COMMERCE 1B03 Chapter Notes - Chapter 1: Baby Boomers, Switching Barriers, Crowdsourcing
8 Oct 2018
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Business : any activity that seeks to provide goods and services to others while operating at a profit. Entrepreneur : a person who risks time and money to start and manage a business. Learns that a business needs an accountant, lawyer and strong managers. Must go to financial institutions or venture capital firms to borrow money (not easy) Business principles are used in for-profit, non-profit, and government agencies where oftentimes, goals are other than making a profit for their owners or organizers. Revenue is the total amount of money received during a given period for goods sold and services. Profits is the amount of money a business earns beyond what it spends for salaries and other expenses. Loss business expenses are more than its revenue than its revenues. Business involves risk : refers to the chance of loss, the degree of probability of loss, and the amount of possible loss.
