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Nature of Business Meaning – Examples & Types

• June 4, 2023

Business success and a positive trajectory depend on many external factors. These include market dynamics, level of competition strength and internal strengths and weaknesses. All choices made by a business, big and small, will impact the type of company it will become and what it looks like. This leads us on to the nature of business.

Table of Contents

What is the Nature of a Business?

The nature of business defines the core identity of a company – what it does, how it operates, and its place in the market. Getting to grips with this concept provides valuable insight for entrepreneurs, investors and other stakeholders when evaluating a business.

Put simply, the nature of business refers to the fundamental characteristics that shape a company’s purpose, offerings and market approach. It encompasses aspects like:

• Legal structure – e.g partnership, private limited company
• Products and services – what the business sells or provides to customers
• Target market – the customer segments the business caters to
• Business model – how the company generates revenue and profit

So for example, an online retailer has a very different nature of business compared to a bricks-and-mortar supermarket, even though both sell groceries. Understanding these traits helps stakeholders make informed assessments about a company’s identity and potential value.

Business Nature Components

Purpose:  Every business starts with a purpose. It’s the foundation, answering why the entity exists. For some it’s selling products, for others providing services, and many it’s solving market problems. This purpose becomes the guiding North Star for all activities and decisions.

Activities:  Businesses have set operations like people have daily tasks. This could include designing products, sourcing materials, manufacturing, marketing and sales. These activities fulfil the business’s purpose.

Scale:  Business scale varies. Some operate locally like mom-and-pop shops. Others are huge enterprises spanning countries and continents. Scale dictates reach, operations and complexities.

Stakeholders:  Businesses involve stakeholders like owners, employees, customers, suppliers and communities. Each has a role, interest and expectation.

Economic Contribution:  A business contributes via job creation, taxes, trade and innovation. It plays a key economic role.

Risks & Challenges:  The landscape is dynamic with competition, trends, regulations and events posing risks. Recognizing and navigating challenges is vital.

Legal Structure:  Businesses operate within legal frameworks. Structures like sole proprietorships, partnerships and corporations define responsibilities, benefits and limitations.

In summary, a business’s nature blends purpose, functions, size, relationships, economic contribution, challenges and legal standing. These interplaying components form the intricate mosaic of business.

Nature of Business Examples

What impacts the nature of business, legal structure.

A company’s legal structure has implications for ownership, financing, taxes and operational processes. Common structures include:

• Sole proprietorships – owned and run by one individual who has unlimited liability
• Partnerships – tow or more co-owners who share financing, profits and operational duties
• Private limited companies – separate legal entities that limit owners’ liability to their investment amount
• Public Limited companies – can trade shares publicly and often have access to great financing
• Non-profit organisations – focus on social impact rather than profits

Choosing an appropriate legal structure depends on the founders’ growth ambitions, target customers, financing needs and appetite fr personal liability. An eco-friendly startup might begin as a partnership before transitioning later toa private limited company structure to attract investor funding.

Products & Services

A company’s offering encompasses what it sells to customers – whether physical goods, services, digital technologies or even ideas. The specifics here characterise the business’ core purpose. For example, a bakery sells artisanal bread and cakes, a web design agency sells bespoke websites and a charity sells the idea of positive social change through donations.

Over time, businesses may adapt or expand their offerings to pursue new opportunities or reach to market changes but the original core products and services tend to shape ongoing business identity and purpose.

Target Market

The specific customer groups a company sells to dictate much of its branding, proposition development and communications tactics. Market segmentation by demographics, geography, behaviours and values allow organisations to match products/services to buyer preferences.

For example, a specialty pet food company that prides itself on using the finest ingredients may focus its marketing on targeting affluent urban dog owners who are more likely to pay a higher price for the knowledge that better ingredients are used.

Industry Sector

The industry sector that a business operates in directly impacts its competitive environment, distribution channels and regulatory obligations. Knowing that industry landscape is key to analysing a company’s market positioning and potential.

Business Model

Every company’s business model encompasses how it generates sales revenues and profits from its offerings. The main areas of a business model usually include:

• Value proposition – products/services offering value to customers
• Target market – the selected customer segments
• Distribution channels – how deliverables reach customers
• Revenue streams = where sales income is generated
• Cost structure – the expenses required to operate
• Margin model – how the profits are produced from revenue

The Internal & External Factors Influencing The Nature Of Business

Internal factors.

• Ownership Model – Group owned businesses rather than sole proprietorships often have wider financing options available to them but the downside is, having multiple people to run decisions past, can slow down decision making timelines.
• Management culture – Visionary leaders can create strong innovative work cultures whereas prudent leaders tend to create steadier, less risky operations.
• Company size – Large organisations benefit from economic scale but small operations tend to be more agile when it comes to customer interactions.
• Technology used – Digitally driven companies are fundamentally different from traditional manual operations. As digital revolutions continue to happen, back office processes transform to provide customers with better front end experiences and personalisation.
• Staff Skills – The skills available across employees will make or break your business. If you can’t get the talent required in house, then small firms may need to outsource specialist areas.
• Purpose Alignment – Workforce diversity, community development and social justice can also reshape business nature. Younger workers choose employers that can demonstrate genuine commitment to moral causes rather than simple virtue signalling.

External Factors

• Economic Landscape – Thriving economies provide more opportunities, whereas recessions force consolidation and cuts
• Geography – Rural businesses often focus on community values whereas city-based firms can afford to follow consumer trends
• Environmental Obligations – With climate change and ecological threats prominent, sustainability conscious customers will want to see greener practices in businesses they support. For example, petroleum companies investing in renewable energy sources would be an example of environmental obligations shaping the nature of business.
• Regulations – Plenty of industries have specific compliance rules to follow which can fundamentally shape operations
• Competitors – Start-ups in crowded marketplaces must be able to disturb, whereas monopolies control captive customer bases.
• Market Globalisation – Trading across borders requires adaptations to make in branding, trading partnership and supply chains.
• Investor demands – When investors are expecting results, companies may feel under pressure to scale up quickly
• Customer expectations – Customer focused businesses must continue to adapt to the needs and demands of consumers. Those who fail to continually increase the value they offer to their customers face displacement by others who will.

These internal and external factors are constantly evolving and changes here will inevitably impact the strategies and processes required within the business. In some cases, this may lead to a change in the overall nature of business.

Types Of Businesses and their Nature

Legal structures and ownership models have a big impact on the taxes, liabilities and grow strategies available to organisations. Here is an overview of the main types available in the UK:

Sole Proprietorships

A sole proprietorship is a business owned and run by a single individual. This is one of the easiest business structures to set up and manage, only requiring a unique business name. The owner then has complete control over strategy, operations and liability. This means that personal assets can be pursued to settle business debts as there is no distinction between the owner and the business.

This type of business tends to work well for solo entrepreneurs with specialist professional skillets such as photography, consultants or tradespeople. Many people love the simplicity, autonomy and low start up costs, but lack of work during slow periods, financial protections, and difficulty if operations come to a standstill reflect the downsides of this type of business.

Partnerships

Partnerships allow two or more co-owners to set up and operate a business. All parties will contribute financing, decision making and operational oversight whilst splitting any profits made. This type of business structure allows for owner-operator involvement whilst knowledge and resources are pooled to greater business impact.

Partnerships tend to open up wider funding opportunities, diverse skill sets and expansion opportunities across several locations. All costs, responsibilities and liabilities are shared too. For this to work, an excellent collaborative approach is required which involves communications and transparency over financials and performance.

Disagreements can quickly derail partnerships but this type of set up is common in professional services such as legal firms, medical practices and architecture firms. Overall, partnerships encourage contribution to the business whilst avoiding some of the limitations faced by sole proprietors.

Private Limited Companies

A private limited company creates a legal structure that is separate from its owners. This means the company is owned by shareholders in accordance with their initial investments but that their liability is also limited to the amount invested. The benefit of this set up is that personal assets cannot be pursued to settle company debts.

The independent legal entity of the business means company ownership can be transferred more easily through the buying and selling of shares, and limited companies are also able to access favourable tax efficiencies in several areas.

The downside of a limited company is the higher volume of administrative work required to operate. Including extensive financial reporting, annual government filings and statutory obligations; They must follow regulations around hiring, workforce policies and contracts.

Public Limited Companies

Public limited companies (PLCs) can raise funds by trading shares openly though stock exchanges. Doing this opens up the business for the biggest investment to fund projects and fuel growth. To do this, a business must meet strict reporting and operational standards.

The separation of ownership from management requires non-executive directors and structured leadership teams. PLCs operate with greater public scrutiny of salaries, diversity policies and carbon footprints and underperformers will face pressure to make changes to strategy or leadership.

Non-Profit Organisations

Rather than maximising profits for owners, non-profit organisations focus on social impact and community benefit. To do this, most require donations and public sector funding to fund and are also reliant on volunteers to make up a proportion of their workforce.

Any profits cannot be divided between owners, but must stay within the company. Examples of these kinds of businesses include wildlife conservation groups, universities, medical research charities and cultural institutions. Spending is constrained and should be purposeful to reassure donors that their money is being used wisely and for the good intentions of the operation rather than internal functions. Successful non-profit companies have strong community support who engage emotionally with their causes.

The Evolving Nature Of Business

Whilst most businesses will carry their original purpose and niche with them, the nature of business may evolve over time as the company grows or responds to external or internal forces impacting it.

The Role Of Stakeholders

Within business environments, internal and external stakeholders will always have an influence over an organisation’s direction.

Staff and unions that lobby for higher pay, improved working conditions and greater work-life balance can modify company behaviour over time.

Communities

Neighbouring communities affected by business operations advocate for social programs, environmental protections and local economic opportunities which will feed into corporate policies.

Business Partners

Suppliers will always request increased margins and better terms of trading while distributors request support in pushing products. The negotiations required for these relationships will inevitably shape operations.

Wrapping Up

The nature of business refers to the key characteristics of an organisation that shape its operations, identity and competitive landscape. Understanding these things ensures that entrepreneurs, inventors and other stakeholders make informed decisions about business potential, investment decisions and the timeframe that they might see a return on their investment.

The exact makeup of a business will depend on leadership, sector, strategic choices and where the company is in its cycle, but market focus, deliverables, capabilities and growth ambitions will all shape the way the business runs.

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Nature of Business - All You Need to Know About It

• 19 October 2023
• 2023-10-19 00:00:00

Table of Contents

Factors such as market dynamics, competition, and even your business loan interest rate can significantly impact your venture's trajectory. Just as the heart pumps lifeblood throughout the body, the nature of your business is the heartbeat of your entrepreneurial journey.

As we dive deeper into this topic, remember that every decision, no matter how small, shapes the very essence of your enterprise. So, let's embark on this enlightening journey together.

What is the Nature of a Business?

Simply put, The nature of business is like a company's DNA. It pinpoints an enterprise's primary activities and essence, setting the stage for its missions and visions. Just as every individual has a unique story, each business has its distinct character and purpose. It's the heartbeat of entrepreneurial tales. Read also:  Top 10 Service Business Ideas for 2023

To Avail Unsecured business loans

The components of the nature of business.

The business world is vast, but every business revolves around specific fundamental components at its core. These components come together to define a business's structure, purpose, and functions. Here's a deeper dive into these integral elements:

Purpose: Every business starts with a purpose. It's the foundation, answering the question: "Why does this entity exist?" For some businesses, the objective is to sell products; for others, it's about providing specialised services, and for many, it's about solving specific market problems. This purpose becomes the North Star, guiding every business activity and decision.

Activities: Just like we engage in daily tasks and routines, businesses have their set of operations. This could range from designing products, sourcing materials, and manufacturing to even marketing and sales. These activities define what the business does daily to fulfil its purpose.

Scale: The size or scale of a business can vary. Some operate within small local communities – think of the mom-and-pop shops. Others are sprawling enterprises with a footprint that spans across countries or even continents. The scale dictates the reach, operations, and, often, the complexities a business might face.

Stakeholders: Businesses don't operate in isolation. They involve various stakeholders, including owners, employees, customers, suppliers, and even the communities they operate in. Each stakeholder has a role, an interest, and an expectation from the business.

Economic Contribution: A business isn't just about its owners or employees. It plays a pivotal role in the broader economy. Through its operations, it contributes via job creation, taxes, boosting trade, and even fostering innovation.

Risks & Challenges: The business landscape is dynamic. External factors like competition, market trends, regulations, and even unforeseen events can pose challenges. Recognising and navigating these risks is vital for the business's sustainability and growth.

Legal Structure: Businesses operate within a legal framework. Depending on the region or country, various legal structures are available, such as sole proprietorships, partnerships, or corporations. This structure defines legal responsibilities, benefits, and limitations a business has.

To sum it up, the nature of business is a blend of its purpose, daily functions, size, interconnected relationships, contribution to the economy, potential challenges, and legal standing. Each component interplays with the other, forming the intricate mosaic of what we know as 'business'. Read also:  Top 10 Profitable Wholesale Business Ideas for 2022

List of Natures of Businesses

Here's a concise list of various natures of businesses:

This list gives a brief overview of various business categories.

Types of Business Nature

Businesses come in various forms, each distinguished by its nature and purpose. Understanding these types is essential for anyone delving into the business world. Let's explore the most prominent natures of businesses:

Manufacturing: Manufacturing businesses convert raw materials into finished products. Examples include factories that produce cars, electronics, or clothing. They utilise machinery, human labour, and technology to produce goods on a large scale, which are then sold to wholesalers or retailers.

Retail: Retail businesses sell products directly to consumers. Think of the shops you visit, like clothing stores, supermarkets, or electronics outlets. Their primary goal is to provide consumers with products they need or desire, usually in smaller quantities than wholesalers.

Wholesale: Wholesalers purchase products in bulk, typically from manufacturers, and sell them to retailers or other businesses. They act as intermediaries, ensuring that retail stores have a consistent supply of products for their customers.

Service: Service businesses offer intangible products, which are services. These can range from consulting and legal services to salons and car repairs. Their primary asset is expertise, and they monetise it by helping clients or customers achieve specific outcomes.

Agriculture: These businesses are involved in farming producing crops or livestock. Modern agriculture goes beyond traditional farming, including organic cultivation, fish farming, and even agro-based product processing.

Real Estate: Real estate businesses deal with properties - buying, selling, or leasing. They play a crucial role in the housing sector, commercial spaces, and land sales. Real estate agents, property managers, and developers all fall into this category.

Transportation: Transportation businesses are all about movement. Whether it's a taxi service, a shipping company, or an airline, these businesses move goods or people from one place to another, ensuring that both commodities and individuals reach their destinations.

Healthcare: Healthcare businesses provide medical services to individuals. This includes hospitals, clinics, diagnostic centres, and pharmacies. They focus on health promotion, illness prevention, diagnosis, treatment, and rehabilitation.

Financial Services: This category includes businesses like banks, insurance companies, and investment firms. They manage money, assets, and liabilities. Their services are essential for both individuals looking to save, invest, or insure and businesses seeking capital or risk management.

E-commerce: E-commerce businesses operate online, selling products or services directly to consumers via the Internet. This model has seen significant growth due to digital advancements and changing consumer behaviors.

The nature of a business defines its primary activities, how it operates, and its role in the market. Whether it's converting raw materials, selling products, offering expertise, or providing essential services, each business nature has its unique challenges and opportunities. Recognising these types helps stakeholders make informed decisions and navigate the vast business landscape more effectively. Read also:  Business Growth and Expansion - How to Grow Business?

Nature of Business Example

Let’s take an example of a Cafe. They provide a space for customers to enjoy beverages, light meals, and a social atmosphere. The core activities involve preparing and selling coffee or tea, along with snacks. Operationally, cafes purchase raw materials, process them using equipment, manage suppliers, hire staff, and handle finances for profitability. 

Promotion includes social media marketing and loyalty programs. Legal compliance is integral, involving health standards, licenses, and tax payments. A cafe business isn't just about coffee; it's about offering a comprehensive experience, blending quality beverages, food, ambience, and service, all while ensuring smooth operations and regulatory adherence.

How Business Loan Helpful to Start Different Types of Business?

