A business is defined by Wikipedia as an entity organized for the purpose of earning profit. A business incorporates its activities into the company’s business operations in order to maximize profits from such activities. There are numerous ways to define a business including the nature of the business itself, the activities performed in it, the services rendered by the business, the products/services sold by the business and the amount of capital used in running the business. It is also possible to combine several of these aspects into one business entity.
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Every business operates with the motive of earning profit. Profit is the difference between total revenue obtained from the sale of goods or service and the cost of buying those goods or services. Uncertainty in business activities means that there is variation in amounts owed to the obligee/receiver. In other words, there is a risk of loss where the profit cannot be calculated or reasonably estimated.
In order to increase profit, a business firm may have to undertake activities to increase customer satisfaction or to enhance productivity such as expansion or reorganization. A modern business incorporates technological changes to increase production efficiency. Scientific, technological and engineering developments have altered the methods of doing business, especially in the area of production and services. However, changes in communications technology have increased the speed, reach and scope of doing business and therefore it has been important that business firms develop their own strategies to survive in a highly competitive environment.