Business

If you don't drive your business, 
you will be driven out of business.

B. C. Forbes

secrets

There are no secrets to success. It is the result of preparation, hard work, and learning from failure.

Colin Powell

path to the CEO's office is through design!

The path to the CEO's office should not be through the CFO's office, and it should not be through the marketing department. It needs to be through engineering and design.

Elon Musk

What is Quality

Quality is never an accident. It is always the result of intelligent effort.

John Ruskin

There is only one boss in Business. The Customer!

There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.

Sam Walton

Daily quote by Prem Arora's Business Classses

About Private Limited Companies

Private Limited Companies are those types of companies where minimum number of members is two and maximum number is fifty. A private limited company has the limited liability of members but at the same time it has many characteristics as those of a partnership firm. A private limited company has all the advantages of partnership namely flexibility, greater capital combination of different and diversified abilities, etc., and at the same time it has advantages of limited liability, greater stability and legal entity. In this sense, a private limited company stands between partnership and widely owned public company. Identifying marks of a private limited company are name, number of members, shares, formation, management, directors and meetings, etc., The maximum number of directors shall have to be mentioned in the Articles of Association. In the grand of privileges and exemptions, the Companies Act has drawn a distinction between an independent private company and other private company which is a subsidiary to the other public company.

What is a Business? ( Do yours own Business) Prem Arora's Business Classes

A business, also known as an enterprise or a firm, is an organization involved in the tradeof goods, services, or both to consumers.^[1]Businesses are prevalent in capitalisteconomies, where most of them are privately owned and provide goods and services tocustomers in exchange for other goods, services, or money. Businesses may also benot-for-profit or state-owned. A business owned by multiple individuals may be referred to as a company.

Business can refer to a particular organization or to an entire market sector, e.g. "the music business". Compound forms such asagribusiness represent subsets of the word's broader meaning, which encompasses all activity by suppliers of goods and services. The goal is for sales to be more than expenditures resulting in a profit.

BASIC FORMS OF OWNERSHIP

• Sole proprietorship: A sole proprietorship, also known as a sole trader, is owned by one person and operates for their benefit. The owner may operate the business alone or with other people. A sole proprietor has unlimited liability for all obligations incurred by the business, whether from operating costs or judgements against the business. All assets of the business belong to a sole proprietor, including, for example, computer infrastructure, any inventory, manufacturing equipment and/or retail fixtures, as well as any real propertyowned by the business.
• Partnership: A partnership is a business owned by two or more people. In most forms of partnerships, each partner has unlimited liability for the debts incurred by the business. The three most prevalent types of for-profit partnerships are general partnerships, limited partnerships, and limited liability partnerships.
• Corporation: The owners of a corporation have limited liability and the business has a separate legal personality from its owners. Corporations can be either government-ownedor privately owned. They can organize either for profit or as not-for-profit organizations. A privately owned, for-profit corporation is owned by its shareholders, who elect a board of directors to direct the corporation and hire its managerial staff. A privately owned, for-profit corporation can be either privately held by a small group of individuals, or publicly held, with publicly traded shares listed on a stock exchange.
• Cooperative: Often referred to as a "co-op", a cooperative is a limited liability business that can organize for-profit or not-for-profit. A cooperative differs from a corporation in that it has members, not shareholders, and they share decision-making authority. Cooperatives are typically classified as either consumer cooperatives or worker cooperatives. Cooperatives are fundamental to the ideology of economic democracy.

Classifications

• Agriculture and mining businesses produce raw material, such as plants or minerals.
• Financial businesses include banks and other companies that generate profits through investment and management of the capital.
• Information businesses generate profits primarily from the sale of intellectual property and include movie studios, publishers and internet and software companies.
• Manufacturers produce products, from raw materials or from component parts, then sell their products at a profit. Companies that make tangible goods such as cars, clothing or pipes are considered manufacturers.
• Real estate businesses sell, rent, and develop properties including land, residentialhomes, and other buildings.
• Retailers and distributors act as middlemen and get goods produced by manufacturers to the intended consumers, and make their profits by marking up their price. Most stores and catalog companies are distributors or retailers.
• Service businesses offer intangible goods or services and typically charge for labor or other services provided to government, consumers, or other businesses. Interior decorators, consulting firms and even entertainers are service businesses.
• Transportation businesses deliver goods and individuals to their destinations for a fee.
• Utilities produce public services such as electricity or sewage treatment, usually under a government charter.