Why Go Into Business?

What is Business?

Business is an economic activity a person engages him or herself in order to earn a living.The activity here must not be illegal such as:smuggling,stealing,kidnapping,defrauding etc.The activities performed and the services rendered must result in the provision of tangible or intangible goods.

The basic reasons people go into business are:

Earning a living:To enhance their standard of living,take care of expenses,solve problem that might arise in the future or unexpected occurrences e.g.death,accident,etc.

Wealth Accumulation:

Saving up money is one of the sure ways to build up wealth.But this is only possible when you engaged in trade or offering service and get paid in the end.As economic posits has that human wants are unlimited but the resources is limited.

Making profits:

This is the sole aim of doing business.The profits is the difference between the selling price and the cost price of a products or the remainder when the cost of incurring a service provided is removed.

As a career choice for people:

Career is a life-long occupation or profession people engage in that they will want to do for their entire life time and get money or other rewards in return.