• Startup Costs: Many businesses require significant upfront investment for things like equipment, inventory, office space, licenses, and permits.
• Expansion and Growth: As businesses grow, they often need additional funds to expand operations, hire more staff, or enter new markets.
• Technology and Innovation: In today's competitive business environment, staying technologically current is crucial.
• Inventory Management: For businesses involved in retail or manufacturing, maintaining adequate inventory is critical

Steps to Apply Business Loan to Start a Different Nature of Business

The nature of a business provides a lens through which one can understand its core activities, objectives, and the value it brings to the market. Whether a business is in retail, manufacturing, services, or any other sector, understanding its nature is pivotal for strategic planning and making informed decisions.

For instance, factors intrinsic to a business's nature can significantly influence aspects such as the business loan interest rate it might secure from financial institutions. As businesses navigate their industry landscape, acknowledging and adapting to their inherent nature becomes instrumental in fostering growth and sustainability.

Frequently Asked Questions

1. How quickly can I expect loan approval, and does it vary by industry?

Approval timelines vary, but certain industries may experience faster or slower processing times based on risk assessments and the complexity of the business model

2. What is the nature of modern business?

Modern business is digital, global, customer-centric, and sustainable, prioritizing innovation, adaptability, and tech integration to meet market and consumer needs.

3. What is your business type?

A business type defines a company's legal and operational structure, like sole proprietorship, partnership, corporation, or LLC.

4. Can a business have more than one nature or characteristic?

Sure, a business can have multiple facets. For example, it can produce goods, provide services, and do e-commerce, mixing different aspects to succeed.

5. How does the nature of business impact marketing strategies?

The nature of business dictates its target audience, product positioning, and competitive landscape, directly influencing marketing strategies in terms of channels used, messaging, and engagement tactics to reach potential customers effectively.

6. Can the nature of business change over time?

Yes, the nature of business can evolve due to market demands, technological advancements, regulatory shifts, or strategic decisions, requiring businesses to adapt their operations.

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Disbursement

The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.

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Today, the entire world is facing a crisis in the form of Covid-19, and it is during these times that we all need to come together to support each other and to act responsibly.

In light of the recent nationwide lockdown, we at Hero FinCorp are providing a three months moratorium to our loan customers as per eligibility and guidelines issued by RBI. This moratorium facility is only applicable for EMIs due between March 01, 2020 and August 31, 2020. EMIs / over dues prior to March 01, 2020 are not eligible for moratorium.

Please note, if you opt for the moratorium, interest will continue to accrue for the duration of the moratorium period at the currently running interest rate on your loan. This additional interest will be collected from you by extending the original tenor of your loan. We will also share an updated loan repayment schedule which would include all relevant details.

We urge customers to use this option only if absolutely necessary. This facility has been especially designed for those customers whose cash flows have been severely affected and they do not have sufficient savings or other income sources which they could use for paying their EMIs. The downsides of opting for the moratorium include:

• 1. Higher interest costs
• 2. Longer loan tenor
• 3. You pay more overall

If you can, then you must continue to pay EMIs as per your existing Repayment Schedule. This would be a far superior option in the long run as it offers several benefits, it is easier, simpler, and cheaper to do, so choose wisely!

To apply for moratorium, please send us a request from your Registered Email Address, along with your Loan Account Number and Registered Mobile Number. Post which we shall initiate the moratorium for unpaid EMI of March 2020 (if any), and for EMI of April and May 2020.

For moratorium request or any other information, please write to us at:

Retail Finance Customers:

Corporate Finance Customers:

Best Wishes, Team Hero FinCorp

Notice No. 2 of 2

Public Notice: Update on Hero FinCorp’s operations during COVID-19

Dated: march 26, 2020.

At Hero FinCorp, health and safety of all our employees, customers, and stakeholders is a top priority. In the wake of the Corona virus (COVID-19) outbreak, we are strictly adhering to guidelines from the government and other concerned authorities, in order to contain the spread of the virus and minimize impact on business.

During this challenging time, we have taken several measures to ensure safety of our employees, this includes providing work from home option for all our workforce and keeping a regular check on their and their family’s well-being. We have shut–down our offices and introduced alternate ways of working through Digital modes to ensure safety and business continuity. We are also working with our vendors and partners to ensure compliant and robust BCP plans are operationalized at their end as well.

Given the 21 day nation-wide lockdown announced by the honorable Prime Minister of India on March 24, 2020, we have put in place various initiatives to ensure that there is zero disruption in critical operational processes. Accordingly we are ensuring regular and relevant communication goes out to all our stakeholders and investors on the status of our operations.

While we remain committed to providing high levels of service to our customers, given the circumstances, we urge our customers to co-operate with us by ensuring the following:

• 1. Choose E-mail channel for any loan servicing related request - This is a channel that has been strengthened to ensure quick resolutions to issues raised. While our call center remains operational, customers might encounter longer wait times, as they are operating at a reduced capacity to accommodate work-from-home policy.
• 2. Ensure timely payments of EMIs through digital channels – We urge our customers to remain disciplined towards their EMI re-payments. We have made available numerous digital modes of payments on our official website (www.HeroFinCorp.com), and encourage our Retail customers to pay their dues by leveraging the same.

This is an unprecedented situation, and we at Hero FinCorp remain fully focused on overcoming the common crisis that we face. We are confident that with a little faith and discipline we shall soon see this situation through and normal business operations shall resume.

In case of any query regarding your loan, re-payment or loan servicing requests, please do reach out to us on the below mentioned E-Mail IDs:

For Retail Loans Help

• Two-Wheeler
• Personl Loan
• Simply Cash

[email protected]

For Corporate Loans Help

• Machinery Loans
• Loan Against Property
• Corporate loans and Structured Finance
• Doctor Loans
• Supply Chain Finance/ Bill Discounting
• Medical Equipment Finance
• Construction/ Healthcare/ Education Finance

[email protected]

Team Hero FinCorp

Introduction

Learning outcomes.

After reading this chapter, you should be able to answer these questions:

• How do businesses and not-for-profit organizations help create our standard of living?
• What are the sectors of the business environment, and how do changes in them influence business decisions?
• What are the primary features of the world’s economic systems, and how are the three sectors of the U.S. economy linked?
• How do economic growth, full employment, price stability, and inflation indicate a nation’s economic health?
• How does the government use monetary policy and fiscal policy to achieve its macroeconomic goals?
• What are the basic microeconomic concepts of demand and supply, and how do they establish prices?
• What are the four types of market structure?
• Which trends are reshaping the business, microeconomic, and macroeconomic environments and competitive arena?

Exploring Business Careers

Team rubicon: disaster relief and a sense of purpose.

Accounting for a substantial amount of economic activity in the United States, not-for-profits are an undeniable force in the business world, even though their focus on goals other than profit falls outside the traditional model of a for-profit business. But it is this shift away from a focus on profit that allows them to pursue missions of social improvement and contributions to society as a whole. To be truly effective in a not-for-profit organization, a person must share the organization’s vision.

The vision for Team Rubicon was shaped by its cofounders, Jake Wood and William McNulty, who saw the devastation caused by the Haiti earthquake in 2010 and sprang into action. Both marines, Wood and McNulty knew they could do something to help in this devastating and chaotic situation. Within 24 hours, they enlisted the help of six other military veterans and first responders, gathered donations and supplies from friends and family, and made their way to Haiti to help with disaster relief, and Team Rubicon was born.

The organization gets its name from the Rubicon, a river in northern Italy that Julius Caesar and his troops crossed on their epic march to Rome, with the river marking the point of no return. The name underscores the cofounders’ experiences during the Haitian disaster, where despite advice from government officials and other aid organizations not to proceed, their small team crossed into Haiti from the Dominican Republic carrying crucial gear and medical supplies to thousands of earthquake victims.

Seven years later, Team Rubicon ’s mission is twofold: to pair the skills and experiences of military veterans with first responders to hit the ground running in any type of disaster and to provide a sense of community and accomplishment to veterans who have served their country proudly but may be struggling as a result of their war experiences.

According to the organization’s mission statement, Team Rubicon seeks to provide veterans three things they sometimes lose after leaving the military: a purpose, gained through disaster relief; a sense of community, built by serving with others; and a feeling of self-worth from recognizing the impact one individual can make when dealing with natural disasters.

Headquartered in the Los Angeles area, Team Rubicon is staffed by more than 60 employees who work in 10 regions around the country, along with more than 40,000 volunteers ready to deploy within 24 hours. Similar to company operations in for-profit organizations, staff positions at Team Rubicon include regional administrators; field operations (including membership and training); marketing, communications, and social media; fundraising and partnership development; finance and accounting; and people operations.

Team Rubicon ’s staff members bring professional and/or military experience to their daily jobs, but they all share the organization’s vision. Many staff members started as volunteers for Team Rubicon while working in for-profit careers, while others took advantage of the organization’s strong internship program to become familiar with its mission and focus on disaster relief.

In 2016, Team Rubicon trained 8,000 military veterans and first responders in disaster relief and responded to 46 disasters, which required more than 85,000 volunteer hours. In addition to donations from individuals and corporations, Team Rubicon relies on its partnerships with other organizations, such as Southwest Airlines, which supplies hundreds of free plane tickets each year to fly volunteers to disaster sites.

Team Rubicon actively engages its nationwide community at every level of the organization, from volunteer to board member, and every step of its operation: from training to planning to implementation to seeking donations and volunteers to help with any type of disaster relief. Over the past several years, Team Rubicon has been recognized as one of the top nonprofits to work for by The NonProfit Times , based on employee surveys and business partners’ input about the organization’s work environment.

The not-for-profit world may not be for everyone, but if its growth is any indication within the overall economy, it does appeal to many. With a resolve to assist those in need, including both disaster victims and returning military personnel, Team Rubicon offers opportunities for those interested in nonprofit careers as well as those passionate about helping others.

Sources: Company website, “Our Mission” and “Staff & Board,” https://teamrubiconusa.org, accessed May 29, 2017; Mark Hrywna, “2017 NPT Best Nonprofits to Work,” The NonProfit Times, http://thenonprofittimes.com, accessed May 27, 2017; Mark Hrywna, “2016 NPT Best Nonprofits to Work,” The NonProfit Times, http://thenonprofittimes.com, accessed May 27, 2017; Kyle Dickman, “The Future of Disaster Relief Isn’t the Red Cross,” Outside, https://www.outsideonline.com, August 25, 2016.

This module provides the basic structures upon which the business world is built: how it is organized, what outside forces influence it, and where it is heading. It also explores how the world’s economies and governments shape economic activity. Each day in the United States, thousands of new businesses are born. Only a rare few will become the next Apple , Google , or Amazon . Unfortunately, many others will never see their first anniversary. The survivors are those that understand that change is the one constant in the business environment. Those organizations pay attention to the business environment in which they operate and the trends that affect all businesses and then successfully adapt to those trends. In this module, we will meet many businesses, both large and small, profit and not-for-profit, that prosper because they track trends and use them to identify potential opportunities. This ability to manage change is a critical factor in separating the success stories from the tales of business failure.

We begin our study of business by introducing you to the primary functions of a business, the relationship between risk and profits, and the importance of not-for-profit organizations. We’ll also examine the major components of the business environment and how changing demographic, social, political and legal, and competitive factors affect all business organizations. Next, we’ll explore how economies provide jobs for workers and also compete with other businesses to create and deliver products to consumers. You will also learn how governments attempt to influence economic activity through policies such as lowering or raising taxes. Next, we discuss how supply and demand determine prices for goods and services. Finally, we conclude by examining key trends in the business environment, economic systems, and the competitive environment.

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Access for free at https://openstax.org/books/introduction-business/pages/1-introduction

• Authors: Lawrence J. Gitman, Carl McDaniel, Amit Shah, Monique Reece, Linda Koffel, Bethann Talsma, James C. Hyatt
• Publisher/website: OpenStax
• Book title: Introduction to Business
• Publication date: Sep 19, 2018
• Location: Houston, Texas
• Book URL: https://openstax.org/books/introduction-business/pages/1-introduction
• Section URL: https://openstax.org/books/introduction-business/pages/1-introduction

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How to Write a Business Essay

Table of Contents

What is a Business Essay?

A business essay is a written analysis or interpretation of a particular business-related question or problem. Its main purpose is to present a compelling argument, supported by evidence, to persuade or inform its readers about a specific aspect of business, whether it be management, marketing, finance, ethics, or any other business-related topic.

Overview of Different Types of Business Essays:

• Analytical Essays : These essays dissect a business scenario or problem, analyze the components, and present the findings in a structured manner.
• Persuasive Essays : Aimed at convincing the reader about a particular point of view or business strategy. These require strong arguments and supporting evidence.
• Case Studies : These essays involve a detailed examination of a particular company or event. The writer explores the subject’s background, present conditions, and potential future implications.
• Comparative Essays : These contrast two or more items, such as different leadership styles, market strategies, or economic theories, to understand their distinctions and implications.
• Problem-Solution Essays : Identify a problem within a business context and propose a feasible solution, backing it up with factual evidence and analysis.

Understanding the Assignment:

Tips for comprehending essay prompts and instructions:.

• Read Carefully : Take time to read through the essay prompt several times to understand precisely what is being asked.
• Highlight Keywords : Identify action words such as “analyze”, “compare”, “critique”, or “discuss” to grasp the type of response required.
• Clarify Doubts : If anything is unclear, do not hesitate to seek clarification from the instructor or peers.

Importance of Identifying the Essay’s Objectives and Audience:

• Objectives : Understanding the purpose of your essay is crucial. Is it to inform, persuade, or analyze a business concept or strategy? Knowing this guides your research and writing process.
• Audience : Knowing who will read your essay (e.g., academics, business professionals, peers) helps tailor the language, complexity, and tone of the content to suit their level of understanding and interest.

Research and Analysis:

How to conduct thorough research using credible sources:.

• Library and Online Databases : Utilize academic libraries and online databases for reputable sources such as journals, books, and authoritative articles.
• Government and Industry Reports : These can provide reliable statistics and insights.
• Case Studies and Company Records : Great for specific insights and real-world evidence.

Methods for Analyzing Information Relevant to the Essay Topic:

• Create an Outline : This helps organize thoughts and data logically.
• SWOT Analysis : Evaluate strengths, weaknesses, opportunities, and threats related to the essay topic.
• Comparative Analysis : If applicable, compare different theories, case studies, or data sets to draw informed conclusions.
• Critical Thinking : Challenge assumptions and explore alternative viewpoints. This deepens the analysis and strengthens arguments.

In the following sections, we will delve deeper into how to structure your essay effectively, develop a robust argument, and polish your work through careful editing and proofreading.

Planning and Outline:

Creating a robust business essay outline:.

A well-structured outline serves as the backbone of your essay. It can be detailed or brief, but it should clearly map out the introduction, body paragraphs, and conclusion.

• Thematic Organization : Group your research findings into themes or categories that will become the basis for your paragraphs or sections.
• Sequential Flow : Ensure that there is a logical progression of ideas from one paragraph to the next.
• Balance : Allocate a proportional amount of content for each section according to its importance in supporting your thesis.

Strategies for Organizing Thoughts and Research Findings:

• Mind Mapping : Use this to visually organize your thoughts around the central topic.
• Bullet Lists : Make simple bullet lists to arrange facts and arguments in order of impact or relevance.
• Post-it Notes : These can be rearranged easily to help you decide on the best structure for your essay.

Writing the Business Essay Introduction:

Crafting a compelling opening statement:.

• Hook : Begin with a strong hook that captures the reader’s attention, such as a striking statistic, a rhetorical question, or a relevant anecdote.
• Relevance : Briefly relate the opening to the wider business context to show the significance of your essay topic.

Establishing Context and Stating the Thesis:

• Background Information : Provide a concise overview of the topic’s background necessary for understanding the ensuing discussion.
• Thesis Statement : Clearly articulate your thesis, presenting your central argument or stance, which the rest of your essay will support.

Body Paragraphs:

Structuring arguments logically:.

