Why Is Business Important

A business is important because how else would the economy be ran? 4 people found this useful Why business is important? Yes, business is important because businesses provide goods, services, and jobs. Without businesses, every family would have to be experts at all facets of life: cooking, mech…anical work, farming, surgery, computer manufacturing, video production, ect. Life would not be practical. In conclusion, the importance of businesses in our economy is that that allow specialization of labor. Because business “IS” the economy. Whithout business, there is no economy.Thus, the importance. Importance Of Business The importance of business is that it provides products or services to customers. These products or services in the present day world are provi…ded by entrepreneurs who organize, manage and assume the risk of starting businesses mainly for earning profit. Business makes the best possible use of scarce resources such as men, machines and materials for the production of goods.

The importance of business can be judged from the following activities undertaken by the business. 1. Production of goods The raw material producing industries such as agriculture, mining, forestry, fishing, etc., provide raw materials for the manufacturers of consumer and producer goods. For instance, agriculture provides food such as grains! Mines provide metals which are used in factories and firms. Coal, another product of n,ne is a very useful source of power Forestry, provides us timber ‘Which is needed the construction of building, furnitures, paper, etc. Manufacturing uses the raw materials of agriculture, mining, forestry, fishing. Without manufacturing, the business will stand idle. There would be no automobiles, no roads! To sum up, the Industrial occupations which are concerned with the growing, extracting and manufacturing of material goods are corner stone of business. 2. Distribution aspect of business The distribution aspect of business is very complex. The goods which are produced should reach the consumers at the right place, right time and at right price also. Business due to seif-interest of earning profits, provides goods to the people both within and outside the country. The transport industries facilitate the movement of goods from one place to another where they are wanted. Finance, banking and insurance greaUy contribute in the financing of business. Without banks, investment and insurance companies, commerce and industry would not have developed on an extensive scale. 3. Business supplies services Services occupy an important place in business life.

Also, people are able… to travel because many people have off on Thursday and even more people have off Friday and possibly the Wednesday before Thanksgiving. Having the time off gives people the ability to travel. What to pack for business travel? Clothes, you know, your stuff. Share to: Is travel agency a dying business? No I believe it has shifted to home business. Share to: What are the purposes of business travel? To conduct the business of business, whether for monetary gain or not. Share to: How do you get business travel insurance? In order to get business travel insurance, you would have to contact an insurance company that offers this service. Then request a quote for your business travel insurance. Share to: Does your business need travel insurance? Each business must evaluate its own insurance needs individually, but travel insurance is a good bet if the work involves a risk of cancellations, like working in a country un…der armed conflict. Answered In Insurance Why do you need business travel insurance? Business travel insurance will protect you in case of delay or illness during business travel. Some policies may even compensate you for lost time and/or wages. It is importan…t to protect you from potential problems if you are on an especially important business trip.

With well over 20 years of investment success and business experience under his belt, businessman and innovator Saif Durbar is no stranger to the techniques that make a good investment business tick. In point of fact, Saif Durbar has himself started more than one successful investment business, with his latest being Bridge Africa, an investment consulting firm helping companies gain footholds in African business markets. Saif Durbar joins us to share some of his wisdom for those seeking to follow in his path and start an investment business of their own. Plan. As with any business, says Saif Durbar, the majority of things that go wrong could have been avoided with the proper plan in place. Don’t be in a hurry to get started; rather, don’t be in such a hurry that you neglect to take thorough time to create a solid business plan. Saif Durbar advises consulting with an expert if you have never done a business plan before. In the plan, you will outline the business’s goals, and how exactly the business will achieve those goals.