A business is a corporation or company engaged in commercial activities. Businesses sell goods and services in order to earn money and satisfy personal needs. A business may also provide employment opportunities. There are many different ways to structure a business, such as a partnership, cooperative, sole proprietorship or limited liability company (LLC). Some businesses offer a mix of products and services while others specialize in one product or service. Some businesses are involved in the transport of goods and people, such as airlines or trucking companies.
Those who are engaged in the business of providing for the necessities of life and of building wealth have important social responsibilities. They have the ability to inspire progress and innovation through the use of their resources and talents. They also serve as catalysts of economic development by creating jobs, building prosperity and stimulating buying activity. They must also take a lead in such areas as environmental and social responsibility.
For example, the business of providing for the necessities of life includes producing food and clothing, distributing water and shelter, supplying electricity and other utilities, conducting financial transactions and providing banking services. It also includes the purchase and sale of commodities, such as oil or grain. It is the economic activity that has the potential for profit, and it is the source of the income of governments, individuals and organizations.
In recent times, the reputation of business has suffered from a number of scandals. It is tempting to blame a few bad apples at the top, but it seems more likely that the culture of business itself has become distorted. The heady doctrine that proclaims the market king and always gives priority to shareholder profit may be viewed as a cult of selfishness that must be reined in.
Another area where the business of business must improve is in the way it communicates with the wider community. It is essential that it does so in a constructive and respectful manner. The use of jargon and slang that does not make for easy communication is not helpful. It is also important to avoid sarcasm and condescension.
In addition, the business of business must learn to deal with its critics in a mature and responsible manner. It should avoid making false claims that are easily disproven. It should be willing to listen to criticism and be prepared to change its practices if they are not working. It should also be prepared to explain its policies and its reasons for making changes. This is the only way that it can regain its lost credibility. It must stop being portrayed as the enemy of democracy and start leading the charge for reform. This is a difficult task, but it is possible. The sooner that it does so, the better for all.