• Topic Sentences : Start each paragraph with a topic sentence that presents the main idea of the paragraph.
• Coherence : Make sure that each sentence flows logically from one to the next, maintaining coherence within and between paragraphs.

Use of Evidence and Examples to Support Points:

• Credible Evidence : Support your arguments with data and evidence from credible sources.
• Real-World Examples : Incorporate examples from actual business practices to illustrate your points more vividly.
• Explanation : Don’t just present evidence, but also explain how it supports your argument or relates to your thesis.

Concluding the Business Essay:

Techniques for summarizing the main points effectively:.

• Restate the Thesis : Reinforce the thesis statement, putting it in the context of the provided evidence and arguments.
• Summarize Key Arguments : Recap the key points made in the body, highlighting how they collectively support your thesis.

Discussing Implications, Recommendations, or a Call to Action:

• Implications : Discuss the broader implications of your findings or argument for the business world or a specific sector.
• Recommendations : If appropriate, offer well-grounded recommendations for action or further investigation.
• Final Thought : Leave the reader with a provocative final thought or question to underscore the essay’s significance and encourage further reflection.

The conclusion of your essay is not merely an endpoint but a decisive component that ties together your analysis, reinforcing the significance of your argument and its implications in the business field.

Referencing and Citation:

Guide to proper referencing styles commonly used in business essays:.

• APA (American Psychological Association) : Often used for business, psychology, and social sciences, it focuses on the author-date method of in-text citation.
• Harvard : A common author-date reference style where the citations are parenthetical, with a reference list at the end.
• Chicago : Known for its footnote or endnote style, but also has an author-date system; prevalent in history and some business publications.
• MLA (Modern Language Association) : Utilizes parenthetical citation; less common in strict business fields but sometimes used in business humanities.

To correctly format citations and references, refer to the specific style guide or use citation tools like Zotero, EndNote, or Mendeley.

Importance of Avoiding Plagiarism:

• Ethical Writing : Presenting others’ words or ideas as your own is unethical and can lead to severe academic and professional consequences.
• Originality : Original work is valued and demonstrates your own understanding and analysis of the topic.
• Credibility : Proper citation builds credibility and allows readers to verify sources, fostering trust in your analysis.

Editing and Proofreading the Business Essay:

Best practices for revising the essay:.

• Multiple Rounds : Go through several rounds of editing, focusing on different aspects each time—structure, argument flow, evidence, and then language.
• Peer Review : If possible, have a peer review your essay for fresh perspectives on content and clarity.
• Distanced Review : After writing, take a break before editing to review your work with fresh eyes.

Grammar, Punctuation, and Style Considerations:

• Consistency : Ensure consistent use of tense, voice, and person throughout your essay.
• Clarity and Brevity : Use clear and concise language; avoid jargon unless your audience is familiar with it.
• Punctuation and Grammar : Use tools like Grammarly or Hemingway Editor to catch common mistakes, or consult grammar guides for complex issues.

Business Essay Writing Tips:

• Understand the Business Lingo : Familiarize yourself with business terminology to make your essay more authoritative.
• Active Voice : Prefer active voice over passive for clarity and dynamism.
• Real-Life Application : Always consider how theoretical concepts apply in real-world business scenarios for more impactful writing.
• Critical Analysis : Go beyond describing concepts; analyze and critique them to add depth to your essay.
• Stay Updated : Use current examples and case studies, as the business world is continually evolving.

Additional Resources:

• Books : “The Elements of Style” by Strunk and White for style, “On Writing Well” by William Zinsser for nonfiction writing.
• Online Guides : Purdue OWL for comprehensive writing resources, Harvard Business Review for real-world business insights.
• Tools : Google Scholar for research, Grammarly for grammar checks, Turnitin for plagiarism detection.
• Databases : Business Source Complete, JSTOR, and SSRN for scholarly articles and publications.

• Corporations
• Definitions

Nature of Business (What It Is And What You Must Know)

What is the Nature of Business ?

How do you legally define it?

What are the essential elements you should know!

In this article, we will break down the Nature of Business meaning so you know all there is to know about it!

Keep reading as we have gathered exactly the information that you need!

Let’s dig into our business terms knowledge!

Are you ready?

Let’s get started!

Table of Contents

What is Nature of Business

The nature of business is a phrase referring to the overall purpose and existence of a company within a market sector or industry.

When we say nature of a business, we are alluding to:

• What type of products and services are sold by a company
• The industry in which the company operations
• Its overall mission and purpose 
• Other distinctive characteristics of the business

For example, to understand the nature of business, we can classify the “nature” into different categories:

• By product or service 
• By organizational setup
• By organizational structure
• By business type 

Nature of Business Definition

How do you define nature of business?

The definition of “nature of business” can vary from one person to another.

The nature of business is a statement about a company’s offering to its clients, its industry, legal structure, or any other distinctive qualities of the business.

For example, if you say a company in the “private sector”, you evaluate the nature of the company based on its nature to earn profits.

If you say that a company is the “manufacturing sector”, you refer to a company primarily concerned with manufacturing operations.

If you refer to a company as a “corporation”, you are qualifying the nature of the company by assessing its legal structure.

Let’s look at different categories in which you can classify the nature of different businesses.

Nature of Business Categories

To better illustrate the concept, we have put together a list of different ways you can view or consider the nature of your business.

Nature of business types 

The nature of business can be considered as business types.

A business type refers to the market sector in which the company operations, such as:

• Government sector
• Military sector
• International sector
• Private sector
• Technology sector
• Merchandising sector
• Service sector
• Manufacturing sector
• Non-profit sector
• Public sector 

Within each of these sectors, you may have subcategories.

Organization Type

Within our nature of business list, the nature of company can be viewed as the manner the company has been structured.

A company’s organizational setup can be:

• A corporation
• A partnership
• A sole proprietorship 
• A limited liability company 
• A limited liability partnership 

The legal manner of how the business entity formed is an angle to describe the nature of your business.

Business Classification 

You can consider the “nature” of a business based on its industry classification.

The government classifies all companies into different categories.

This is useful for research and statistical purposes allowing the government to track how a specific industry or business category is doing in the economy.

There are two business classifications commonly used:

• The Standard Industrial Classification (SIC)
• The North American Industry Classification System (NAICS)

SIC is a classification used by the U.S. Department of Labor whereas the NAICS is a classification system jointly used by Canada, Mexico, and the United States.

Nature of Business Examples

Let’s look at a nature of business example by type of business to complete our illustration of this notion.

Service Business

A service business is a type of business that provides intangible products to its clients.

For example, the service business can be subdivided into:

• Accounting firms
• Public relations firms
• Medical practitioners
• Software consultants
• Marketing consultants
• Banks 
• Repair shops

Merchandising Business

A merchandising business is a type of business that buys products wholesale and sells them at the retail price.

Their overall objective is to sell products at a price point higher than what it cost them.

Examples of merchandising companies can be:

• Grocery stores
• Convenience stores
• Distributors
• Resellers 

Manufacturing Business

A manufacturing business is a type of business that purchases products to combine them into something new.

They transform existing products (such as raw material or other material), into manufactured goods sold to customers.

For example, a manufacturing company may purchase nuts or grains as raw commodities and produce consumer-friendly goods.

Takeaways 

So what is the legal definition of Nature of Business ?

Let’s look at a summary of our findings.

Nature of Business

If you enjoyed this article on Nature of Business , we recommend you look into the following legal terms and concepts. Enjoy!

Related legal terms 

Business definition  Characteristics of business  Cooperative  Financial independence  Knowledge workers Limited liability company  Market expansion  Nature of management  Partnership Revenue generation Sole proprietorship Types of businesses Author

• Business Classification

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Business Essay Topics to Write with Impact

Business essays are a common requirement for students pursuing various business-related courses. The key lies in choosing a familiar subject out of various business essay ideas that spark inspiration, one that can be thoroughly researched with ample sources, intriguing facts, or statistical data. In this article, we offer a comprehensive list of business essay topics ideas for you to write a paper that is unmatched!

Business Essay Topics Ideas: Navigating the Selection Process

Selecting the most suitable business essay topics can prove to be a challenging endeavor. Due to the intricate and sensitive nature of the subject, it is crucial to handle business terminologies with care while ensuring that your chosen topic remains intact. To aid you in this process, our custom coursework writing has compiled a set of important tips that will assist you in identifying an impressive essay topic.

• First and foremost, choose a topic that aligns with your personal interests and passions. This will not only make the writing business essay more enjoyable but also enable you to delve deeper into the subject matter.
• Additionally, opt for a business essay topic that offers a wide scope for research. Having access to a wealth of resources and information will enhance the quality and depth of your analysis.
• Select argumentative business essay topics that provide a rich pool of information and sources for reference. This ensures that you have a solid foundation to support your arguments and analysis.
• Prioritize topics that offer evidence, examples, or facts to substantiate the major points of your thesis statement. This not only strengthens your arguments but also demonstrates your understanding of the subject matter.
• Avoid the temptation to opt for overly broad subjects, as they can be challenging to cover comprehensively within the given deadline. Instead, focus on more specific aspects that allow for in-depth analysis and exploration. For instance, if you're writing an expository paper, you can enhance your approach by utilizing an expository essay outline . This will help you structure your major points more efficiently and ensure a clear and logical flow of ideas in your writing. 
• For case studies, consider selecting a business essay example centered around well-established companies and discussing their successes or failures. By offering concrete solutions, you can showcase your critical thinking and problem-solving skills.

50+ Business Essay Topics Ideas: Unleashing the Best Choice

While there is an abundance of business essay topics ideas to explore, we have curated a selection of exceptional choices to assist you in this endeavor. Take a thorough look at our handpicked list and discover an ideal topic that will serve as a solid foundation for crafting a detailed and engaging business essay.

Are You Looking for Help with Your Writing?

Our expert writers will provide top-notch assistance with any writing project

Business Management Essay Topics

Business management is a broad field that covers various topics affecting the management of business operations. It encompasses finance, marketing, sales, human resources, and supply chain management. The principles of business management are applicable to all types of businesses, whether small or large. Here are some topics from our ' Do my essay ' experts that can help you explore this area.

• Leadership Styles and Their Impact on Organizational Performance: Analyze different leadership styles (e.g., autocratic, democratic, transformational) and their effects on employee motivation, job satisfaction, and overall organizational performance.
• The Role of Emotional Intelligence in Effective Management: Explore the importance of emotional intelligence in managerial roles, examining how self-awareness, self-regulation, empathy, and social skills contribute to effective leadership and team management.
• Strategic Human Resource Management: Discuss the role of human resource management in achieving organizational objectives, focusing on topics such as talent acquisition, employee development, performance management, and retention strategies.
• Ethical Decision Making in Business: Examine ethical challenges faced by managers and organizations, analyzing frameworks and approaches for making ethical decisions and creating an ethical culture within the business environment.
• Change Management and Organizational Resilience: Explore strategies for effectively managing organizational change, considering topics such as change communication, employee engagement, resistance management, and building organizational resilience.
• Innovation and Entrepreneurship: Discuss the role of innovation and entrepreneurship in driving business growth and success. Analyze topics such as fostering a culture of innovation, managing risk, and strategies for promoting entrepreneurial thinking within organizations.
• Strategic Marketing Management: Examine the importance of strategic marketing in achieving competitive advantage, discussing topics such as market segmentation, targeting, branding, product development, pricing, and promotional strategies.

Business Law Essay Topics

Business law is a critical component of any business operation. It covers a wide range of topics, including contracts, intellectual property, securities, and trade secrets. Here are some business law essay topics:

• The Role of Intellectual Property Laws in Protecting Innovation and Creativity in the Business World.
• The Legal and Ethical Implications of Data Privacy and Cybersecurity in Business Operations.
• Corporate Social Responsibility: Balancing Legal Obligations and Ethical Considerations in Business Practices.
• The Impact of Antitrust Laws on Promoting Fair Competition and Preventing Monopolies in the Market.
• The Legal Challenges and Opportunities of International Business Transactions: Navigating Cross-Border Trade and Investment Laws.
• The Role of Employment Laws in Protecting Employee Rights and Promoting Fair Labor Practices in the Workplace.
• The Legal and Ethical Implications of Corporate Governance: Ensuring Accountability and Transparency in Business Organizations.
• The Impact of Consumer Protection Laws on Safeguarding Consumer Rights and Regulating Business Practices.
• Legal Challenges and Strategies for Managing Contracts and Negotiations in Business Transactions.
• The Role of Environmental Regulations in Balancing Business Operations and Sustainable Development.

Business Ethics Essay Topics

Business ethics refers to the set of moral principles that govern the decisions and actions of businesses, and if you need assistance, professionals can help you ' write my research paper ' to explore this topic in-depth. Meanwhile, here are some business ethics essay topics:

• Ethical Dilemmas in the Workplace: Analyzing Real-Life Scenarios and Decision-Making Processes.
• The Role of Corporate Social Responsibility (CSR) in Promoting Ethical Business Practices.
• The Impact of Ethical Leadership on Organizational Culture and Employee Behavior.
• Ethical Considerations in Marketing and Advertising: Balancing Profitability and Consumer Protection.
• The Ethics of Workplace Diversity and Inclusion: Promoting Equality and Fairness.
• Ethical Issues in Supply Chain Management: Ensuring Fair Labor Practices and Environmental Sustainability.
• The Ethical Implications of Technology and Artificial Intelligence in Business Operations.
• Whistleblowing and Corporate Misconduct: The Role of Ethics in Promoting Accountability.
• The Ethics of Corporate Governance: Ensuring Transparency and Responsible Decision-Making.
• Ethical Challenges in International Companies: Navigating Cultural Differences and Corruption Risks.

Business Administration Essay Topics

Business administration covers various topics related to the administration and management of business operations. Here are some ideas you can also use as dissertation topics :

• Effective strategies for managing employee diversity in business operations.
• Effective supply chain management strategies.
• Business incubation and entrepreneur support strategies.
• Effective leadership and its impact on business performance.
• Best practices in business decision-making and problem-solving.

International Business Essay Topics

International business operations are characteristic of companies that operate on a global scale. Here are some international business essay topics:

• The impact of globalization on international business operations.
• The impact of cultural differences on international business negotiations and operations.
• Digital transformation challenges and opportunities for global businesses.
• Effective entry strategies for multinational corporations into emerging markets.
• Effective strategies for managing global supply chain operations.

And if If you're wondering how to write a nursing essay focused on international business operations, here are some essay topics to consider:

• The Impact of Globalization on Nursing Practice: Analyze how globalization has influenced the nursing profession on a global scale, considering factors such as international collaboration, workforce migration, and cross-cultural challenges.
• Ethical Considerations in International Healthcare: Explore the ethical dilemmas faced by nurses working in multinational healthcare settings, examining issues like cultural relativism, patient autonomy, and disparities in healthcare access.
• Strategies for Managing Cultural Diversity in Nursing: Discuss effective strategies and best practices for nurses to navigate cultural diversity in international healthcare environments, emphasizing the importance of cultural competence, effective communication, and respectful care.
• Nursing Leadership in Global Healthcare Organizations: Examine the leadership skills and competencies required for nurses to succeed in global healthcare organizations, focusing on aspects such as cross-cultural leadership, strategic decision-making, and managing international teams.
• International Collaborative Research in Nursing: Explore the benefits and challenges of international collaborative research projects in nursing, discussing the importance of knowledge exchange, research ethics, and the potential impact on healthcare outcomes.

Organizational Behavior Essay Topics

Organizational behavior studies the behavior of people and organizations in the workplace. Here are some topics to create a thorough business essay example:

• The relevance of leadership and management in organizational behavior.
• The impact of motivation theories on business performance.
• Diversity management strategies in organizational behavior.
• The impact of workplace stress on employee performance and mental health.
• Effective communication strategies in organizational behavior.

Trending Business Essay Topics for Exam

Here are some current business essay topics ideas that are likely to be examined in exams:

• The Rise of E-commerce: Transforming Traditional Retail
• Sustainability and Corporate Responsibility: Balancing Profit and Environmental Impact
• The Gig Economy: Redefining Employment Relationships
• The Role of Big Data Analytics in Business Decision-Making
• The Influence of Artificial Intelligence (AI) on Business Operations

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Essay on business: nature, concept and characteristics.

