-commerce

E-commerce, or electronic commerce, "is the process of buying and selling products and services online through digital platforms. It encompasses various models, including business-to-consumer (B2C), business-to-business (B2B), and consumer-to-consumer (C2C) transactions. Key benefits include expanded market reach, lower costs for businesses, and greater convenience and product choice for consumers."[11]

Top reasons businesses fail

See also

Business concepts:

Business functional areas:

Business skills:

Other:

References

  1. ↑ Top 6 Reasons New Businesses Fail, Investopedia
  2. ↑ Top 6 Reasons New Businesses Fail, Investopedia
  3. ↑ E-commerce Sales Statistics 2025
  4. ↑ E-commerce Sales Statistics 2025
  5. ↑ What is Management? Definition, Concept, Features. LECTURE NOTES ON MANAGEMENT CONCEPTS FOR STUDENTS ACADEMICS USE BY-DR.NEHA MATHUR
  6. ↑ What is Management? Definition, Concept, Features. LECTURE NOTES ON MANAGEMENT CONCEPTS FOR STUDENTS ACADEMICS USE BY-DR.NEHA MATHUR
  7. ↑ Networking: What It Is and How to Do It Successfully, Investopedia
  8. ↑ Spotlight – Market Diversification
  9. ↑ https://www.prageru.com/video/if-you-hate-poverty-you-should-love-capitalism/
  10. ↑ https://startupistanbul.com/blog/2015/03/the-importance-of-innovation-in-entrepreneurship/
  11. ↑ E-commerce
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