(1)Exchange of goods and services: It is the important feature
of business. In order to call something a business, there must exist exchange
of goods or services
ex- Buying product from a shop, Receiving treatment from hospital.
(2)Deals in numerous transaction: A business must have numerous
transaction, those business which doesn't occurs in numerous, can't be regarded
as business
ex-Stealing or robbing is not a business
(3)Profit is the main objective: The common and main objective
of a business is to earn profit. Thus, it is also a feature
(4)Business skills for economic success: A good business skill
is needed in order to have success in business. The skills can be developed by
business experience.
(5)Risk and uncertainties: In business, there exist always risk
and uncertainties. Risk can be measured. Uncertainties can't be measured.
ex-Price fall in rice as risk, Natural disaster as cyclone.
(6)Buyer and seller: Business has two sides, as buyer and
seller. An individual or person can act as buyer and seller.
(7)Connected with production: Directly or indirectly business
connected with production. It has a distribution channel. It goes from
manufacturer to whole seller and then to retailer.
(8)Marketing and distribution: There exist a distribution
channel of business. In a business products are advertised by various media of
communication and products are distributed through distribution channel as
Manufacturer > Wholesaler > Retailer > Final buyer.
(9)Deals in goods and service: Two types of goods and services
usually being dealt in a business. They are consumer goods and producer goods.
ex-Consumer goods-TV, Producer goods- raw materials
(10)To satisfy human wants: It is also an important feature as
satisfying human wants should be regarded one of the main objective of a
business.
(11)Social obligation: Business should have social obligation.
Businessman should supply pure product, they should produce and supply not
harmful product by keeping societies long run interest on their minds.