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Essay on Business Contents:

• Essay on the Nature of Business
• Essay on Concepts of Business
• Essay on Characteristics of Business
• Essay on Scope of Business
• Essay on Role of Business in Economic and Social Development
• Essay on Objectives of Business
• Essay on Social Responsibilities in Business
• Essay on Functions of Business
• Essay on Roles of Business
• Essay on Three Main Branches of Business
• Essay on Interconnection between Trade, Industry and Commerce in Business
• Essay on Role of Government in Business

Essay on Business – Nature of Business

What is Business? The term business comes from busyness or the state of being busy—any ac­tivity a man is busy about.

Business is an economic activity with the object of earning an income i.e. profit and thereby accumulate wealth. The eco­nomic activity must be regular and continuous.

It involves:

(1) Production of goods with a view to selling them at a profit or

(2) Merely purchase of goods to resell at a profit.

The real object of any business, as pointed by Peter Drucker is to create a customer and to ensure repeat sale which is possi­ble only when the customer can get due service and satisfaction in the market place where exchange takes place in monetary terms.

Essay on Business – Concepts of Business

Old concept of business:.

In the old days the business was conceived merely in terms of busi­ness. The business of business is business. In those days the sole and exclusive objective of busi­ness was maximization of profit at any cost. Business began merely as an institution for the pur­pose of making money.

So long as a man made money and kept himself out of jail he was considered successful. He felt no particular obligation and acknowledged no responsibility to the community. As he was the owner of the business he thought he had the perfect right to do with it what he pleased.

New Concept of Business:

The modern busi­ness enterprise is a social and economic institu­tion. It does not live in a vacuum. Business by it­self is not an end but a means to achieve an end — i.e., public welfare. Urwick has rightly pointed out that profit can no longer be the main objective of a business than eating is the main objective of living.

According to Peter Drucker the objective of business is to create a customer.

The first business of every business is to se­cure customers. The customer is the master and to serve him well is the only purpose of business. Business cannot survive without customers. Mod­ern business aims at profit through service.

Essay on Business – Characteristics of Business

A. production or acquisition of goods:.

The business of business is to provide goods and serv­ices (intangible goods) at a price. These goods must be either produced or procured so that they can be sold and supplied at a price.

b. Dealings in Goods and Services:

Business means dealing in goods and services. Goods may be either consumer goods such as food, clothing, watches etc. or may be producers’ goods such as machinery which is used not for direct consump­tion but for production.

c. Recurrence of Transactions:

Regularly and recurring nature of buying and selling is a charac­teristic of business. A single buying and selling transaction does not constitute business. If a per­son sells his car and makes a profit, it does not amount to business. But if he keeps a stock of cars and conducts a series of such deals, it will be his business.

d. Profit Motive:

Profit motive is an impor­tant characteristic of business. Business is an activ­ity by which a man makes his living or earns profit. Profit is the biggest motivation for continuing busi­ness. Profit is essential for survival and develop­ment. If a person could not earn profit in a particu­lar business, he will turn to another business. This is true even of Govt. business. Profit is a reward for the efficiency of the entrepreneur.

Abot remarked, Business without profit is not a business any more than a pickle in a candy. Peter Drucker said, busi­ness cannot behave like anything else, it can only behave like business, that it must apply economic rationality to whatever it is doing and this is the right way for it to behave.

e. Elements of Risk:

Risk means the possibil­ity of loss. Economic activity is related with future and future is always uncertain and full of risks. Since business activity involves risks, it is often called an adventure. It is through the assumption of risks that business earns profit.

Essay on Business – Scope of Business

Easiest way to define the scope of business is to say, business is what businessmen do. Business includes trade, commerce and industry. Business has two aspects economic and functional. Production, distribution and exchange of goods for the purpose of earning money come within the scope of business.

Production is the economic aspect of business. Production means the creation of utility. Utility means the power to satisfy a human want. Any commodity or service which can satisfy a human want is said to have utility.

There are five different types of utility:

Utility can be created by changing the form of matter. Mud has usually no utility, but if a pot is made of mud, it acquires utility.

Utility can be created by transferring matter from one place where it is less useful to another place where it is more useful. Coal at the bot­tom of earth is of no use but when it is brought to a factory it becomes more useful.

Utility can be created by holding matter over to a time when it would be more use­ful. Clothing is sold at a higher price during the puja season than in other times of the year.

Men obtain many useful goods from nature, e.g., air, sunlight etc. They yield satisfac­tion to men. Such goods are said to have natural utility.

E. service:.

Utility can be created by perform­ing a service. Personal services that of a doctor, or teacher can satisfy human needs.

Business is also concerned with three impor­tant economic issues:

i. What goods are to be produced?

What goods are to be produced and in what quantities arise di­rectly because of the scarcity of resources? If re­sources were unlimited, the problem of what goods are to be produced would not have arisen because in that case we would have been able to produce all goods we wanted and in the desired quantities. Since resources are scarce relative to human wants, a business firm has to choose among various goods.

ii. How are the different goods produced?

There are various alternative methods of produc­tion and a firm has to choose among them. For ex­ample, cloth can be produced either with power-looms or with handlooms. The business firm has to decide which particular method has to be adopted.

iii. Are all available resources being fully and efficiently utilised?

Resources being scarce a firm will try to use all the available resources in the op­timal manner with a view to maximizing profit. Distribution and exchange are the functional aspects of business. When goods have been produced and ready, the next task is its distribution, to bring it to the mar­ket and the consumer.

The businessman has to en­sure that the product reaches its destination in good condition, in the desired quantity, at the right time, involving the appropriate cost.

Exchange takes place in market. Formerly, commodities were produced for home consump­tion, but now production is mainly for sale and ex­port. Under the barter system surpluses of produce were interchanged between the parties concerned.

It was only after the introduction of money that markets came to be organised for the sale and pur­chase of commodities. Agricultural marketing was of little significance under subsistence farming. The commercialisation of agriculture gave rise to mar­keting and the development of transport and com­munications contributed to its growth.

Scope of business includes following three as­pects of business:

i. Business is an Economic Activity:

An eco­nomic activity involves the task of adjusting means to the ends or ends to the means. An economic ac­tivity may assume the form of production, con­sumption, distribution and exchange. Each busi­ness firm has a target to achieve and for that pur­pose it has some resources at its disposal.

Some­times the target has to be matched with given re­sources and sometimes resources have to be matched with the given target. Either way, the func­tion of the business firm is to achieve optimum re­sult of economic activities.

ii. Business Firm is an Economic Unit:

A busi­ness firm is basically a transformation unit, it trans­forms input into output. The objective of this activ­ity is to earn maximum profit in the long run. It is a value added process the value of output in ex­cess of the value of input.

iii. Business Decision making is the Most Im­portant Aspect of Business Firm:

Decision making involves making a choice from a set of alternative courses of action. Rational choice is the root of all business problems. The question of choice arises because resources are scarce. When input is the con­straining factor, business firm’s decision variable is the output and when output is the constraining factor firm’s decision variable is the input.

The scope of business will be wider if we look at it from the systems approach.

A business organisation in an open system as it influences and is also influenced by its environment. It receives inputs from the society in the form of raw materi­als, labour, capital and information. It throws out­put into the society in the form of goods and serv­ices.

Broadly speaking, business organisation as a system has five subsystems:

(a) Finance system to look after finance function,

(b) Production system to look after production function,

(c) Marketing system to look after marketing function,

(d) Per­sonnel system to look after the development and utilisation of human resources, and

(e) Research and development system for innovations.

Each func­tional area of business may be considered as a sub­system of the operating enterprise.

Essay on Business – Role of Business in Economic and Social Development

Business is as old as civilization itself. Today, every human being from a hawker to a factory owner is engaged in business of one kind or the other. They are either manufacturing or selling goods or are rendering a variety of services to the society. Business is a value added process. Business­men are adding utilities to production, satisfying human needs and earning profit in the process.

Businessman instigates change thereby shift­ing economic resources away from established endeavors into areas of great yield and higher pro­ductivity. This is the process of wealth creation rather than wealth accumulation.

Business is an economic proposition but an integral part of society. While earning profits it must keep in view the aspirations and expectations of society. Business is an institution organised and oper­ated to provide goods and services to society un­der the incentive of private gain.

Business provides to the society the things it needs in order to sur­vive enjoy life and improve its material well-be­ing. Besides, it undertakes productive utilisation of wealth-producing resources of the society. It also leads to innovations and improvements in produc­tion processes and thus enriches the life of people by enhancing the capacity of the available resources.

Society has three interrelated parts:

(i) Ideas or beliefs;

(ii) Institutions and

(iii) Material things.

Ideas include ideologies, images, beliefs and attitudes. They establish broad goals of life in soci­ety. Institutions are forms and methods of group activities. A business institution is a means to use scarce resources to produce in an efficient manner those goods and services that society needs and is willing to pay for.

Tangible material things include stocks of resources, land and all manufactured goods. These things help to shape man’s institu­tions, ideas and beliefs.

Essay on Business – Objectives of Business

Every human activity has some objective or objectives and business as one of the important human activities must have some objectives.

a. Economic Objectives :

Business has two major objectives. The first objective of business is economic in nature. Man­agement is that activity whereby economic forces (i.e., land, labour and capital) are utilised in com­bination, always with a view to profit of one kind or another. Drucker has said that there is only one valid definition of business purpose: to create a customer. The business enterprise aims to earn prof­its through serving the customer demand.

In the words of Drucker, it is the purpose, na­ture and necessity of this institution to take risks, to create risks. Unless we provide for risk, we are going to destroy capacity to produce. And there­fore, a minimum profitability, adequate to the risks which by necessity, assume and create, is an abso­lute condition of survival not only for the enter­prise but for society.

Profits are the reward for which a business en­terprise is brought into being. No one will take the risks involved unless he is assured of adequate re­turn. Once a business is started, profits must continue to accrue for staying in business as well. In the short run, a business may bear losses provided there are chances of being compensated by adequate profits in the long-run.

Apart from meeting the costs of being and con­tinuing to be in business, profits serve two other purposes. It ensures the supply of future capital for expansion either through retained earnings or providing inducement to new outside capital. Profit is also an ultimate test of business performance; it is a criteria of efficiency. The more efficient a busi­ness is, the greater the profit it earns.

b. Social Objectives:

Besides economic ob­jectives, a business has social objectives. Mr. Urwick has rightly observed that profit can no longer be an objective of business than eating the objective of living. Although profit is one of the major objectives of business, it does not mean that there is no limit to the profit which the firm can make.

Profit should be distinguished from profiteering. Limitation on the profit motive arises from the fact that business does not thrive in vacuum. It exists in society.

Even in a free enter­prise system, individual may be restricted by so­cial pressure, political action and legislative inter­ference. A business organisation may be compelled to maintain the quality of its product, charge a pre­scribed price from its customers or pay living wage to its employees. It may also be prevented from earning profits beyond a fixed ceiling.

Therefore, good business keeps before itself some social objectives such as those of producing articles of good quality, charging reasonable prices, adopting fair labour practices and so on. Society is organised with beliefs in some ethical principles and promises to its members. Business has to con­form to these beliefs and promises.

It must not be­have in a manner which is not conducive to the stability of society. Business also aims at positively contributing to the well-being and uplift of the so­ciety in which it is situated. This, it does by partici­pating in the welfare activities of the surrounding area such as running of schools, libraries, hospi­tals, organising sports, providing entertainments and so on.

It is a fact that the concept of social responsi­bility of business has received public attention in India in recent times. Some enlightened companies like the TISCO have given attention to social re­sponsibility and proposed social audit.

But the fol­lowing facts show that social responsibility is at a low pitch in India:

(a) A large number of business firms are dominated solely by the profit motive to the complete neglect of social motive.

(b) Tax evasion is widespread. Black money has created a parallel economy. Many firms maintain duplicate books of ac­count.

(c) Essential commodities like baby food kerosene, cement etc. are frequently cor­nered and artificial scarcity is created by dishonest businessmen for making ab­normal profit.

(d) Adulteration is rampant particularly in respect of food articles.

In the beginning the objective of business was to earn profit, later that objective was replaced by profit-cum-service. At present, profit through serv­ice is the objective of business.

The objectives of business are shown in the following table:

Essay on Business – Social Responsibilities of Business

Industry in the 20th century can no longer be regarded as a private arrangement for enriching shareholders. It is a joint enterprise in which work­ers, managers, consumers, Govt., trade unions all play a part. If the business organisation is to con­tinue some way must be found to embrace many interests, which go to make up industry for a com­mon purpose.

Sometimes businessmen do not appreciate their obligations towards society. Still they think the business of business is business. The idea is that business began merely as an institution for the pur­pose of making money. So, long as a man made money and kept himself out of jail, he was consid­ered successful.

He felt no particular obligation and acknowledged no responsibility to the community. As he was the owner of his business he thought he had every right to do with it what he pleased. But such an attitude does not hold good in the present situation. The recognition of social re­sponsibility is known as the emergence of corpo­rate conscience.

Business is not an end in itself. It is only a means to an end. That end is man himself. There­fore, business has to contribute to man’s happiness, his freedom, his material, moral and spiritual growth.

A new philosophy of management is emerg­ing which has deeply influenced corporate goal and business policy. It has been rightly stated by S P Sethi that it is fallacy that business can prosper or even exist, without regard to broader social con­cerns.

The major elements that contributed to the development of new management philosophy are as follows:

i. The business leaders as a whole were be­coming increasingly conscious of the fact that the public was an integral part of the general business scheme. Sense of service came to modify the greed for profit.

ii. The second element that helped the process of the evolution of the new idea was the purchas­ing power of the public. The demand of public means nothing unless they have sufficient purchas­ing power in hands. Industry has learned that one of its proper functions is to manufacture and dis­tribute purchasing power as well as to manufac­ture and distribute merchandise. The most impor­tant effect of this changed attitude is to offer better wages to workers and lower prices to consumers.

iii. The third element is the rise of a new rela­tionship between the public and business, slowly displacing the age of purely private business for private profits. It is a duty of business to report to the public because it is conducting business with public money.

Two Views — Traditional and Modern

According to the traditional view, if a business is striving to utilise most efficiently the resources at its disposal in producing goods and services, it is acting in a socially responsible manner.

The aim of business was stated as follows:

‘The aim of our business is to make a better product at a competi­tive price. The result should be customer satisfac­tion and profit to our shareholders’.

Thus business objectives were stated exclusively in economic terms. Traditional business goal focused only on profits. But the modern concept of social responsibil­ity has enlarged itself very much though there is a difference of opinion as to its scope.

Business organisation is a subsystem of a total economic system. It is an instrument of society to fulfill social goals. In the initial period the objective of business was profit. Later profit was replaced by profits- cum-service. At present the concept of profit through service is the accepted objective of busi­ness organisation.

According to Keith Davis, social responsibil­ity begins where the law ends. A firm is not being socially responsible if it merely complies with the minimum requirements of law, because this is what any good citizen would do. Social responsibility goes one step further. It is a firm’s acceptance of a social obligation beyond the requirements of law.

The social responsibilities may be internal or external to a business organisation. Internal obli­gations are concerned with assuring due process of justice, equity and morality in employees hiring and firing or their promotion or training. External obligations refer to such actions as fair deal to mi­nority shareholders, earning foreign exchange or training or hiring unemployed etc.

Need (Arguments) for Social Responsibilities :

The following arguments are advanced for so­cial responsibilities by business people.

a. Iron Law of Responsibility:

The institu­tion of business exists only because it performs in­valuable services for society. Society has given busi­ness its charter to exist and the charter can be amended or revoked at any time if it fails to live up-to society’s expectations.

Therefore, if business wants to retain its existing social role, it must re­spond to society’s needs constructively. This is called the Iron Law of Responsibility which means that in the long run those who do not use power in a manner which society considers responsible will tend to lose it.

b. To Fulfill Long-run Self-interest:

A busi­ness organisation in its own self-interest likes to have, a better community in which to conduct its business. To achieve that, it would implement spe­cial programmes for social welfare. As a result of social improvements, crime will decrease. Less money will be required to protect property.

