MGTA01H3 Lecture Notes - Lecture 12: Smart People, Profit Motive, Life Insurance
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MGTA01H3 Full Course Notes
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Document Summary
The desire to make a profit distinguishes businesses from other organizations. Profit is not always seen as a good thing as some see it as a euphemism for greed and exploitation. Others see profits as an incentive or reward for the work they put in. A business is a kind of an organization (organization is a group of people who work together to meet a need or pursue some common goals) A business is an organized effort to provide the things that people want or need and are willing to pay for. A business exists to satisfy customer needs and to make a profit. One or more people have an idea and they put time, thought, and effort into carrying out their idea. Taking small, inexpensive steps to form a business may seem like its not a big task but when you add them together is when you see the time, effort, and energy put towards your business.
