Contents overview

 What is Business
 What are profit and non profit activities
 Social and economic roles of business
 Qualities of a good business man

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 NATURE OF BUSINESS
Meaning of Business
Literally : State of being busy.
Technically: All the human economic activities related to production
and distribution of goods and services to earn profit
e.g. Activities performed by farmer, manufacturer,
transporters, bankers, doctors, lawyers etc.

Definition
All Profit seeking activities and enterprises that provide goods and
services necessary to an economic system.

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 BUSINESS………..?

•Human Economic Activity

•Production and Distribution
•Goods and Services
•Profit Purpose

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Not for Profit organizations

Social Service Activities.


Edhi Trust
 Shaukat Khanam Memorial
Cancer Hospital &
Research Center.

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 Not for Profit organizations

Social Service Activities:

Setting up Free Hospital
Religious Activities
offering prayer etc.
Personal consumption activities
Illegal Activities
 Gambling, Smuggling etc.

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 Not for Profit organizations
Social activities: All the activities which are done to facilitate the
society not for the motive of profit are called social activities. E.g: setting up a Free
educational complex, setting up a Free hospital

Religious Activities: All the activities which are performed to

Please the God or to promote the religion are called religious activities. E.g: Building
a mosque, offering Pilgrimage or the prayers.

Personal consumption activities: All the activities

which are performed to satisfy the personal needs. Such activities are not performed
to earn profit. Like, Sewing the clothes for him/herself, Farming for his/herself.

Illegal Activities: all the activities which are against the Law of that
country or the Region are called illegal activities. Like; Smuggling and Gambling.

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 THE ECONOMIC AND SOCIAL
ROLES OF BUSINESS

Wealth creation
Employment
Innovation
Quality of life
Choice

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Responsibility to satisfy society
Responsibilities to general Public

Protecting the environment
 Developing the Quality of the workforce
Responsibilities to customers

The right to be safe
 The right to be informed
 The right to choose

The right to be heard

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Cont….
Responsibilities to employees
 Workplace safety
 Quality of life issues
 Ensuring equal opportunity on the job

Age discrimination
Responsibilities to investors and the
financial community

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 QUALITIES OF A GOOD
BUSINESSMAN
Knowledge of business
Ability to plan
Ethical standard
Initiative and creativity
Ability to steer change
Steadfast and
courageous
Critical Thinking And
Creativity
Visionary

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 You can be anything
you want, if you are
willing to pay the price.
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