DEFINITION OF BUSINESS ACCORDING TO THE EXPERTIn everyday life, we all often hear the term business. Not infrequently today’s young people who want to become a businessman or perhaps already pursue the business world. Although the term business is often heard everywhere, not a few of us still do not understand the meaning of business properly and correctly.

If you are a person who has the desire to enter the business world, it is better to first learn what business really means. This is so that at least you have a basic idea first before further practicing it. Aside from being knowledge, learning basic understandings about business from various experts will make you more prepared and steady in running a business. Especially if you understand the purpose and types of business.

Understanding Business According to Experts

-According to Griffin and Ebert (2007) business is an organization that provides goods or services with the intention of making a profit.

-According to Prof. Owen’s business is a company that deals with the production and distribution of goods to be sold on the market or provide a price for each of its services. According to Hopper, business is any and all complexities that exist in various fields such as sales (commerce) and industry, basic industry, processing, and manufacturing industry and networking, distribution, banking, insurance, transportation, and so on which then serve and enter the whole (which serves and interpenetrate) the business world as a whole.

-According to Merriam Webster business is an activity of making, buying or selling goods and services which are then exchanged for money; work or activities that are part of the job; The number of activities that have been completed by a shop, company, factory, etc.

-According to Steinford (1979) business is an institution which produces goods and services demanded by people.” This means that business is an institution that produces goods and services needed by the community. If the needs of the community increase, then business institutions will also increase their development to meet these needs, while making a profit. According to Businessdictionary, business is an organization or economic system in which goods and services are exchanged into other forms or in the form of money. Every business needs sufficient investment and customers to sell its output at a certain quantity to make a profit. Businesses can be privately owned, not for personal gain.