There are some important of business are as follows:
Production of goods
Distributing goods
Satisfy consumer’s need
The success of invention and innovation
The success of the Industrial Revolution
International Business
Standard of living and wealth
Employment
Growth of higher education
Change in status
Production Of Goods:
It is the only business that gave rise to production on a commercial basis. In the olden days, man produced goods for his consumption. Things were not bought and sold. He milked cows, churned butter, spun yarn, and sewed clothes for his use only. He used home remedies for treating the disease. He however could not produce complex and sophisticated goods like cars, TVs, airplanes, computers, and ships and carry out large-scale manufacturing that are the fruits of business.
Distributing Goods:
Business activity is not confined to production. The distribution of goods includes the and go even the form of warranty and guarantee in the sale service after and also the availability of spare parts.
Distribution helps the manufacturer reach customers directly or through middlemen such as wholesalers, retailers, and brokers. For reaching customers air, sea, and land transportation is used. Warehousing and advertising play a pivotal role in the distribution of goods produced on a large scale. The whole distribution system is part of marketing.
Satisfying Consumer Needs:
It is a great blessing that a human being is satisfied with all their needs. You just name a thing and get it no matter if it was produced as far as the US right from convenience goods to specialty goods are all easily available to satisfy consumers' needs.
Success Of Invention and Innovations:
The success of inventions counts on business. New inventions are speedily coming up. Today's invention will be obsolete tomorrow. Drop business, they all will fail. Today's luxury and comfortable life is the outcome of discoveries, creations, and innovations. Satellite programs, LCD TVs, remote control systems, and computers are just to name a few. The motivating factor working behind them is nothing but business.
Success Of Industrial Revolution:
The success of the industrial revolution that began in the last seventeenth century can be attributed only to business. The main theme of the revolution was some new inventions in the textile sector and they succeeded because they were successfully traded on local and international markets.
International Business:
Business activities developed international business. Today goods and services traded across the borders around the world ceased to exist in 2005 under the agreement of the World Trade Organization. International business has made it possible to buy anything no matter where it was produced, and with the help of the shipping industry and insurance international business has made the world a global village. To boost foreign trade, economic and trade blocs, such as SAARC, ASEAN, OPEC, EU, NAFTA, SAFTA, and SAPTA have been formed by trading countries.
Standard Of Living And Wealth:
Business creates wealth that increases the standard of living. In the past life was difficult because the consumer had to make things on his own and could not produce everything. Businesses made it possible for the consumer to get desired products on the market. The business has created competition, made goods available in abundance, increased income, and reduced cost of production and hence prices, all necessary factors to raise the standard of living.
Employment:
The higher the production, the higher will be the employment rate. Higher production also results in lowering overhead costs which brings the price down. Low prices increase demand for the product. High demand and consumption push up production resulting in a greater number of workers.
Growth Of Higher Education:
Today's business has become rather complex. Business complexities have emerged from competition, the development of new production and marketing techniques, compound promotional activities, and increased human faculty. An average and ordinarily educated person can not analyze the situation, understand and solve problems, forecast the future, innovate and update his business, and lead his firm to a yellow brick road and prosperity.
To survive in the complicated environment one must have higher education in business administration. Even doctors and engineers are going into business administration to enrich their professional degrees.
Change In Status:
Business has made it possible to break with the poor past. Until the industrial revolution change in status was not possible. The poor were always poor. Poverty in the family ran through generations. But now with the help of quality education, one can get a career job with a high salary and attractive perks and fringe benefits in a large local or multinational company.
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