Labour recruitment will be easier. A better society would produce a better environment in which the busi­ness may aim at long run profit maximization.

c. To Establish a Better Public Image:

Each business organisation must enhance its public im­age to secure more customers, better employees and higher profit. So if the firm wants to capture a fa­vourable public image it will have to show that it also supports various social goals.

d. To Avoid Govt. Regulation or Control:

Regulation and control are costly to business, both in terms of energy and money and restrict its flex­ibility of decision making. Failure of business to assume social responsibilities voluntarily invites Govt. to intervene and control their activities.

By their own socially responsible behaviour they can prevent Govt. intervention. Businessmen have learnt that once a Govt. control is established it is seldom removed even though conditions have changed.

e. To Avoid Misuse of National Resources and Economic Power:

Businessmen command con­siderable power on the productive resources of a community. They are obliged to use those resources for the common good of society. They should not forget that the power to command national re­sources has been delegated to them by the society to generate more wealth for its betterment. They must honour social obligations while exercising the delegated economic power.

f. To Avoid Class Conflicts:

Industrial peace is a precondition for the success of business. Trade Unions are becoming more and more militant and demand social welfare measures, better wages bet­ter working conditions etc. Businessmen must win over the confidence of workers and avoid violent class conflicts in their own interest.

g. To Repair the Damage:

The effluence of many industries positively damages the surrounding environment. Therefore they are duty-bound to repair the damage by rec­ognising their responsibility to society.

Responsibility of Business Towards Social Partners :

According to Earnest Dale, it is the duty of busi­ness to provide a fair return to the shareholders, fair working conditions to the employees, fair deal to the suppliers and to make the business an asset to the local community and the nation.

a. Owners of Business:

Management must provide fair, adequate and stable long-run rate of return and steady capital appreciation to the share­holders for their investments. It must also provide to them regular, accurate and up-to-date informa­tion about the working of the company.

Maximum disclosure about the progress and achievements of the company is very satisfying to the shareholders. It must ensure planned growth, solvency of the business and optimum utilisation of the resources of the business.

b. Employees:

Employees need security of job, higher wages, full employment, better conditions of work, opportunities for self-development and promotion. They want to unite and form their trade unions to achieve rights and to seek protection against high-handedness of the management.

They also desire their work itself to be rewarding. As a part of its social responsibilities, management is expected to provide for their social security, wel­fare, grievances settlement machinery and sharing of excess profits.

Management should be a model employer. A model employer is one who does not exploit his employees. As a model employer the management should provide stable employment, adequate wages, good and safe working conditions job sat­isfaction and opportunities for self-development. Healthy trade union practices should be encour­aged.

Employees should be considered joint part­ners in business since their interests in business are not very much different from the interests of the shareholders. They may be allowed to participate in the decision-making process at all levels of man­agement.

c. Consumers:

In the words of Henry Ford, management must provide those goods and serv­ices which the society needs at a price which the society can afford to pay. Management should pro­vide good quality products to the consumers at rea­sonable prices. It should develop a fair and liberal attitude towards the consumers. It must maintain regular supply of high quality products and pro­vide services to the consumers.

A businessman should act as a friend and guide to the consumer. It is his duty to protect consumers’ interest at any cost. He must guard against adulteration, poor quality, misleading advertisement, under weighing, supply of stale goods etc. He must handle the complaints of the consumers more carefully and efficiently.

d. Community:

A business has various re­sponsibilities to the community and to the society at large. These are:

(a) Taking steps to prevent environmental pollution and to preserve ecological bal­ance.

(b) Rehabilitating persons displaced by the industry.

(c) Contributing to research and develop­ment.

(d) Development of backward areas.

(e) Promotion of ancillary and small scale industries.

(f) Helping Govt. to build a better society.

(g) Taking steps to help Govt. in the plan­ning process.

The concept of social responsibility of private business may be new to the western world but in India it has not been so. Gandhiji reminded us of these values when he propounded his theory of trusteeship. The rich businessman should recognise that he is the trustee for all the wealth which he has collected from the members of the society.

So the entrepreneur has to strike a balance between profit and social goal. The concept of social responsibility of business was first mooted by President Wilson in U.S.A. as early as 1913.

Social Issues :

Social issues with which business corporations have been concerned since the ’60’s may be divided into three categories. The first of these refers to the social problems external to the corporation which were not caused by any direct business action. Pov­erty, drug abuses, decay of the cities are examples of problems in this category. The second category consists of external impact of regular economic ac­tivities.

Pollution by production is a case in point. The quality, safety, reliability of goods and services, deception from marketing practices, the so­cial impact of plant closings and plant location be­long to this category. The third category of issues occurs within the firm and is tied up with regular economic activities.

Equal employment opportu­nity, occupational health and safety, quality of work life and industrial democracy belong to this cat­egory.

Second and third categories are of increasing importance and are tied up with the regular eco­nomic operations of business. Improved social per­formance demands changes in these operations.

Indian Context :

It is a fact that the concept of social responsi­bility has received public attention in India in re­cent times. Some enlightened companies like the TISCO have given attention to social responsibility and proposed social audit. Social audit is a com­prehensive as well as critical assessment of the per­formance of an economic entity as a whole vis-a-vis its social responsibility.

The following facts show that social responsi­bility is at a low pitch in India:

(i) A large section of business firms are dominated solely by the profit motive to the complete neglect of social motive.

(ii) Tax evasion is widespread. Many firms maintain duplicate books of account.

(iii) Essential commodities like baby food, kerosene, cement etc. are frequently cor­nered and artificial scarcity is created by dishonest businessmen for making ab­normal profit.

(iv) Adulteration is rampant, particularly in respect of food articles.

Sachar Committee’s Suggestions :

The Committee (1978) inter alia, looked into the social responsibilities of companies. Every company, apart from being able to jus­tify itself on the test of economic viability, will have to pass the test of socially responsible entity. In this context it will be judged by various tests depend­ent upon the circumstances in each company and in each area.

Thus, a chemical company which may declare very high dividend may yet be responsible for polluting the water and air and would have to be named as a socially irresponsible company.

Simi­larly the waste discharge from the factories result­ing in loss of fish and thereby depriving a large number of fishermen of their livelihood and also posing a risk to those eating fish would be an irre­sponsible act. No company these days can disown its social responsibility.

For securing responsible behaviour the com­mittee was in favour of ‘openness in corporate affairs’ i.e., adequate disclosure of information for the benefit of shareholders, creditors, workers and the community. It suggested that social cost-benefit analysis ought to be taken into account in the matter of investment in the private sector.

Social responsibility of business is nothing but social ac­countability and is a mere extension of the princi­ple of public disclosure to which the corporation must be subject.

Other relevant suggestions of the committee are as follows:

i. It should be obligatory on a company to give a social report every year showing to what extent it has been able to meet its social obligation.

ii. Social responsiveness may be judged from the policy of employment followed by a company so far as the socially handicapped and weaker sec­tions of the community are concerned.

iii. The test for judging a company’s conscious­ness to the interests of the public may include: the interest it makes in the area of its operation, the welfare of its employees, the spread of adult lit­eracy and so on.

iv. The Companies Act should be suitably amended requiring every company to give along with the director’s report, a social report which will indicate and quantify the various activities relating to social responsibilities carried out by a company in the previous year.

It is necessary for a company to undertake a ‘ social audit’ of their organisation. In 1980 TISCO did social audit to its performance and published the findings in the form of a report.

Essay on Business – Functions of Business

A. production:.

Production is the most impor­tant function of business. Since it is the business of business to provide goods and services to people for a price, it is necessary that these goods and services to be supplied.

Therefore goods must be pro­duced or manufactured or procured so that they can be sold and supplied.

b. Sale or Transfer of Title:

Goods which have been produced or procured must be sold at a profit. The activity of selling result in the production and acquisition of wealth. In the Marxian formula it is M-C-M’. The pro­ducer goes to the market with money (M) and pur­chase commodity (C) and again convert that com­modity in money (M’).

The second M or M’ is greater than M, otherwise the whole process would be meaningless. Difference between M’ and M is the profit of the producer.

c . Purchase:

Every business firm has to make purchases. The manufacturer purchases raw mate­rials, chemicals, machinery, labour etc. for the pro­duction of goods. Some firms purchase finished goods from others for re-sale in the market.

Hence whatever be the nature of business, purchasing is the most important function of business. The suc­cess of business largely depends upon right pur­chase at the right price, right time, in right quantity and of right quality.

d. Assumption of Risks:

Since business activ­ity involves the assumption of risk, it is called an adventure. Those engaged in business have the important function of looking for business poten­tial and converting problems into opportunities. If they are successful in their endeavour, they earn reward in the form of profit, if fail, they incur loss.

e. Planning:

Planning means purposeful ac­tivity. A business firm has to plan what is to be pro­duced, how to be produced, when to be produced and for whom to be produced. If everything done in a planned manner, success of business is ensured.

f. Securing Finance:

Finance is the life blood of business. Business cannot run without finance. Procurement of finance is a very important func­tion of business. Business needs two types of capi­tal fixed capital and working capital. Sources of finance may be either internal or external. Business will procure finance in such a way that the cost of capital is the minimum.

g. Management:

Business organisation has to be managed properly so that it can earn good prof­its. Management is an activity process for getting the objectives of any enterprise accomplished through the efforts of its personnel. Management is an essential function of all business organisations.

Management acts as a creative force in the organi­sation. It creates a result which is a bigger whole than the sum total of the efforts put in by the group. Management seeks to secure the maximum results by the use of minimum resources.

h. Forecasting:

Since a business firm operates under conditions of uncertainty one of the most important functions of the business is that of fore­casting. A forecast is merely an estimation of a fu­ture situation. Since future is uncertain, no forecast can be 100% certain.

However, every business firm aims at making forecast as correct as possible. It was Henri Fayol who first laid emphasis on fore­casting as an important function of business man­agement.

Sales estimates are necessary so that fu­ture levels of production may be properly planned. The financial manager requires estimates of the fu­ture cash flows of the firm. Forecasting is also re­quired for money and credit conditions so that cash requirements of the firm may be met at the lowest possible cost.

Thus it is quite obvious that good forecasting is essential to reduce the uncertainty of environment in which most of the managerial de­cisions are made.

i. Personnel:

The personnel function is basi­cally concerned with relationships of management and the employees. Management’s main task is to get the work done through the people, and employ­ees are people who perform the plans into action. Hence, despite tremendous technical development, man still remains the main factor of production. Man thinks, plans, produces and sells the product.

Thus production, finance, marketing accounting research and development all functions are per­formed by people. Peter Drucker has rightly said that the proper or improper use of different factors of production depends upon the wishes of the hu­man resources. It is one of the important functions of business to maintain a good employer-employee relationship.

j. Office Function:

Every business has to maintain an office for conducting its business and for contact with the public. Office is a place where administrative and clerical works are carried out and files are maintained. Office is a co-coordinating force between production and distribution. The office is the nerve-centre of a business. Office is run under the supervision of an office secretary.

k. Accounting:

Accounting is a very impor­tant function of business. Every business has an ac­counts department under the charge of Chief Ac­countant. It gives a clear idea of the financial affairs of business. Accounting can give a clear idea about the income and expenditure, profit and loss and financial health of business. Accounts have to be maintained properly because it is periodically checked by the Tax Departments of the Govern­ment.

Essay on Business – Roles of Business

A. service to society:.

Providing employment opportunities. One of the important social objec­tives of business is to provide adequate employ­ment opportunities to the members of the society.

It is more so in the developing country like India where the pressure of population is high and the Govt. is unable to provide jobs to everybody. Govt. is encouraging young men to start small industry and it is ready to provide finance. It is one of the reasons for the nationalisation of top banks in the country.

b. Supplying better Quality of Goods and Services:

One important social objective of busi­ness is to provide for steady increasing value to consumers by better quality of goods and services and ensure safety of consumers by providing products which are not injurious to them.

c. Mass Production and Economic Prices:

An­other important social objective of business is to produce goods and services on a mass scale at eco­nomic prices. This will help in (i) enhancing mate­rial welfare of the society and (ii) raising the aver­age living standard of people.

d. Pollution Control:

An important social ob­jective of business is to ensure control of pollution of water, air, noise resulting from its own activi­ties. Discharge of effluents in a lake by an indus­trial enterprise may result in water pollution.

The effect may be damaging to living creatures, the fish in the lake, the birds that eat fish and the drinking water from the lake. Pollution adversely affects the quality of life. Business must make sincere efforts to control pollution and avoid disaster.

e. Social Justice towards Employees:

Em­ployees spend nearly half of their active lives in business. Business managers should provide full justice to their employees in the form of good work­ing conditions. A modern business organisation should ensure safe, healthy and humane work en­vironment for employees so that they can work with honour and have job satisfaction.

In such an environment employees may put in their best and increase productivity leading to increased profit­ability of the organisation.

f. Provision of Medical Aid, Education and other Facilities:

As most Govt., are not in a posi­tion to make adequate provision for medical aid education and other facilities it is expected that business organisation itself take care of these as­pects for its employees.

g. Encouraging Creativity and Growth Oppor­tunities to Employees:

In its own interest an or­ganisation encourages creativity in its employees. A model organisation also provides reasonable growth opportunities to its employees so that they may bear more responsibilities and help in the growth of the organisation itself.

The interrelation between business and soci­ety is a reality in modern times because business has become a dominant institution in society and has a strong impact on the institutions and actions in society.

Society is now seeking the support of business for solving some of the ills of the modern world, e.g. impact of the increasing population upon food supplies, resource use, solving the problem of un­employed, helping the physically handicapped by offering them jobs.

Other areas of major concern include the handling of dangerous substances, con­sumer safety and quality of work life. Society realizes that Govt. alone cannot solve all these problems. It is expected that business will come forward to solve these problems.

Essay on Business – Branches of Business Activities

A. industry :.

The term industry refers to that part of busi­ness activity which is concerned with raising, ex­tracting, processing, production or fabrication of products.

The products of an industry may be used either by the final consumers or by another indus­trial undertaking for further production.

Goods used by final consumers are called consumer goods and goods used in the production of other goods are called producers’ goods. A company which manufactures motor cars, baby food, edible oils are producing consumer goods whereas a company manufacturing steel, machinery, equipment are producing producers’ goods or capital goods.

Types of Industry:

Industry may be subdi­vided into five subdivisions:

(i) Extractive Industries:

These industries are supplying commodities which are extracted from the earth, sea and air with comparatively little help from man. Fish­ing, mining, fruit gathering, agriculture are examples of extractive industries.

(ii) Genetic Industries:

These are industries which, though dependent upon nature require a greater application of human skill in their production. Cattle breed­ing, poultry, plant breeding are exam­ples of genetic industries.

(iii) Manufacturing Industries:

Usually the term industry is used to refer to manu­facturing industries. Manufacturing industries are concerned with transform­ing raw materials into finished or semi-finished products. In this process these industries create form utility.

The products of extractive industries gener­ally become the raw materials of manu­factured industries. Steel plants, cotton mills, jute mills, flour mills etc. are ex­amples of manufacturing industries.

(iv) Construction Industries:

These indus­tries are concerned with construction of buildings, roads, bridges, canals, dams etc. The peculiarity of these industries is that their products are not sold in the ordinary sense of taking them to the markets to be sold; they are built at a fixed site. The products of manufactur­ing and extractive industries are used as inputs of the construction industries.

(v) Service Industries:

Business provides goods as well as services. When a per­son goes to a cinema or a theatre, or en­gages a lawyer, he receives nothing ma­terial in return for his money. Examples of service industry are transport, bank­ing, insurance, services of lawyer, doc­tor, chartered accountants.

Classification of Manufacturing Industries :

Manufacturing industries may be of the fol­lowing types:

i. Continuous Industries:

It is an industry in which all the material is received at one point from which successive operations turn it into a finished product. Paper, pottery manufacture, yarn spinning is examples of continuous industries. A continuous industry may be either analyti­cal or synthetic.

