What is the key feature of a business?

A business actually has more than one key feature:

Exchange of goods and services: They might be consumer goods (such as sweets, shoes, etc), producer goods (such as machinery, equipment, etc) and/or services (such as insurance, housekeeping, cooking, etc)Production or exchange: It becomes a business only when there is an exchange, transfer, production, or sale of goods and/or services.Perpetuity of transaction: Any of the mentioned activies are considered to be a business only when they are undertaken continually or recurrently.Usage of resources: Land, labor, capital and enterprise are the four productive factors that any given company must use in order for it to become a business. Profit motive: The primary goal of a business is to earn a profit. Social objectives can be a primary goal as well, however, they must also include a profit for them to be considered a business. Element of risk: Any business has the possibilty of incurring a loss. This is termed as risk, and any business has to recognize this element, and survive within these risk constraints.

A business is a great endeavour, I really encourage you to try having your own business at some point in your life. There is a great chance to learn many things that no school will ever teach you!

Have a succesful week! And a great day :)

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