business

  

Definition

An organization or economic system where goods and services are exchanged for one another or for money.

Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit.

Businesses can be privately owned, not-for-profit or state-owned. An example of a corporate business is PepsiCo, while a mom-and-pop catering business is a private enterprise.


Use business in a sentence

  • The business was growing so quickly it was getting new customers faster than it could keep up with the orders coming in

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  • Fran quit her job in finance in order to start her own daycare business, because she believed she could use her skills in order to spend more time with her own children.

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  • The business which opened recently downtown went bankrupt because it did not make enough income to supplement it's needs, and therefore closed.

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Notable Quotes

  • Think about Business as a Game
    "One way to think of business is as a board game. You can play the game as it exists, or you can try to change the game, either by changing the rules, changing the objective, changing who you're playing against, or by choosing to play an entirely different game."
    - Tom Murcko
  • See Things From Their Point of View
    "Allocentrism is the practice of trying to see things from others' points of view. This is very useful in business just as it is in life. There are many possible uses: negotiation, persuasion, teamwork, sales, marketing, and just about every other aspect of business."
    - Tom Murcko
  • One Perspective on Business's Success and Failures
    "Business is not a zero sum game. For you to succeed, others don't need to fail. This is especially true of the internet. The most successful businesses aren't ones that grab market share away from their competitors, but rather ones that find entirely new ways to deliver value to users, and then to capture some (but not all) of that value."
    - Tom Murcko
  • Egos Screwing Up Businesses
    "I've seen too many businesses run into the ground by impressive people who start to think they're smarter than everyone else. There are enough ways to screw up in business without bringing it on yourself because of ego."
    - Barry Rosenstein

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