In the analytical industry the basic material is analysed and separated into several parts so that the final product emerges from the mass of original materials.

All refining industries (i.e. oil refining) are of this type. The crude mineral oil is analysed and separated into kerosene, diesel, Mobil and petrol. In a synthetic industry, various ingredients are brought together and combined in the manufactur­ing process to produce a new product. Paper, soap, paint are examples of synthetic industry.

ii. Assembly Industry:

In an assembly indus­try the finished product can be produced only af­ter various components have been made and then brought together for final operation, such as, auto mobiles.

Official Classification of Industries :

Industries may also be classified by the type of product. A standard classification of industries on the basis of product has given by the Govt. of India in the Industries (Development Regulation Act) 1951, for purposes of licensing, reporting pro­duction, statistics etc.

This is as follows:

1. Metallurgical industries including:

(a) Ferrous goods e.g., iron steel and ferro­alloys and

(b) Non-ferrous goods of precious metals including gold and silver and their al­loys.

2. Fuels including coal, lignite, coke etc.

3. Boilers and steam generating plants.

4. Prime movers (other than electrical genera­tors) e.g., steam engines and turbines.

5. Electrical equipment including electric mo­tors, electric fans etc.

6. Telecommunications including telephones, telegraph equipment, TV sets etc.

7. Transportation including aircraft, bicycles etc.

8. Industrial machinery including:

(a) Major items of specialised equipment used in specific industries e.g., textile machinery, jute machinery and rayon machinery;

(b) General items of machinery used in sev­eral industries such as the equipment re­quired for various ‘unit processes’ e.g., size reduction equipment crushers, ball mills and the like;

(c) Other items of industrial machinery such as ball, roller and tapered bearings.

9. Machine tools.

10. Agricultural machinery e.g., bulldozers and dumpers.

11. Earth-moving machinery e.g., bulldozers and dumpers.

12. Miscellaneous mechanical and engineering, industries like plastic moulded goods and razor blades.

13. Commercial, office and household equip­ment including typewriters, air conditioners, refrig­erators etc.

14. Medical and surgical appliances.

15. Industrial instruments e.g. water meters, steam meters, electricity meters etc.

16. Scientific instruments.

17. Mathematical surveying and drawing instruments.

18. Fertilizers of different types.

19. Chemicals other than fertilizers.

20. Photographic raw film and paper.

21. Dyestuffs.

22. Drugs and pharmaceuticals.

23. Textiles.

24. Paper and pulp including paper products.

26. Fermentation industries including alcohol.

27. Food processing industries.

28. Vegetable oils and vanaspati.

29. Soap, cosmetics, and toilet preparations.

30. Rubber goods such as tyres and tubes.

31. Leather and leather goods.

32. Glue and gelatin.

34. Ceramics including firebricks, sanitary wares, tiles etc.

35. Cement and gypsum products.

36. Timber products.

37. Defence industries including arms and ammunition.

38. Miscellaneous industries including ciga­rettes and linoleum.

b. Commerce : 

While industry is concerned with the produc­tion of goods for the satisfaction of human wants, commerce is concerned with the exchange of goods between the members of the industrial world. It is a connecting link between the primary producers and the ultimate consumers. The objective of commerce is to deliver the right goods to the right persons at the right place at the right time and at the right price.

The principal function of commerce is to re­move the hindrances of person, place, time, ex­change and knowledge in connection with the dis­tribution of commodities until they reach the final consumers. By removing these hindrances com­merce ensures a free and smooth flow of goods from producers to consumers.

The Hindrances are dis­cussed below:

(i) Hindrances of Persons:

Buyers and sellers of goods are not situated at the same place so that contact between them is hindered by distance. Com­merce is concerned with the establishment of con­tacts between producers and sellers through trade. Trade as a part of commerce plays a major role in establishing contact between sellers and buyers.

(ii) Hindrances Exchange:

Goods produced by various industries are exchanged for money. When and how money has to be paid are important ques­tions to be settled before the transaction of goods are completed. Commerce makes exchange of goods and services by removing these hindrances through banks. Thus banking is regarded as an im­portant function of commerce. Banks finance trade in various ways.

(iii) Hindrances of Place:

Producers and con­sumers are generally separated by distance. Goods may be produced at one place and demand for them may be from a different place. The barrier of dis­tance is removed by commerce through the differ­ent means of transport and goods are carried from one place to another.

Along with the transport of goods, arrangement has to be made to cover the risks to which goods are exposed while in transit. Transportation, insurance and packing are impor­tant functions of commerce.

(iv) Hindrances of Time:

Goods are produced in anticipation of demand. They must be stored in a safe place to be released as and when required. The function of storing and preservation is per­formed by warehouses. In other words, warehouse removes the hindrances of time by bridging the gap between production and consumption.

(v) Hindrances of Information:

selling of goods is the most important problem for the producers. The producer cannot sell his products until and unless he brings them to the notice of potential cus­tomers. The lack of information or knowledge about the product is a great hindrance for the sale of goods.

Advertising, publicity and salesmanship remove the hindrances of the lack of information by bringing to the notice of the people the impor­tance of buying the goods offered. To sum up, commerce may be said to be that branch of business which facilitates exchange of goods by removing various hindrances.

Trade refers to the sale, transfer and exchange of goods from the seller to the buyer.

Trade may be of two types:

(i) Internal Trade and

(ii) International or Foreign Trade.

(i) Internal Trade:

Internal trade refers to the sale and exchange of goods and services within the bounds of a na­tion. Payments for such transactions are made in national currency and the internal transport sys­tem is utilised for the movement of goods.

Internal trade is of two types wholesale trade and retail trade:

(a) Wholesale trade refers to the purchase of goods in large quantities from pro­ducers and their sales to retailers in small lots.

(b) Retail trade provides the link between the wholesalers and the final consum­ers. The retailer assembles various types of products from different sources and supplies in small quantities to consum­ers.

(ii) International or Foreign Trade:

Interna­tional trade is normally wholesale trade. When goods are moved from one country to another, pay­ments have to be made in foreign currency and means of international transportation have to be used. International trade may be either import trade or export trade or entrepot trade.

Import means pro­curing of foreign goods for home use. Export means the supply of home goods to foreign country. Entrepot trade means the exchange of goods be­tween foreign producers and foreign consumers.

Essay on Business – Interconnection between Trade, Industry and Commerce in Business Organisation

  The most modern approach to business is the systems approach. The systems approach has come to pervade the entire field of business management.

A business organisation and its environment are mutually interdependent interacting with one another.

Environment is the supra-system of the business organisation which is a small sub unit of a system.

The business organisation must constantly adjust to the threats and opportunities presented by changes in the environment. A system is set of interacting components that go to constitute a united whole. A system is composed of elements that go to constitute a united whole. A system is composed of elements that are dependent on one another but that, when in interaction, form a uni­tary whole.

The systems have five essential characteristics. First, systems must have some specific components or subunits which are called subsystems of the sys­tem.

Second, every system is influenced by a larger system which is called a supra-system.

Third, systems along with their subsystems must have some common objectives for unifying the components through their interrelationships.

Fourth, systems are of such a complex charac­ter that a change in one subsystem affects the other subsystems.

Finally, systems must receive inputs to survive, these inputs must be processed and outputs must be obtained at a rate that maintains the viability of the systems.

To state in a simple way, system carries the idea that everything is inter-related, interconnected and interdependent. Thus, a system is composed of el­ements that are related and dependent upon one another, but when in interaction, form a unitary whole. Stated conversely, a system is a whole en­tity consisting of functionally related or interdependent parts, known as subsystems.

The human body is the best example of a sys­tem. It consists of a number of body organs or sub­systems which act together as a system to perform a bodily function. Our body possesses a nervous system, a circulatory system, a digestive system, a respiratory system and so on.

Each of these sys­tems is a part of one large unified organic system which we call human body. However, each sys­tem is not an independent system in the body but rather is dependent of the other subsystems for its harmonious action.

Business as a whole may be regarded as a super system with industry, commerce and trade as its subsystems. Industry is concerned with the production of goods and services. But production is not simple for the sake of production.

The object of produc­tion is consumption. What is produced must reach the final consumers. Consumers are scattered all over the country. Human wants are not satisfied simply by production or industrial efforts. Goods and services produced must be distributed though different channels.

Functions of commerce and trade are con­nected with the distribution and exchange of goods. Hence, without the help of commerce and trade industrial efforts are of no use.

Though commerce and trade have separate fields of activities, they are inter-related and inter-dependent, with each other; they are subsystems or parts of the system of busi­ness. Commerce tries to establish a link between industry and final consumers.

Business is a wider system and industry, trade and commerce are its subsystems. Because of the vastness of the scope of business it is subdivided into different parts but these parts are interrelated and interconnected with each other and fulfill the overall objectives of business.

Business as a whole is a super system with in­dustry trade and commerce as its major subsystems. A company has many subsystems and in turn, is a subsystem of a larger system such as industry. Thus every company is a system and the subsystems are the people, machines, techniques of productions etc.

A business firm is a total organic whole consisting of various subsystems which operate in a balanced and coordinated manner to make the whole.

Finally it should be pointed out that systems theory lays emphasis on the dynamic character of business enterprise and the interdependence of ac­tivities. It treats the enterprise as a living organisa­tion and pays attention to the relationships between the enterprise and its environment and between the parts of the system.

A system has subsystems and sub-systems are interrelated and interdependent, the system has to be seen as a totality.

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Nature Of Business Of Restaurant (Essay Sample)

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Restaurants are one of the most important parts of the hospitality industry. Nothing beats a dining experience with family in a great restaurant environment while delicious food is being served. No matter how lucrative and profitable the restaurant business looks for a far one should never jump in blindly. Most people who open a restaurant without keen observation, careful analysis, and a proper business plan end up failing in the first year of opening a restaurant. This is the reason why 25% of all restaurants that open fail in the first year and shut down. It is very important to understand the nature of the restaurant business beforehand which is why I am writing this essay.

Table of Contents

Example Of Nature Of Business: Restaurant – 700 Word Long Essay

The restaurant business is one of the most appealing businesses in the hospitality industry. While enjoying the delicious food at a fine restaurant we all have thought about how prosperous the restaurant business really is. As lucrative as it looks by afar, the restaurant industry is not easy to flourish in. Many people who enter the food industry without a proper restaurant business plan and business strategies end up losing it all in the first year. In this essay, I will provide information about the nature of the restaurant business and what makes it successful or unsuccessful.

People often misjudge the potential of the restaurant business. It can either make you financially established or it can bring you to the point of financial ruin. Whatever happens to you depends on the decisions you make. Before opening a restaurant the owner must carefully analyze the location of the restaurant, the targeted customers, business plans, business model, business idea, financial projections, and marketing plan. Many people fail in this service business because they do all these things after opening their restaurant . A business owner who does not focus on these things becomes burdened with rents, bills, and employee salaries until they eventually shut down.

To be successful in the foodservice industry it’s important to hire a management team and ask them to make a business proposal. The business proposal must include all the details and give you an idea of whether to pursue a food business or not. The proposal must include details regarding the potential income statement, business hours, market trends for new business, interested parties, target customers, and estimated gross margin. It should also list what investments should be made for kitchen equipment, good wait staff employees, best chefs, and advertisement costs. To be a successful restaurant business owner you must be careful while accepting or rejecting the business plan.

Once a decision is made to open a restaurant, the right niche must be explored to gain a competitive advantage. There are many different types of restaurants that include coffee houses, fast foods restaurants, fine & casual dining, cafes, and buffet-style restaurants. While establishing local businesses it’s important to ask for the word of mouth from locals about what they like in a restaurant. To establish a good cash flow statement and rapid growth the restaurant business plan must focus on providing a good environment with high-quality food.

Most business owners fail in this business because they do everything correctly but fail to realize the importance of food. When it comes to food business success the taste, quality, presentation, and preparation time of the food is by far the most important factor in business success or failure. Restaurant owners should always focus the most on delivering the best quality food they can. For a restaurant to flourish in a local market it should have a high number of returning customers. Potential customers will only return to a restaurant that serves great food. It should be noted that a customer can compromise on anything but they won’t compromise on food quality. A good restaurant menu consists of everything including appetizers, main courses, beverages, and desserts to name a few.

It doesn’t matter if you own a small business or a big restaurant, you should always focus on advertisements and a good marketing plan to attract more people. To be successful in the food industry it is important to market your business. To capture a market share the owner should use email marketing, internet listings, digital and local ads, print media along with all other mediums to spread the word. Good marketing will surely help you generate good cash flows.

In conclusion , for any business to progress and flourish it’s important that the business owners must work hard and smart. The nature of a restaurant business is not easy to understand and master. If anyone wants to open a restaurant then he/she must work in a restaurant to know how everything works. Anyone who jumps blindly into the food industry will most probably fail to generate any good income.

Why Restaurant Is A Good Business – 300 Word Short Custom Essay

The hospitality industry is a growing business sector in our society. People usually have great fun and enjoyment with their loved ones while dining together. Delicious foods and a good environment add to the beauty of memorable days. You must agree that while dining at a fine restaurant we all have thought about the profit aspect of the food business. No matter how lucrative it looks from afar, making a restaurant successful is no easy task. These are the reasons why more than 25% of restaurants shut down within the first years. These are the reasons why it’s very important to explore the nature of this business before making a decision. In this essay, I will discuss why a restaurant is a good business by explaining the advantages of owning a restaurant.

Opening a restaurant is a very good business option for many reasons. First of all, if you are a food enthusiast then there is nothing better than doing what you love. A restaurant business needs a lot of time, effort, skill, and sacrifice to become well established. Being a food enthusiast you will be able to know about customer needs and wants even without asking. Once your restaurant starts running you will be able to generate huge profits; that too, while enjoying food at your own restaurant.

Secondly, opening a small restaurant does not require a huge amount of investment. You just need a skilled team and small investment to start serving some great food to all your clients. However, to be successful you must have a restaurant business plan along with skilled human resources to excel at what you do. Another reason that makes a restaurant a good business is you can enjoy freedom by being your own boss. You also get the benefit of choosing your team and building a foodie community. You also get to eat different types of food for free and also become a better person by working in a fast-paced environment. So these are the reasons why opening a restaurant is a great business idea in my humble opinion.

Do you like these sample essays about the nature of a restaurant business? Reach out to Essay Basics to get a professionally written plagiarism-free and unique custom essay on any topic in less than 3 hours.

FAQ About Nature of Business Restaurant Essay

What type of business is a restaurant.

A restaurant business is a part of the hospitality industry. Its a services business that requires skilled labor to prepare food from different products.

What Are The 5 Different Types Of Restaurant?

The 5 different types of restaurants include fine dining restaurants, fast food restaurants, cafes, buffet-style restaurants, and dessert restaurants.

Which form of business is suitable for restaurants?

Restaurants are very fast-paced businesses. They fall in the hospitality industry and the business category for a restaurant is the “food and drink” category.

http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.1030.5831&rep=rep1&type=pdf

What Is Business Writing: Types and Writing Hits

What Is Business Writing?

Business writing in college involves the development of written communication skills tailored to professional contexts and organizational settings. It encompasses various genres of writing commonly encountered in business environments, such as emails, memos, business letters, reports, and proposals. Students learn to apply clarity, conciseness, coherence, and professionalism to effectively convey information, ideas, and arguments to diverse audiences.

Assignments often focus on real-world scenarios, requiring students to analyze, synthesize, and present information clearly, organize, and persuasively. Through business writing courses, students acquire essential skills for academic and professional success, including critical thinking, problem-solving, and effective communication.

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Types of Business Writing

Business writing can be categorized into four main types according to their purpose, namely:

Instructional

Instructional business writing aims to provide clear and detailed guidance or directions on performing a task, operating a product, or following a procedure. Examples include manuals, user guides, standard operating procedures (SOPs), and training materials. Instructional writing focuses on clarity, precision, and step-by-step instructions to ensure the reader can easily understand and execute the outlined tasks or procedures.

