The Business Portal
Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services). Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors."
Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner's personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.
The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company. A company, on the other hand, is a separate legal entity and provides for limited liability, as well as corporate tax rates. A company structure is more complicated and expensive to set up, but offers more protection and benefits for the owner.
Bitexco Financial Tower is a skyscraper in Ho Chi Minh City, Vietnam, owned by Bitexco Group, a Vietnamese company. With 68 floors above ground and three basements, the building has a height of 262.5 metres (861 ft), making it the 124th tallest building in the world. The tower was made by the French company AREP and architects J.M. Duthilleul, E. Tricaud and Carlos Zapata. World renowned Ecuadorian architect Carlos Zapata, who was behind Bitexco Financial Tower, drew inspiration for this skyscraper’s unique shape from Vietnam’s national flower, the Lotus. The tower was the tallest building in Vietnam from 2010 to early 2011 when Keangnam Hanoi Landmark Tower topped out on 24 January 2011. The tower was officially inaugurated on October 31, 2010.
On the supply side, the ultimate source of a mass winner-take-all market is that the services of the best performers can be reproduced, or "cloned", at low additional cost. For example, once the master recording has been made, it costs no more to transcribe the best soprano's performance onto a compact disc than it does her understudy's. Once the film is in the canister, it costs no more to make an additional print of an Academy Award winner than a B western. Once the television cameras have been set up, it costs no more to broadcast a tennis match between the first- and second-ranked players in the world than it does to broadcast a match between the 101st and 102nd. If the best performers' efforts can be cloned at low marginal cost, there is less room in the market for lower-ranked talents.
More generally, whenever there are economies of scale in production or distribution, there is a natural tendency for one product, supplier, or service to dominate the market. The battle is to determine which one it will be.
On the demand side of many markets, a product becomes more valuable as greater numbers of consumers use it. A vivid illustration is VHS's defeat of the competing Beta format in home video recorders. VHS's defeat of the competing Beta format in home video recorders. VHS's attraction over the initial versions of Beta was that it permitted longer recording times. Thought Beta later corrected this deficiency and on most important technical dimensions came to be widely by experts as superior to VHS, the initial sales advantage of VHS proved insurmountable. Once the number of consumers owning VHS passed a critical threshold, the reasons for choosing it became compelling-variety and availability of tape rentals, access to repair facilities, the capability to exchange tapes with friends, and son on."
- —Robert H. Frank, The Winner-Take-All Society, 1995
The following are images from various business-related articles on Wikipedia.
Dell Women's Entrepreneur Network event in New York City
Apple co-founder and longtime leader Steve Jobs (pictured in 2010) led the introduction of many innovations in the computer, smartphone and digital music industries
Emil Jellinek-Mercedes (1853–1918), here at the steering wheel of his Phoenix Double-Phaeton, was a European entrepreneur who helped design the first modern car
Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010.
In 2012, Ambassador-at-Large for Global Women's Issues Melanne Verveer greets participants in an African Women's Entrepreneurship Program at the State Department in Washington, D.C.
Time required to start a business in 2017
A bond issued by the Dutch East India Company (VOC), dating from 1623, for the amount of 2,400 florins
A vegetable seller in a rural Sri Lankan village
"Jack and the Giant Joint-Stock", a cartoon in Town Talk (1858) satirizing the 'monster' joint-stock economy that came into being after the Joint Stock Companies Act 1844.
On this day in Business history...
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