You Might Be An Entrepreneur but Just Don’t Know it Yet
What is Business and You Might Be Already Owning One.
Are You Doing Business? 4 Signs you Need to Make it Legit
You might be a business owner or entrepreneur, and you don’t even know it. A lot of times, we’re shooting for things that we already have at home.
Let’s figure out if you own a business and what you can do to make it legit.
What exactly is a business?
Businesses are nothing more than the act of buying and selling goods, services, and products, whether you’re for profit, not for profit, or anything in between. There must be buying and selling of something, or there is no business.
These are the four characteristics of a business:
1. Economic activity
My first characteristic of business is economic activity. The buying, selling, making, providing, selling goods, or services, are all economic activity. Bartering can also be considered an economic activity
Claud Anderson talks about the circulation of the dollar in specific communities, and that’s all about economic activity. In some communities, the dollar circulates more than it does in other communities. All of that is an economic activity, which is the foundation of any business.
2. Duplicative or continuous
The second characteristic of a business is that it must be duplicative or continuous. It has to be repeated—something you often do.
If you sell a pair of shoes on eBay, Craigslist, or Facebook Marketplace, that does not make you a business owner or a businessman. It just makes you someone who sold something. If every week, or every weekend, however, you’re selling something, that is a business.
If you go out looking for things to buy, then flip and sell on Facebook Marketplace, Craigslist, or eBay, or Amazon, it also makes you a businessman.
Because you’re looking for something to sell at a profit, the buying and selling of goods, services, products, etc., continually means you might own a business.
3. Profit motive
The third characteristic of business is there must be a profit motive.
People don’t like to talk about money. People don’t like to talk about hard cash. People don’t like to talk about profit.
I’m not one of those people. As you can see, I talk about money often. Money is a source of economic power, and if you’re going to get into business, you have to do so with the end game being profit.
Even for your nonprofit, you have to be making profit, or your business will not succeed.
Aside from creating a source of food or water, I don’t believe anything comes close to the economic power that money brings.
4. Customer satisfaction
The fourth and final characteristic of business is customer satisfaction, also known as social institution.
Social institution is a big fancy economic word for the people happy with goodwill, to the stakeholders, who are your customers, your clients, the board members, the owners, and the investors.
If they’re not happy, then your business will not be successful long term. You must have customer satisfaction and social institution.
That’s it! All wrapped up and simple. If you have those four characteristics within the thing that you do, even if it’s for fun on the weekends and evenings, as long as it’s repetitive, you own a business. I think you need to make it legitimate.
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