Informational

Informational business writing involves conveying factual information or data to inform readers about a particular topic, issue, or development. Examples include reports, newsletters, updates, and briefings. Informational writing presents information clearly, objectively, and organized, often utilizing headings, bullet points, and graphs or charts to enhance readability and comprehension.

Persuasive business writing aims to influence or persuade readers to take a specific action, adopt a particular viewpoint, or support a particular idea, product, or service. Examples include proposals, sales letters, marketing materials, and persuasive memos. Persuasive writing employs rhetorical strategies such as appeals to logic, emotion, and credibility to convince the audience and achieve the desired outcome.

Transactional

Transactional business writing involves communicating routine business transactions, such as orders, inquiries, requests, acknowledgments, and responses. Examples include emails, letters, invoices, purchase orders, and contracts. Transactional writing emphasizes clarity, professionalism, and accuracy to ensure that the communication effectively conveys the necessary information and facilitates smooth business transactions. Additionally, you should study how to write business proposal letters , which will be another pivotal b-school assignment to handle at some point.

How to Ace Your Business Writing Tasks?

Using a professional service is perhaps the most effective solution.

10 Features of Good Business Writing

In business writing, clarity is paramount. It ensures that your message is understood without confusion or misinterpretation. One way to achieve clarity is by using simple and direct language. Avoid unnecessary jargon or technical terms that may confuse your audience. Instead, opt for clear, concise language that gets straight to the point. Additionally, consider your readers' perspective and provide any necessary context or background information to ensure they fully grasp the message.

Conciseness

Concise business writing is essential in communication as it respects the time and attention of your audience. To be concise, focus on conveying your message using the fewest words possible without sacrificing clarity. Eliminate redundant phrases, unnecessary adjectives, and verbose language. Use active voice and strong verbs to convey your message with precision and impact. Remember, brevity is key, especially in emails, reports, and other business documents where time is often limited.

Coherence refers to the logical organization and flow of ideas in effective business writing. A coherent piece of writing is easy to follow and understand because the ideas are presented in a logical sequence. To ensure coherence, start by outlining and organizing your main points logically. Use clear and concise transitions between paragraphs and sections to guide the reader through your document. Additionally, consider using formatting tools such as headings, subheadings, and bullet points to structure your content and enhance readability visually. Mind that your content has be be original, which can be ensured with these tips on how to avoid plagiarism .

Professional Tone

Maintaining a professional tone is essential in business writing as it reflects your credibility and professionalism. Whether you're writing an email, memo, or report, always use a formal, respectful tone appropriate for the context. Avoid using overly casual or colloquial language, which may detract from your professionalism. Instead, opt for clear, courteous language that conveys your message with authority and professionalism. Remember to tailor your tone to your audience and the purpose of your communication.

Audience Awareness

Understanding your audience is crucial in business writing. Before you start writing, consider who will be reading your message and tailor your language, tone, and content to suit their needs, interests, and level of expertise. For example, if you're writing to a technical audience, you may use industry-specific terminology and provide detailed explanations. On the other hand, if your audience is non-technical, you'll want to use plain language and avoid complex jargon.

Correctness

Accuracy is fundamental in business writing. Ensure your writing is free from grammatical, spelling, and punctuation errors. Proofread your work carefully, and if possible, have someone else review it. Additionally, double-check any facts, figures, or data you include in your writing to ensure they are accurate and up-to-date. Incorrect information can undermine your credibility and weaken your message.

Persuasiveness

Compelling business writing is about convincing your audience to take action or adopt a particular viewpoint. To be persuasive, you need to present your arguments clearly, logically, and compellingly. Provide evidence, examples, and reasoning to support your claims and address potential objections. Use persuasive language and rhetorical devices such as ethos, pathos, and logos to appeal to your audience's emotions, values, and logic.

In business writing, relevance is key. Ensure your writing is focused on the main purpose and objectives of your communication. Avoid including irrelevant information or tangents that distract from your main message. Keep your writing concise and focused, and only include information directly related to the topic. This will help keep your audience engaged and ensure your message is clear and impactful.

Engaging your audience is essential in business writing, as it helps capture their attention and keep them interested in your message. Use vivid language, storytelling techniques, and relevant examples to bring your writing to life and make it more engaging. Ask questions, encourage feedback, and create opportunities for interaction to foster a sense of engagement and participation. Additionally, consider the format and design of your business writing, using visual elements such as images, graphs, and charts to enhance readability and appeal. Don't forget the punctuation marks when editing and proofreading the document.

Adaptability

Business writing must often adapt to different contexts, audiences, and purposes. Be flexible in your approach and willing to adjust your writing style, tone, and format to suit the specific needs of each communication. For example, the tone and style of an email may differ from that of a formal report or a social media post. Pay attention to the communication channel you're using and the expectations of your audience, and adapt your writing accordingly to ensure maximum effectiveness.

• https://writingcenter.unc.edu/tips-and-tools/business-letters/
• https://corporatefinanceinstitute.com/resources/career/business-writing/
• https://hbr.org/2021/07/the-science-of-strong-business-writing

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KIA Motors: Strategic Management Essay (Article)

Factor conditions, demand conditions, related and supporting industries, firm strategy, structure, and rivalry.

Competition is among the natural catalyzers of progress. It has helped the humankind to develop and withstand numerous challenges provided by hostile environment thousands of years ago. Today, it helps companies and organizations develop and implement innovations in various spheres all over the world. Considering the Porter’s Diamond of National Advantage, the paper aims to analyze KIA Motors and its activities on the European market, evaluating the company’s efforts on the international market, and the influence of the four Porter’s factors on the company’s operations.

According to Porter (1990), factor conditions are the position of a nation in such production factors as skilled labor or critical infrastructure needed to assure competition in a particular industry. KIA Motor Europe (KME) is the division of the KIA Motors Corporation (KMC). The company (KME) is located in Frankfurt, Germany and it has rather small, but very motivated and skilled personnel, including representatives of more than fifteen nationalities. The company must have utterly skilled employees, as it is responsible for the marketing activities in about 30 countries in the European Union (KIA, 2010). Additionally, KME has invested more than €1 billion into the first European factory of KME at Zhilina, Slovakia. Thus, the company has highly motivated international personnel as well as the necessary infrastructure to succeed on the international market.

Porter (1990) defines demand conditions as “The nature of home-market demand for the industry’s product or service” (p. 77). For KMC, demand conditions are a rather challenging factor of innovations since local market models differ from its international analogs. KME had to develop models for the European market exclusively (Cee’d, for example) demonstrating, however, substantially increased market share to 12% in 2012 (Madslien, 2012) because of such thorough approach to the analysis of the international market needs (Hyundai-Kia Boost, 2012). According to Hetzner (2015), KIA is considered more than a serious competitor on the European market to Nissan, aiming at the same market niche with its Qashqai.

Related and supporting industries’ determinant is explained as the presence/absence of local industries (in the nation) that would supply the needs of the national market and be competitive on the international scale at the same time (Porter, 1990). KMC has technologies and supporting industries locally that can provide international production facilities with their own materials and supplies. Hyundai, as the mother company for KMC, has built the factory in Slovakia, so Hyundai/Kia produces about 60% of cars in the European Union (Reed, 2012). In other words, the company has enough local capacities to support the competition on the international market such as European one.

Finally, the determinant of firm strategy, structure, and rivalry is about the conditions of national governing of companies in terms of their creation, organization, and management, including the essence of local rivalry (Porter, 1990). KMC is a large corporation on the local market since it is a part of the Hyundai/KIA Company. The nature of domestic rivalry differs from the international challenges of KIA considering the nature of the European rivalry. The local market is less diverse, and KMC has a substantially stronger position on it. However, KME, being a rather small company, focuses all resources on few but promising projects like compact Cee’d and a successful SUV – KIA Sportage (Madslien, 2012). Such an approach is beneficial in terms of gaining the competitive advantage since the company manages to keep market share on stable level despite the situation on the market.

The paper explored the Porter’s Diamond of National Advantage, and its determinants were applied to the analysis of KIA Motors and its activities on the European market. The company’s efforts in the international market and influence of the four Porter’s factors on company’s operations were assessed appropriately. The outcomes of the analysis showed that KIA Motors Europe is successful due to the nation’s advantages and the peculiarities of the automotive market development on the domestic market.

Hetzner, C. (2015). How Hyundai and Kia will raise image, prices in Europe. Automotive News Europe . Web.

Hyundai-Kia Boost European Market Share. (2012). The Sydney Morning Herald . Web.

KIA (2010). KIA Motors Europe . Web.

Madslien, J. (2012). Kia grows in shrinking European market. BBC News . Web.

Porter, M. E. (1990). The competitive advantage of nations. Harvard Business Review , 73-93.

Reed, J. (2012). Hyundai and Kia firmly in the driving seat. Financial Times . Web.

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The Nature of Leadership in Business

Introduction, literature review.

The character of leadership in any organizational structure is the determining factor for the organization’s success. The direction and motivation of a leader are determined by the leadership style employed, which in turn facilitates and influences how an organization achieves its objectives. Different personality traits determine the level of organizational performance. The leadership style, motivation, and work discipline enhance employee performance. Style of leadership is a leader’s capacity to direct, influence, and motivate subordinates. The organizational structure can be described as transformative, transactional, or democratic regarding the nature of the leadership. The nature of their leadership traits determines employees’ values, abilities, and motivation. The performance of tasks is affected by the level of employee motivation. Motivated personnel accomplishes jobs flawlessly, hence enhancing productivity. The nature of leadership is determined by servant leadership that respects the needs and expectations. Transactional leadership is hierarchical and task-oriented, with the goal of rewarding high-performing staff and punishing low-performing ones, creating a culture that rewards compliance.

Transformational and charismatic are described as the defining characteristics of Organizational Leadership. According to Brown et al. (2020), leaders are self-motivated and servants who affect the effectiveness of others, resulting in favorable attitudes and behaviors among employees. A charismatic leader benefits the group’s efforts (Brown et al., 2020). Through the social exchange, Brown et al. (2020) propose that the transformational nature of leadership in the organizational structure influences the relational foundation inside the organization. The cultivation of employee interests characterizes transformational leadership through awareness and purposeful acceptance of any leader’s position. Therefore, leaders look beyond their interests to improve workforce performance (Brown et al., 2020). Brown et al. (2020) define natural transformational leadership as a commitment to the business’s aims that enables employees and stakeholders to assist the organization in achieving its objectives.

Brown et al. (2020) describe the nature of transformational leaders in the organizational structure as empowering stakeholders that enable organizations to sustain organizational standards and needs. The essence of transformational leadership generates genuine optimism that generates awareness that encourages and aids the organization in addressing problems (Brown et al., 2020). In the organizational structure, leaders and stakeholders are fostered to address issues through an interchange process that enables leaders to identify needs and examine expectations that promotes task completion.

According to Al Khajeh (2018), transformational leadership is characterized by its emphasis on developing followers and putting their needs first. Transformational leadership focuses on employees’ value development. For instance, the development of talents, morals, and employee motivation. Transformational leaders narrow the gap between transformational leadership leaders and other stakeholders to build followers’ abilities and values Al Khajeh (2018). Therefore transformational leadership exhibits a superior kind of leadership performance that elevates the interests of employees inside the organizational structure.

Transformational leadership is effective in organizational structures because it inspires and motivates employees and inspires and motivates employees (Al Khajeh, 2018). Al Khajeh (2018) discovers a positive correlation between transformative leadership and team performance inside the organizational framework. The performance of an emAn employee’s performance skills, abilities, and knowledge is a deterministic component in establishing behavior characteristics inside the organizational structure. Transformational leadership fosters an environment that generates a positive working environment that helps all stakeholders in an organization feel satisfied, hence influencing the organization’s success (Al Khajeh, 2018). According to Brown et al. (2020), transformational leadership’s characteristics include intellectual stimulation, idealized influence, customized care, and inspirational motivation. The aspect employs employee mentoring, training, and coaching, fostering optimism and high standards inside the corporate structure.

Brown et al. (2020) characterize the nature of leadership in the organizational structure as servant Leadership that respects the needs and expectations of followers. Ideally, transactional leadership is hierarchical and task-oriented, with the goal of rewarding high-performing staff and punishing low-performing ones, creating a culture that rewards compliance (Brown et al., 2020). Brown et al. (2020) define various transactional leadership styles that foster the nature of leadership within an organization’s framework, such as laissez-faire, reward leadership, and outstanding management. The nature of exceptional management is to ensure few errors by enforcing the rules (Brown et al., 2020). The responsibility of management is to address errors that may result in severe losses for the organization. Therefore, it is the nature of active management to watch the behavior of stakeholders. In contrast, the nature of exceptional passive management is to monitor the behavior of employees until it becomes unethical and undesirable to the organization. The essence of laissez-faire leadership ensures that employees make decisions on some topics within the organization (Brown et al., 2020).

Brown et al. (2020) note that transactional leadership helps foster the organization’s structure by allowing all stakeholders and employees to express their demands, views, skills, and creativity in organizational decision-making. According to Brown et al. (2020), enterprises must adopt a democratic model of leadership that develops future leaders who will continue cultivating the organization’s structure to preserve its character. As a result of enhancing the organizational structure, performance is also enhanced. Blake (2020) suggests that transactional leadership inspires employees, thus, enabling employees to perform beyond expectation.

According to Razak et al. (2018), the most successful organizations build leadership systems that foster a culture of work motivation that guides people toward accomplishing organizational structure and objectives. Work motivation promotes a favorable attitude in employees, which strengthens their motivation and enables them to attain the highest level of performance, according to Lecture (2018). Work motivation aims to enable all business stakeholders to work together toward achieving the organization’s objectives (Lecture, 2018). Razek et al. (2018) suggest that motivation is a natural and individual disposition that pushes an individual to execute actions that are advantageous to them or their organizations. Therefore, motivation is a natural leadership possessed by all company stakeholders to preserve the organizational structure.

According to Razak et al. (2018), motivation corresponds with work discipline, which determines the character of work relationships within an organization. Every organization has its own rules and regulations that control the execution of activities and uphold the organization’s structure. In an organization, disciplined employees obey, observe, and carry out their obligations in a manner that sustains the work relationships and employee connection, hence preserving the organizational structure (Razek et al., 2018).

According to Oberer and Erkollar (2018), the nature of leadership in an organization includes the ability to comprehend, communicate, and collaborate with other stakeholders, which leads to the formation of productive relationships inside the organization. Leaders must have technical skills or conceptual ideas that allow them to conceptualize problems and have options to manage situations within the organization, hence preserving the character of the organizational structure (Oberer, & Erkollar, 2018). According to Oberer and Erkollar (2018), various leadership styles determine the leadership structure used by an organization. For instance, Oberer & Erkollar (2018) examine the autocratic leadership style in which leaders make decisions unilaterally and delegate responsibilities to subordinates.

According to Chukwusa (2018), authoritarian executives make decisions based on their ideas without participation from other staff members. These leaders exploit the regained authority to dictate work procedures and tactics, as they never have in-group faith members. According to Chukwusa (2018), the most significant advantage of this type of leadership to the organization’s structure is that it fosters innovation. For example, if choices must be taken quickly without extensive deliberation, then the culture of quicker decision-making must be maintained, especially in emergencies such as medical emergencies (Chukwusa, 2018).

Hilton et al. (2021) discuss democratic leadership and its impact on the determination of organizational structure. Participation of subordinates in the organization’s decentralized decision-making process is guaranteed by democratic leadership. Hilton et al. (2021) note that adopting a democratic form of leadership in a company serves as a motivating element for employees because the business’s senior management honors the viewpoints of senior employees. As a result, a positive work environment is created within the firm, as the requirements of the employees are acknowledged. The philosophy of democratic leadership fosters a sense of responsibility inside a company, fostering healthy relationships between employees and senior personnel (Hilton et al., 2021). Brown et al. (2020) propose a bureaucratic leadership model that ensures staff and stakeholders adhere to the policies and procedures they have created. This assists them in understanding the function of organizational structure. The leadership model guarantees that defined rules execute tasks as intended, preserving the organizational structure.

