What is Business ?
A ‘Business’ is an entity that deals in providing any kind of services or products for its customers. It might be either for profit or philanthropy. A simple newspaper seller, as well as a multinational corporation selling software, are all engaged in business.
Some businesses might be privately owned, while others might be owned publicly, in the sense that the common public would be able to buy its shares and own a part of it.
Similarly, a business might refer to the verticals of an industry as a whole. For example, ‘smartphone business’ would refer to the practice of selling the smartphones instead of referring to a particular manufacturer.
As with any kind of organization dealing with finances, businesses are regulated by the government of the land. The policies and regulation might vary from country to country as well as between the industries.