BUSINESS TRAITS

Acknowledgements

• This power point slide have been reproduced by DN Mokoena with several sources as the backbone of this presentation which is available on the last slide of this presentation.

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The business

Business Activities

• Each business participates in at least three major activities

1. Production – making a product or producing a service

• Manufacturing firms – produce goods (ex. Ford Motor Company)

• Service firms – provide assistance to accomplish specialized needs (ex. doctor, real estate agent)

Business Activities (cont’d)

2. Marketing – how goods and services are exchanged between producers and consumers

3. Finance – money matters involved in running a business

• Success depends on managerial effectiveness

• Risk is the possibility of failure

• Competition from other businesses

• Changes in prices

• Changes in style

• Competition from new products

• Changes that arise from economic conditions

• Almost two-thirds of businesses fail from economic causes• Industry weakness, low profits, and low sales

• Other causes of business failure include• Finance causes (ex. expenses/debts)

• Disaster and fraud (ex. hurricanes/theft)

• Neglect causes (ex. poor work habits)

• Strategy causes (ex. overexpansion)

• Experience causes (ex. inadequate planning)

Reference

Evarard, Kenneth E., Burrow, James L. (2001). Business Principles and Management. Mason, OH: South-Western.

Evarard, Kenneth E., Burrow, James L. (2001). Business Principles and Management. Mason, OH: South-Western.

Kimguy, (2002).Forms of ownership.

Mr. Pathan A.B. MGM’s.(2002). Forms of Ownership.

Tomfrey, (2002).Forms of Business Ownership.

Christain Dushaj Joey Selita.(2010) Forms of Business Ownership.