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Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services). Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors."
Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner's personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.
The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company. A company, on the other hand, is a separate legal entity and provides for limited liability, as well as corporate tax rates. A company structure is more complicated and expensive to set up, but offers more protection and benefits for the owner.
Cracker Barrel Old Country Store, Inc. is an American chain of combined restaurant and gift stores with a Southern country theme. The company was founded by Dan Evins in 1969; its first store was in Lebanon, Tennessee, which remains the company headquarters. The chain's stores were at first positioned near Interstate highway exits in the Southeastern and Midwestern US, but it has expanded across the country during the 1990s and 2000s. As of September 18, 2012, the chain operates 630 stores in 42 states.
A vintage travel gear seller at Marché Dauphine, Saint-Ouen
, the home to Paris
' flea market
A flea market (or swap meet) is a type of bazaar that rents space to people who want to sell or barter merchandise. Used goods, low quality items, and high quality items at low prices are commonplace.
Heroism and the respect it commands is a form of compensation by society for those who take risks for others. And entrepreneurship is a risky and heroic activity, necessary for growth or even the mere survival of the economy.
It is also necessarily collective on epistemological grounds-to facilitate the development of expertise. Someone who did not find something is providing others with knowledge, the best knowledge, that of absence (what does not work)-yet he gets little or no credit for it. He is a central part of the process with incentives going to others and, what is worse, gets no respect.
I am an ingrate toward the man whose overconfidence caused him to open a restaurant and fail, enjoying my nice meal while he is probably eating canned tuna.
In order to progress, modern society should be treating ruined entrepreneurs in the same way we honor dead soldiers, perhaps not with as much honor, but using exactly the same logic (the entrepreneur is still alive, thought perhaps morally broken and socially stigmatized, particularly if he lives in Japan.) For there is no such thing as a failed soldier, dead or alive (unless he acted in a cowardly manner)-likewise, there is no such thing as a failed entrepreneur or failed scientific researcher, any more than there is a successful babbler, philosophaster, commentator, consultant, lobbyist, or business school professor who does not take personals risks. (Sorry.)
Psychologists label "overconfidence" a disease, blinding people to the odds of success when engaging in ventures. But there is a difference between benign, heroic type of risk taking that is beneficial to others, in the antifragile case and the nastier modern type related to negative Black Swans, such as the overconfidence of "scientists" computing the risks of harm from the Fukushima reactor. In the case of the former, what they call overconfidence is a good thing, not something to medicate.
- —Nassim Taleb, Antifragile, 2012
The following are images from various business-related articles on Wikipedia.
Apple co-founder and longtime leader Steve Jobs (pictured in 2010) led the introduction of many innovations in the computer, smartphone and digital music industries
Time required to start a business in 2017
A bond issued by the Dutch East India Company (VOC), dating from 1623, for the amount of 2,400 florins
Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010.
Dell Women's Entrepreneur Network event in New York City
In 2012, Ambassador-at-Large for Global Women's Issues Melanne Verveer greets participants in an African Women's Entrepreneurship Program at the State Department in Washington, D.C.
"Jack and the Giant Joint-Stock", a cartoon in Town Talk (1858) satirizing the 'monster' joint-stock economy that came into being after the Joint Stock Companies Act 1844.
Emil Jellinek-Mercedes (1853–1918), here at the steering wheel of his Phoenix Double-Phaeton, was a European entrepreneur who helped design the first modern car
A vegetable seller in a rural Sri Lankan village
On this day in Business history...
Did you know
- ...that the melting and export of cents and nickels can be punished with a fine of up to $10,000 and/or imprisoned for a maximum of five years?
- ... that the GDP deflator (implicit price deflator for GDP) is a price index measuring changes in prices of all new, domestically produced, final goods and services in an economy.
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