This includes all activities of an individual or group of individuals in producing and distributing goods and services to customers. Businessmen must know the needs, wants, goals and values of prospective and potential consumers before they can sell their goods to them.



Business, therefore involves the production of goods and services, undertake organizing, managing, and marketing. The resources used in business include human, material and financial resources.

No matter what type or form of business might be, it has certain characteristics such as involvement in the exchange of sale or transfer of goods and services, the profit motive, production of goods and services and bearing risks and uncertainties that may arise in the process of ''transaction''.