Core Element of Business

Core Element of Business

The human element is the core of business. Business need people as owner managers, employees, and consumers, people need business for the production of goods and services and the creation of jobs.

       #Owners:– Owners are those people who take the risk of initiating a business. They provide capital for starting business .Most of large business organizations are owned by a large number of people called shareholders. They run the business through expert people called managers.

       #Managers:- Managers are those people who are responsible for executing the decision of the upper level. They make the things done through others. The manager may be either the owner himself (entrepreneur) or professionals employed by the owner with primary objective of earning profit managers set plans to earn profit through selling products and continuous growth in the market.

       #Employees:– They are lower, middle or operation level workers engaged with the activities as directed by their top boss. They are the people who provide the skills and abilities to produce products, services and other consumer needed items to sell and earn profits. To compete with other businesses a business enterprise needs a committed and effective team of employees. In lieu the employees get salaries compatible to the spills. To earn profit and growth, the business or firms need committed, dedicated and effective employees. The efficiency of the employees depends on the training systems needed for the particular products or services.

       # Consumers:- The demand of a product is created as the consumers consume it so consumers are the ultimate buyers of an organization products. A consumers is a person, Group of person firm or any other organizations who purchases goods or services for personal or organizational use. All consumers want to have quality

and reliable goods and services. Hence business firms should provide those quality services as and when the customers need them and thus attracting more and more customers indicating further and further growth. A business enterprise attempts to satisfy consumer needs and desires while earning a profit. Consumers continual want more and better accommodate the demand. When a need or desire for products or services exists, a business can earn a profit by supplying it promptly and efficiently.

Core Element of Business