BASICS OF BUSINESS | TYPES OF BUSINESSES

Too Much 2 Know
23 Jul 201703:52

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

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Transcripts

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Связанные теги
Business BasicsTypes of BusinessesPrivate EnterprisesNonprofit SectorState-Owned EnterprisesService BusinessMerchandisingManufacturingHybrid BusinessesBusiness Models
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