The common question that gets asked in business is, ‘why?’ That’s a good question, but an equally valid question is, ‘why not?’Jeff Bezos
More business is lost every year through neglect than through any other cause.Rose Kennedy
The gambling known as business looks with austere disfavor upon the business known as gambling.Ambrose Bierce
Corporation: An ingenious device for obtaining profit without individual responsibility.Ambrose Bierce
The work an unknown good man has done is like a vein of water flowing hidden underground, secretly making the ground green.Thomas Carlyle
Reason and judgment are the qualities of a leader.Tacitus
Try, try, try, and keep on trying is the rule that must be followed to become an expert in anything.W. Clement Stone
Sales are contingent upon the attitude of the salesman – not the attitude of the prospect.W. Clement Stone
Every young man would do well to remember that all successful business stands on the foundation of morality.Henry Ward Beecher
Profit in business comes from repeat customers, customers that boast about your project or service, and that bring friends with them.W. Edwards Deming
We succeed in enterprises which demand the positive qualities we possess, but we excel in those which can also make use of our defects.Alexis de Tocqueville
People are definitely a company’s greatest asset. It doesn’t make any difference whether the product is cars or cosmetics. A company is only as good as the people it keeps.Mary Kay Ash
A company is only as good as the people it keeps.Mary Kay Ash
Everyone has an invisible sign hanging from their neck saying, ‘Make me feel important.’ Never forget this message when working with people.Mary Kay Ash
When times are bad is when the real entrepreneurs emerge.Robert Kiyosaki
No employer today is independent of those about him. He cannot succeed alone, no matter how great his ability or capital. Business today is more than ever a question of cooperation.Orison Swett Marden
Test fast, fail fast, adjust fast.Tom Peters
Almost all quality improvement comes via simplification of design, manufacturing… layout, processes, and procedures.Tom Peters
The meek shall inherit the Earth, but not its mineral rights.J. Paul Getty
I buy when other people are selling.J. Paul Getty
If you owe the bank $100 that’s your problem. If you owe the bank $100 million, that’s the bank’s problem.J. Paul Getty
Informed decision-making comes from a long tradition of guessing and then blaming others for inadequate results.Scott Adams
Remind people that profit is the difference between revenue and expense. This makes you look smart.Scott Adams
The invisible hand of the market always moves faster and better than the heavy hand of government.Mitt Romney
Government in the U.S. today is a senior partner in every business in the country.Norman Cousins
Carpe per diem – seize the check.Robin Williams
For the merchant, even honesty is a financial speculation.Charles Baudelaire
An economist’s guess is liable to be as good as anybody else’s.Will Rogers
It’s not what you pay a man, but what he costs you that counts.Will Rogers
If you can build a business up big enough, it’s respectable.Will Rogers
Effort only fully releases its reward after a person refuses to quit.Napoleon Hill
The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those which fail.Napoleon Hill
A business that makes nothing but money is a poor business.Henry Ford
Business is never so healthy as when, like a chicken, it must do a certain amount of scratching around for what it gets.Henry Ford
Our favorite holding period is forever.Warren Buffett
Disneyland is a work of love. We didn’t go into Disneyland just with the idea of making money.Walt Disney
If you cannot work with love but only with distaste, it is better that you should leave your work.Khalil Gibran
Business, that’s easily defined – it’s other people’s money.Peter Drucker
People who don’t take risks generally make about two big mistakes a year. People who do take risks generally make about two big mistakes a year.Peter Drucker
Most of what we call management consists of making it difficult for people to get their work done.Peter Drucker
Rank does not confer privilege or give power. It imposes responsibility.Peter Drucker
The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.Peter Drucker
When you are in any contest, you should work as if there were – to the very last minute – a chance to lose it. This is battle, this is politics, this is anything.Dwight D. Eisenhower
A cardinal principle of Total Quality escapes too many managers: you cannot continuously improve interdependent systems and processes until you progressively perfect interdependent, interpersonal relationships.Stephen Covey
No enterprise is more likely to succeed than one concealed from the enemy until it is ripe for execution.Niccolo Machiavelli
There is no time for cut-and-dried monotony. There is time for work. And time for love. That leaves no other time!Coco Chanel
Intellectual property has the shelf life of a banana.Bill Gates
It takes more than capital to swing business. You’ve got to have the A. I. D. degree to get by – Advertising, Initiative, and Dynamics.Isaac Asimov
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
We’re all working together; that’s the secret.Sam Walton
If one does not know to which port one is sailing, no wind is favorable.Lucius Annaeus Seneca
If there is anything that a man can do well, I say let him do it. Give him a chance.Abraham Lincoln
There are no secrets to success. It is the result of preparation, hard work, and learning from failure.Colin Powell
An organization’s ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage.Jack Welch
Economic depression cannot be cured by legislative action or executive pronouncement. Economic wounds must be healed by the action of the cells of the economic body – the producers and consumers themselves.Herbert Hoover
The superior man understands what is right; the inferior man understands what will sell.Confucius
Time is the scarcest resource and unless it is managed nothing else can be managed.Peter Drucker