According to Buchanan and Huczynski (2019), organizational leaders establish benchmarks that serve as a reference for measuring performance and comparing real standards to benchmarks, guiding them to take action when necessary. The establishment of regulated performance criteria for an organization assists leaders in determining their position in the pursuit of organizational objectives. Every business has a predetermined organizational structure that determines its survival. Therefore, Buchanan & Huczynski (2019) note that in order to maintain the nature of the organizational leadership structure, it is necessary for various levels of performance and departments within the organization to adhere to and maintain certain standards that determine how the company utilizes its limited resources. Organizational leaders must ensure that controlled performance is of the highest quality or that actions are taken to improve controlled performance to maintain the organizational culture, which demonstrates the specific standards and norms of a firm that dictate the nature of its leadership. Leaders of an organization assign functions and ensure a division of labor among its members.

According to Buchanan and Huczynski (2019), performance measurement using scorecards influences total employee happiness. In a given organization, the nature of leadership is determined by the quality of the job. According to Buchanan and Huczynski (2019), the character of leadership within an organization impacts its efficacy, which is determined by motivation, human resource policies, teamwork, management styles, development agenda, and organizational design. The level of motivation offered by leaders impacts the cohesiveness of an organization, which in turn determines its organizational effectiveness and teamwork.

Schedlitzki & Edwards (2021) note that leadership positions inside an organization determine the style of leadership demonstrated by the organization structure that acts as the leadership function of the wider organization system. The type of leadership established by an organization serves the purpose of establishing the mission, vision, goals, strategies, tasks, and plans that influence the growth and nature of the company (Schedlitzki, & Edwards, 2021). According to Schedlitzki and Edwards (2021), leadership is a collectively effective perspective. For the character of leadership in the organizational structure, he or she must promote teamwork and achieve organizational goals. Schedlitzki & Edwards (2021) argue that senior organizational leaders play a crucial role in determining the direction and purpose of an organization as part of the maintenance of natural leadership in the organization hierarchy.

The primary determinant of leadership is its emphasis on interpersonal impact and cognitive processes, which is the foundation of leadership literature. The cognitive requirement entails the development of a platform that identifies the nature of a problem and the implementation of strategic solutions inside the company (Schedlitzki, & Edwards, 2021). Moreover, Schedlitzki & Edwards (2021) assert that executive leaders must foster the value of their organization by ensuring that the essential activities and purpose of the business are well understood. It is inherent in the character of a leader to supply organizationally influential guild lines, philosophies, and directives.

Schedlitzki & Edwards (2021) further emphasize that strategic decision-making and management inside an organization result from the alignment between the company and its environment. Strategic management’s role in maintaining organizational structure is to make decisions that affect the organization’s interaction with its environment. Schedlitzki and Edwards (2021) notice further that strategic executive decisions impact the relationship between the firm and its environment. Strategic management stresses the internal coordination of operations and responsibilities inside the organization’s social systems, altering the nature of leadership experience within the organizational structure (Schedlitzki & Edwards, 2021). The strategic model provides ideas and guidelines that apply at various organizational leadership levels and establish the nature of leadership within the company.

According to Razak et al. (2018), strategic management identifies the human resources that assist the organization in achieving its objective and maintaining its organizational structure. Any organization’s success is defined by its available resources and leadership style. The nature of organizational resources and leaders has an impact on the character of the organizational structure. Razak et al. (2018) remark that low resources and poor leadership significantly impact an organization’s structure.

According to Razak et al. (2018), how leaders manage human resource management determines the workforce essential for accomplishing corporate objectives. Razak et al. (2018) further emphasize that efficient human resource planning can modify the character of organizational costs by reducing management costs and creating more time for the distribution of tasks, talents, and ideologies, which boosts the growth of the company and enhances its diversity. According to Razak et al. (2018), human resources management is a key discipline that entails planning, organizing, executing, and managing.

In addition, Razak et al. (2018) say that human resource management is the application of management specifically to human resources; hence, it can be stated as follows: Human resource management is the art of planning, coordinating, directing, and overseeing employee human resource duties to achieve organizational goals. Human Resource Management is a corporate activity that tries to obtain a trustworthy and qualified workforce through planning, organizing, implementing, and regulating to achieve the organization’s objectives that helps maintain the organization structure’s culture.

Razak et al. (2018) point out that good Human Resource Planning will result in the: Elements of better human understanding by top management due to their exposure to business choices. Because management may anticipate that imbalances would incur high costs or be unresolved, HR expenditures can be decreased. More time is available for talent placement when personnel shortages are expected and identified before their occurrence. For these employees, the likelihood of engaging members of protected groups in future growth plans to improve organizational diversity is greater (Razak et al., 2018).

Mutuku (2018) notes that leadership is important in guaranteeing the organization’s success. Good leadership within an organization cultivates the nature of success through human resource management and the leaders’ ability to communicate their vision, a sense of purpose, and excitement to the organization. Therefore, leadership entails inspiring and motivating teams and stakeholders to enable them to provide their best effort to attain organizational objectives that foster success (Mutuku, 2018).

According to Mutuku (2018), successful leadership generates a timely, innovative, profitable, and dynamic organizational structure that fosters a positive attitude and reduces stakeholder stress. Effective leadership establishes a goal-oriented and self-motivating platform; as a result, objectives may be attained via motivation, and more work can be performed, enhancing productivity. Mutuku (2018) argues that leaders are born; hence, leaders possess virtuous qualities that influence the nature of leadership within an organization’s structure. Leaders can affect the distinctive nature of leadership within an organization’s structure by comprehending their tasks, dealing with difficulties, and recognizing their dominance and control responsibilities.

According to McCann et al. (2006), a leader can impact the character of an organization’s structure by providing, guiding, leading, and supporting as needed. McCann et al. (2006) observe that transformational leadership’s nature is inspired by the intellectual level that determines a leader’s values, commitment, and performance. Transformational leadership offers the organization moral and purposeful commitment (McCann et al., 2006). Consequently, this helps an organization to offer incentives to employees since work is based on values and emotions.

Mutuku (2018) suggests that the transformational leadership style is directive, achievement-oriented, supportive, and participative. Mutuku (2018) analyzes further the leadership characteristics by which supportive leadership permits a leader to demonstrate personal concern for subordinates by being nice and attentive to their needs. Participative leadership ensures that a leader will consult with subordinates regarding the work culture, goals, and strategies for addressing work difficulties. According to Mutuku (2018), leadership comprises sharing information and communicating with all stakeholders before deciding. Mutuku (2018) noticed further that achievement-oriented leadership enables leaders to pursue challenging tasks and welcome great performance, which develops a path of performance among subordinates and a culture of subordinate support within the firm. Leaders demonstrate principles by raising awareness, refocusing the team’s attention away from personal pursuits, and engaging followers’ needs, a characteristic of leadership inherent in the organizational structure.

The nature of leadership within an organization is determined by the impact of leadership attributes on the organization’s performance. Leaders utilize a variety of leadership characteristics to ensure that an organization’s performance is optimized. Transformational, transactional, and democratic leadership are examples. The nature of the organizational structure and the organization’s performance is proportional to the applied leadership trait. The accepted leadership style provides employees with opportunities, a sense of belonging, the ability to make personal decisions, and the opportunity to participate in decision-making. The incentive level provided to employees impacts the input and output of their work. To protect the organizational structure’s integrity, employers ensure that employees are highly motivated and maintain work discipline and work ethic. Strategic management identifies the human resource aspect that affects the performance of any strong influences on the organizational structure. The ability of employees to organize and manage the human resource component determines the character of successful leadership within a business. Effective preservation of work discipline, resources, and work culture creates a path upon which tasks are appraised, talents are identified, and ideologies are produced, hence preserving the organization’s structure.

Al Khajeh, E. H. (2018). Impact of leadership styles on organizational performance . Journal of Human Resources Management Research , 2018 , 1-10. Web.

Overview: In this paper, the author explores the impact of leadership styles on organizational performance. Transformational and democratic leadership styles have the greatest impact on organizational performance, while autocratic leadership hurts organizational performance.

Transformational, democratic leadership and autocratic leadership _________________________________________

Blake, N. (2020). Authentic Leadership: How does it differ from transformational leadership? AACN Advanced Critical Care , 31 (2), 196–197. Web.

Overview : In this paper, the author explores transformational leadership through a humanistic perspective. It builds upon the theory that transformational leaders inspire others to achieve extraordinary results and, more importantly, transform those followers into leaders.

Transformational Leadership _________________________________

Brown, S., Marinan, J., & Partridge, M. A. (2020). The moderating effect of servant leadership on transformational, transactional, authentic, and charismatic leadership. Journal of International Business Disciplines , 15 (2), 67-86.

Overview : In this paper, the author examines the moderating effect of servant leadership on four other leadership styles: transformational, transactional, authentic, and charismatic leadership. Servant Leadership has a significant moderating effect on all four leadership styles except authentic leadership. Servant leadership can positively affect the effectiveness of other leadership styles, and it should be included in leadership development programs.

Servant Leadership__________________________________________________

Buchanan, D. A., & Huczynski, A. A. (2019). Organizational behavior. Pearson UK.

Overview: In this paper, the author explores the principles and theories of organizational behavior and its application in the workplace. Organizational performance and leadership are determined by motivation, communication, power and politics, group dynamics, organizational culture, change management, and decision-making.

Organizational behavior______________________________________________

Chukwusa, J. (2018). Autocratic leadership style: an obstacle to success in academic libraries. Library Philosophy and Practice , p. 1. Web.

Overview: In this article, the author examines the impact of the autocratic leadership style on the success of academic libraries in Nigeria. Autocratic leadership styles, characterized by the leader having absolute power and decisions being made unilaterally, can be detrimental to the success of an organization.

Impact of autocratic leadership style___________________________________

Hilton, S. K., Arkorful, H., & Martins, A. (2021). Democratic leadership and organizational performance: the moderating effect of contingent reward . Management Research Review . Web.

Overview : In this article, the author examines the relationship between democratic leadership and organizational performance and the moderating effect of contingent reward. Democratic leadership is a style of leadership that encourages active participation from team members and allows them to make decisions and have input in the decision-making process. The contingent reward can be an effective way to boost the impact of democratic leadership on organizational performance.

Democratic Leadership and Organizational performance______________________________

Lecture, I. (2018), Analysis of organizational culture, competence and work motivation: the effect on satisfaction and performance of government employees of prepare. Russian Journal of Agricultural and Socio-Economic Sciences , 74(2), 148-155.

Overview : In this article, the author examines the effect that organizational culture, competence, and work motivation have on the satisfaction and performance of government employees. Organizational culture, competence, and work motivation are important factors that influence the satisfaction and performance of government employees. This study is valuable for understanding the factors influencing employee satisfaction and performance in the public sector. It also provides important insights into how public sector organizations can improve their performance.

Work Motivation_______________________________________

McCann, A.J.J., Langford, P., & Rawlings, M. R. (2006). Testing Behling and McFillen’s syncretical model of charismatic, transformational leadership . Group and organizational management, 31(2), 237–267.  

Overview : In this article, the author examines charismatic, transformational leadership and finds out that charismatic, transformational leadership has a positive influence on performance within the company. When charismatic transformational leadership was combined with other leadership styles, the effects of charismatic and transformational leadership were even stronger.

Charismatic Transformational Leadership_____________________________________________

Mutuku, C. (2018). The Role of Leadership Theories in Making an Effective Leader. GRIN Verlag

Overview : In The Article, the author examines the Role of Leadership Theories in Making an Effective Leader using different leadership theories. The type of leadership style adopted, motivation, and employee engagement enhance an organization’s success. The Role of Leadership Theories in Making an Effective Leader is a valuable resource for leaders, managers, and students interested in learning more about leadership and how to become an effective leader. It is an invaluable resource for anyone looking to develop their leadership skills and create a successful team.

The Role of Leadership Theories________________________________________________

Oberer, B., & Erkollar, A. (2018). Leadership 4.0: digital leaders in the age of industry 4.0. International journal of organizational leadership . https://ssrn.com/abstract=3337644

Overview : In the Article, the author explores the impact of digital technology on leadership in the age of Industry. The authors propose a new leadership framework that emphasizes the need for digital leaders with the knowledge, skills, and abilities to lead in a highly digitized and interconnected world. This framework consists of four key areas: digital transformation, digital strategy, digital skills, and digital leadership. Through the use of case studies and a discussion of the latest research and trends, the authors provide readers with an in-depth understanding of the new challenges and opportunities that digital technologies present to leaders.

Impact of digital technology on leadership ___________________________________

Razak, A., Sarpan, S., & Ramlan, R. (2018). Effect of leadership style, motivation and work discipline on employee performance in PT. ABC Makassar . International Review of Management and Marketing , 8 (6), 67. Web.

Overview : The author discusses the effects of three key variables on employee performance in PT, a Malaysian public sector organization. The three variables investigated were leadership style, motivation, and work discipline. Specifically, the study found that transformational leadership, intrinsic motivation, and high levels of work discipline were associated with higher levels of employee performance. The authors concluded that it is important for organizations to focus on developing leadership styles, motivating employees, and encouraging employees to adhere to high levels of work discipline in order to improve employee performance.

Transformational Leadership_________________________________

Schedlitzki, D., & Edwards, G. (2021). Studying Leadership: Traditional and critical approaches. Sage.

Overview : In this book, the authors discuss leadership using Traditional and Critical Approaches. The author examines the various ways of studying leadership, including traditional and critical approaches. The implications of contemporary challenges such as globalization, digitalization, and the need for greater diversity in leadership.

Leadership using Traditional and Critical Approaches ______________________________

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Nature Essay for Students and Children

500+ words nature essay.

Nature is an important and integral part of mankind. It is one of the greatest blessings for human life; however, nowadays humans fail to recognize it as one. Nature has been an inspiration for numerous poets, writers, artists and more of yesteryears. This remarkable creation inspired them to write poems and stories in the glory of it. They truly valued nature which reflects in their works even today. Essentially, nature is everything we are surrounded by like the water we drink, the air we breathe, the sun we soak in, the birds we hear chirping, the moon we gaze at and more. Above all, it is rich and vibrant and consists of both living and non-living things. Therefore, people of the modern age should also learn something from people of yesteryear and start valuing nature before it gets too late.

Significance of Nature

Nature has been in existence long before humans and ever since it has taken care of mankind and nourished it forever. In other words, it offers us a protective layer which guards us against all kinds of damages and harms. Survival of mankind without nature is impossible and humans need to understand that.

If nature has the ability to protect us, it is also powerful enough to destroy the entire mankind. Every form of nature, for instance, the plants , animals , rivers, mountains, moon, and more holds equal significance for us. Absence of one element is enough to cause a catastrophe in the functioning of human life.

We fulfill our healthy lifestyle by eating and drinking healthy, which nature gives us. Similarly, it provides us with water and food that enables us to do so. Rainfall and sunshine, the two most important elements to survive are derived from nature itself.

Further, the air we breathe and the wood we use for various purposes are a gift of nature only. But, with technological advancements, people are not paying attention to nature. The need to conserve and balance the natural assets is rising day by day which requires immediate attention.

Get the huge list of more than 500 Essay Topics and Ideas

Conservation of Nature

In order to conserve nature, we must take drastic steps right away to prevent any further damage. The most important step is to prevent deforestation at all levels. Cutting down of trees has serious consequences in different spheres. It can cause soil erosion easily and also bring a decline in rainfall on a major level.

Polluting ocean water must be strictly prohibited by all industries straightaway as it causes a lot of water shortage. The excessive use of automobiles, AC’s and ovens emit a lot of Chlorofluorocarbons’ which depletes the ozone layer. This, in turn, causes global warming which causes thermal expansion and melting of glaciers.

Therefore, we should avoid personal use of the vehicle when we can, switch to public transport and carpooling. We must invest in solar energy giving a chance for the natural resources to replenish.

In conclusion, nature has a powerful transformative power which is responsible for the functioning of life on earth. It is essential for mankind to flourish so it is our duty to conserve it for our future generations. We must stop the selfish activities and try our best to preserve the natural resources so life can forever be nourished on earth.

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