What is a business? willing to pay for. Business: an organized effort to provide the things that people need and want, and are: exists in order to satisfy customer needs and to make a profit with a definition. Five characteristics common to all businesses: businesses are organized efforts . A business exists to provide the things that people need and want : ex. Provide math tutoring for high school students who need an 80% or higher in calculus to get into their university of choice: ex. A lemonade stand exists because people might be thirsty: a business must try to satisfy customer. Businesses would not exist unless there are people who need or want and are willing to pay for the things that those businesses produce customers. Customers: the people who need or want, and are willing to pay for, the things that a business provides: ex.