Business has become indispensable in our lives. Nearly everything an individual does is directly or indirectly related to business. As clearly defined by many of the authors, business is exchange of goods. (E.g. Service for money with a profit motive). Hence most of our wants are satisfied only by business. Of course, there are activities carried on which are non-business kind. For E.g. a Government official or a Government body itself, a doctor, a teacher, a police or a house wife. But these activities are supplied with the essential goods and services by business only.
Economic accords bring nations closer. There may be political differences, but economic transactions do not get influenced by this. It is the foreign trade which earns us the valuable foreign exchange.
We apply the technical know-how of the foreign goods to our products; hence we increase the standard of the production of domestic goods. Computerisation and modernisation of several industries is a result of our economic relationships with the foreign countries. Therefore we can conclude that business influences our lives in every walk.
M.J. Jucius and G.R.Terry in their “Introduction to Business” say “what is gained depends on one’s objectives, interests and curiosity. Business has the capacity to satisfy almost any ambition one may have. It is extensive, subject to man’s manipulation and is made up of many different types of work performed by many different types of people”.
The improvement in the business is directly related to the urge in people to give the best to the world. The product, we get now has undergone tremendous trials and errors with various technology applied on it. It has come a long way, with consumer satisfaction and profit being the important motives. So, we have to agree that business study has numerous benefits to the society.
Firstly, we can say that one gains an appreciation for the key positions of people in business. When a product is sold, the interests of the consumers or people who buy it finally form the common ingredient of all business. Therefore any product or company cannot be divested of people.
Secondly, the study of business helps us to have its clear picture. A business unit or a concern is not just a mere economic entity which combines different specialised activities under one roof to produce one product.
Similarly, it is not also an evil force which exploits the consumers. An in-depth study of business enables us to know that it is an important institution which has the great responsibility of contributing the maximum to the nation’s prosperity.
Thirdly, the business study helps in selecting a career. In the Indian context today, employment in the Government and the public sectors has become very difficult. Study of business and business management assumes great importance, as self-employment and entrepreneurship are the order of the day, especially, in view of India opening up its markets to the world.
To compete with the western capitalists countries, effective and efficient administration of even the smallest industry becomes indispensable. To ensure this, the services of technicians, artists, administrators, financial experts, accountants, engineers, scientists, marketers, legal experts etc., are necessary. So, by ascertaining the avocations available in business, one can select a career. By studying the modern trends in business, an individual will know in what area he can specialise.
Finally, an in-depth study of business helps a businessman to know the market strategies. Before introducing any product to the market, he can know whether it is feasible for him to go ahead with the product and whether the product is needed in the market at all. All these will be possible only with the proper study of the business strategies.