BASICS OF BUSINESS | TYPES OF BUSINESSES
Summary
TLDRThis video enlightens viewers on the nature of business, defining it as a regular occupation or trade, and an organizational entity providing goods and services. It distinguishes between privately-owned businesses, nonprofits with social causes, and state-owned enterprises. The video categorizes businesses into service, merchandising, and manufacturing types, with examples for clarity. It also touches on hybrid businesses, like restaurants, that can fall into multiple categories. The presenter encourages viewers to share, subscribe, and stay updated for more informative content.
Takeaways
- 📚 A business, as per the dictionary, is a person's regular occupation for profit or trade.
- 🏢 In a broader sense, a business is an organizational entity providing goods and services to customers.
- 💼 Businesses are typically privately owned and operate through markets to exchange goods and services for money or other services.
- 🌐 Nonprofit organizations are businesses dedicated to social causes, using revenues to further their mission, funded by donations or a few sources.
- 🏛️ State-owned enterprises (SOEs) are legal entities created by governments to participate in commercial activities on their behalf.
- 🛠️ Manufacturing businesses combine raw materials, labor, and factory overhead to produce and sell new products.
- 🛍️ Merchandising businesses buy products wholesale and sell them retail, profiting from the price difference.
- 💈 Service businesses offer intangible products, such as professional skills, expertise, and advice, like salons, schools, and banks.
- 🍽️ Hybrid businesses can be classified in more than one business type, such as a restaurant, which manufactures meals, merchandises wine, and provides customer service.
- 🔔 The video encourages viewers to share, subscribe, and enable notifications for more content.
Q & A
What is the dictionary definition of a business?
-A business is a person's regular occupation engaged in trade or commerce.
How is a business defined in the context of organizational entities?
-A business is an organizational entity involved in the provision of goods and services to customers.
What is the primary purpose of businesses in terms of goods and services?
-Businesses provide goods and services through a market to customers in exchange for money or other services.
Who typically owns businesses and what types of entities are they?
-Businesses are mostly privately owned by non-governmental legal entities, but can also be social nonprofits or state-owned public enterprises.
What is a nonprofit organization and how does it differ from a for-profit business?
-A nonprofit organization pursues a common not-for-profit goal and is dedicated to a social cause, using revenues to further its mission, unlike for-profit businesses that aim to make a profit.
How are public nonprofits and private nonprofits different in terms of financial support?
-Public nonprofits depend on donations from the general public for their finances, while private nonprofits receive financial support from a limited number of sources.
What is a state-owned enterprise (SOE) and what is its purpose?
-An SOE is a legal entity created by the government to participate in commercial activities on its behalf, which can be wholly or partially owned by the government.
What are the three types of businesses mentioned in the script?
-The three types of businesses are service businesses, merchandising businesses, and manufacturing businesses.
What is a service business and what types of products do they offer?
-A service business provides intangible products, such as professional skills, expertise, advice, and similar offerings, without a physical form.
How does a merchandising business operate and make a profit?
-A merchandising business buys products at wholesale prices and sells them at retail prices, making a profit by selling at a higher price than the purchase cost.
What is a manufacturing business and how does it create its products?
-A manufacturing business combines raw materials, labor, and factory overhead to create a new product, which is then sold to customers, including the profits.
Can a business be classified into more than one type? If so, provide an example.
-Yes, a business can be classified into more than one type. For example, a restaurant is a hybrid business as it manufactures meals, merchandizes by selling items like wine, and provides customer service.
Outlines
📚 Introduction to Business Types
This paragraph introduces the concept of business, defining it as a regular occupation for profit or trade, and as an organizational entity providing goods and services to customers. It explains that businesses are typically privately owned, but can also be social nonprofits or state-owned enterprises with specific objectives. Nonprofits are organizations dedicated to social causes, using their revenues to further their mission, and can be either publicly funded or privately supported. State-owned enterprises (SOEs) are created by the government to participate in commercial activities, and can be wholly or partially government-owned.
Mindmap
Keywords
💡Business
💡Nonprofit Organizations
💡State-Owned Enterprise (SOE)
💡Service Business
💡Merchandising
💡Manufacturing Business
💡Hybrid Businesses
💡Goods and Services
💡Market
💡Legal Entity
💡Revenues
Highlights
A business is defined as a person's regular occupation for profit or trade.
A business is an organizational entity involved in the provision of goods and services to customers.
Businesses are mostly privately owned and operate through a market to customers.
Non-governmental legal entities own businesses, which may also include social nonprofits or state-owned enterprises.
Nonprofit organizations pursue a common not-for-profit goal and are dedicated to a social cause.
Revenues generated by nonprofits are used to further achieve their purpose or mission.
There are public nonprofits funded by donations from the general public and private nonprofits funded by a few sources.
State-owned enterprises (SOEs) are legal entities created by the government to participate in commercial activities.
SOEs can be wholly or partially owned by a government.
Service businesses provide intangible products, such as professional skills, expertise, and advice.
Examples of service businesses include salons, schools, and banks.
Merchandising businesses buy products at wholesale prices and sell them at retail prices for profit.
Manufacturing businesses combine raw materials, labor, and factory overhead to create and sell new products.
Hybrid businesses can be classified in more than one type of business, such as a restaurant.
A restaurant is an example of a hybrid business, combining manufacturing, merchandising, and service.
The video encourages viewers to share, subscribe, and hit the bell for real-time updates.
The video concludes with a thank you note for watching.
Transcripts
hey youtubers in this video I am going
to tell you what basically is a business
and what all different types of
businesses exists so going by the
dictionary definition a business is a
person's regular occupation for fashion
or trade and going but the Vicki a
business is an organizational entity
involved in the provision of goods and
services to customers about this I'd
take that you caught one basically on
businesses right so let's move on
businesses are mostly privately owned
and they provide goods and services
through a market to customers in
exchange for some other service or money
these businesses are owned by a
non-governmental legal entity businesses
may also be social nonprofits or
state-owned public enterprises operated
by the government with the specific
objective let's see what are nonprofit
organizations they pursue a common
not-for-profit goal and are dedicated to
a social cause the revenues generated
are used to further achieve its purpose
or mission it can be either public
nonprofits whose finance depends on the
donations from general public or private
nonprofits who see financial support
from only a few sources from let's see
what are the state-owned enterprise the
SOE is a legal entity that is created by
the government in order to take part in
commercial activities on the
government's behalf
it can either be wholly or partially
owned by a government now let's see what
are the three types of business for
service business a service type of
business provides intangible product
that means products with no physical
form these firms offer professional
skills expertise advice and similar
products for example salons schools
banks etc second merchandising is this
type of business buys a product at a
wholesale price and sells it at retail
price also known as buy and sell
business they make profit by selling
products and a higher price than the
purchase cost third manufacturing
business in this product support with
the intention of using them as materials
in making a new product it combines raw
materials labor and factory overhead and
then the final product is sold to the
customers including the profits
there may also be hybrid businesses that
can be classified in more than one type
of business for example a restaurant
combining ingredients make a meal which
is manufactured selling a bottle of wine
which is merchandising and fills
customer service which is a service type
listing so that is all in this video if
you like this video please share it with
others subscribe to this channel and hit
the bell I came to receive real-time
updates thanks for watching this video
[Music]
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