Siir Rafeeq I2b Lecture 1

Contents overview  What is Business  What are profit and non profit activities  Social and economic roles of business  Qualities of a good business man

superior.edu.pk

2

NATURE OF BUSINESS Meaning of Business Literally : State of being busy. Technically: All the human economic activities related to production and distribution of goods and services to earn profit e.g. Activities performed by farmer, manufacturer, transporters, bankers, doctors, lawyers etc.

Definition All Profit seeking activities and enterprises that provide goods and services necessary to an economic system.

superior.edu.pk

3

BUSINESS………..? •Human Economic Activity •Production and Distribution •Goods and Services •Profit Purpose

superior.edu.pk

4

Not for Profit organizations Social Service Activities.  

Edhi Trust Shaukat Khanam Memorial Cancer Hospital & Research Center.

superior.edu.pk

5

Not for Profit organizations Social Service Activities: Setting up Free Hospital

Religious Activities offering prayer etc.

Personal consumption activities Illegal Activities 

Gambling, Smuggling etc. superior.edu.pk

6

Not for Profit organizations Social activities: All the activities which are done to facilitate the

society not for the motive of profit are called social activities. E.g: setting up a Free educational complex, setting up a Free hospital

Religious Activities: All the activities which are performed to

Please the God or to promote the religion are called religious activities. E.g: Building a mosque, offering Pilgrimage or the prayers.

Personal consumption activities: All the activities

which are performed to satisfy the personal needs. Such activities are not performed to earn profit. Like, Sewing the clothes for him/herself, Farming for his/herself.

Illegal Activities: all the activities which are against the Law of that country or the Region are called illegal activities. Like; Smuggling and Gambling.

superior.edu.pk

7

THE ECONOMIC AND SOCIAL ROLES OF BUSINESS Wealth creation Employment Innovation Quality of life Choice

superior.edu.pk

8

Responsibility to satisfy society Responsibilities to general Public  

Protecting the environment Developing the Quality of the workforce

Responsibilities to customers    

The right to be safe The right to be informed The right to choose The right to be heard superior.edu.pk

9

Cont…. Responsibilities to employees    

Workplace safety Quality of life issues Ensuring equal opportunity on the job Age discrimination

Responsibilities to investors and the financial community

superior.edu.pk

10

QUALITIES OF A GOOD BUSINESSMAN Knowledge of business Ability to plan Ethical standard Initiative and creativity Ability to steer change Steadfast and courageous Critical Thinking And

Creativity Visionary

superior.edu.pk

11

You can be anything you want, if you are willing to pay the price. superior.edu.pk

12