INTRODUCTION TO THE CONCEPT OF BUSINESS

A. OVERVIEW OF THE CONCEPT OF BUSINESS

Business is an organization that produces or sells goods or services to gain profit.
Business produces most goods and services consumed by people and employs many people.
The prospect makes a profit: the difference between income and business expenses that encourages people to open and expand businesses.
Earnings repay owner to take risks that are covered in investing their money and time.

Business history and changes in views on the accountability of business in the United States:
Form of American business has evolved several times over several centuries, namely:
Industrial revolution that arise in the mid-18th century, creating a system of factories making materials and labor needed to produce goods in large quantities and new machinery needed for mass production come together in one place.
The 19th century became the solution of large-scale increase of entrepreneurs, business and the United States adheres to the philosophy of laissez-faire.
Laisses-faire is the principle which states that the government should not intervene in the economy but should let businesses apply in the absence of regulation.

Financial Management Axioms

1) Risk - return trade-off.
2) Time value of money.
3) Cash - not profits - is king.
4) Incremental cash flows count.
5) The curse of competitive markets.
6) Efficient capital markets.
7) The agency problem.
8) Taxes bias business decisions.
9) All risk is not equal.
10) Ethical dilemmas are everywhere in finance.

What should I sell on the Internet?

how to answer to that question, your only choice is research, and lots of it. Based on years of experience, here's the basic process that  successful Online Retailers would go through every time we try to decide on a new product to sell on the Internet.

Find out what the Demand for the product is:

On the Internet is just another place to sell products. The basic concept of Demand is the same on the 'Net as it is anywhere else, and has been for all time. If there aren't enough people who want it, there's no profit in selling it!

Find out what the level of Competition is:

Again, the internet is the same way. The 'Net is just another place to sell things, and if there are too many people selling the same things, nobody makes any money on them.

We start with a dedicated Internet Store shopping site with a high degree of popularity, like Yahoo Shopping, for example. We spend hours in there, acting like a customer, using different search terms to search on the products

Find out what the General Interest level is

 General interest in a product helps to gauge where our Demand and Competition numbers fall into the big picture. For example, if there isn't much Demand for a product, and there isn't much Competition, it would seem that it might not be a good seller. You can't sell something to people if they're not out there looking to buy it. If there aren't many people out there trying to sell it, either, then it's probably not a good idea.

Find out how others are Advertising this product:

 Same thing on the Internet. If you're going to sell a product Online, you're going to have to advertise it in some way or another. Today, Pay Per Click Search Engines are the dominant force in Internet product Advertising.

Once again, we act like a customer. We use as many search terms as we can think of to search for the product we think we want to sell. What we're looking for here is two fold:

 How many other people are paying to Advertise the product Online?

What do their ads look like and say?

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