What is a business and why do they exist?
A business is an organisation that exists to provide goods and services on a commercial basis to customers.
Customers can be individuals (buying on their own behalf or for households), businesses or other organisations.
Businesses exist because they are formed by entrepreneurs and are subsequently developed if they manage to get beyond the survival stage.
Most businesses exist in order to earn a return for the business owners, and the potential for profit is a key motive for entrepreneurial activity. However, there are other potential business objectives, which are explored further during your studies.
Businesses play a key role in wider society. In particular they:
Entrepreneurs (and the enterprise that they demonstrate) play a key role in the formation and development of businesses. In particular, entrepreneurs:
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