It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.Adam Smith
When Henry Ford made cheap, reliable cars people said, ‘Nah, what’s wrong with a horse?’ That was a huge bet he made, and it worked.Elon Musk
I believe you have to be willing to be misunderstood if you’re going to innovate.Jeff Bezos
The man who will use his skill and constructive imagination to see how much he can give for a dollar, instead of how little he can give for a dollar, is bound to succeed.Henry Ford
Just because something doesn’t do what you planned it to do doesn’t mean it’s useless.Thomas A. Edison
Hell, there are no rules here – we’re trying to accomplish something.Thomas A. Edison
Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all.Dale Carnegie
Wise are those who learn that the bottom line doesn’t always have to be their top priority.William Arthur Ward
Willingness to change is a strength, even if it means plunging part of the company into total confusion for a while.Jack Welch
If you don’t understand the details of your business you are going to fail.Jeff Bezos
One of the tests of leadership is the ability to recognize a problem before it becomes an emergency.Arnold H. Glasow
Do more than is required. What is the distance between someone who achieves their goals consistently and those who spend their lives and careers merely following? The extra mile.Gary Ryan Blair
The way to get things done is not to mind who gets the credit for doing them.Benjamin Jowett
Whenever you find yourself on the side of the majority, it is time to pause and reflect.Mark Twain
I am certainly not one of those who need to be prodded. In fact, if anything, I am the prod.Winston Churchill
Some people regard private enterprise as a predatory tiger to be shot. Others look on it as a cow they can milk. Not enough people see it as a healthy horse, pulling a sturdy wagon.Winston Churchill
I think that there is nothing, not even crime, more opposed to poetry, to philosophy, ay, to life itself than this incessant business.Henry David Thoreau
I want to put a ding in the universe.Steve Jobs
Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations.Steve Jobs
I hope we shall crush in its birth the aristocracy of our monied corporations which dare already to challenge our government to a trial by strength, and bid defiance to the laws of our country.Thomas Jefferson
What is Business ?
Business is the task of living or making money through the production or purchase of and sale of items (such as goods and services). Simply put, it’s “any activity or business entered into for profit.
It doesn’t mean it’s a business, a corporation, a partnership, or any formal organization like that, but it can range from a street peddler to General Motors.
Having a business name does not separate the business entity from the owner, which means that the business owner is responsible and liable for the debts incurred by the business .
If the business acquires debts, the creditors may go after the personal possessions of the owner. A business structure does not allow for corporate tax rates.
The term is also often used colloquially (but not by lawyers or public officials) to refer to a company. On the other hand, a company is a separate legal entity and provides for limited liability, as well as corporate tax rates.
A company structure is more complicated and expensive to set up, but offers more protection and benefits to the owner.
A sole proprietorship, also known as a sole trader, is owned by one person and operates for their benefit.The owner operates the business alone and is entitled to hire employees. A sole proprietor has unlimited liability for all obligations incurred by the business, whether as a result of operating costs or judgments against the business.
A partnership is an enterprise owned by two or more persons. In most forms of partnership, each partner has unlimited liability for the debts incurred by the enterprise. General partnerships, limited partnerships and limited liability partnerships are the three most common types of partnerships for profit.
The owners of a corporation have limited liability and the corporation has a separate legal personality from its owners. Corporations may be either government-owned or private-owned, and may organize either for profit or as non-profit organizations. A private-owned, for-profit corporation is owned by its shareholders who elect a board of directors to direct the corporation.
Cooperative often referred to as a ‘co-op,’ a cooperative is a limited-liability enterprise that can be organized as a for-profit or non-profit enterprise. A cooperative differs from a corporation in that it has members, not shareholders, and shares decision-making authority. Cooperatives are typically classified as either consumer or worker cooperatives. Limited liability companies (LLCs), limited liability partnerships and other specific types of business organizations protect their owners or shareholders from business failure by doing business with certain legal protections under a separate legal entity. In contrast, unincorporated businesses or individuals working on their own are usually not as protected.
A franchise is a system in which entrepreneurs buy the right to open and run a business from a larger corporation. Franchising is widespread in the United States and is a major economic powerhouse. One out of twelve retail businesses in the United States is franchised and 8 million people are employed in a franchised business.
A company limited by guarantee:
commonly used where companies are formed for non-commercial purposes, such as clubs or charities. Members guarantee payment of certain (usually nominal) amounts if the company goes into insolvent liquidation but otherwise have no economic rights in relation to the company.
A company limited by shares:
the most common form of company used for business ventures. Specifically, a limited company is a ‘company in which the liability of each shareholder is limited to the amount individually invested,’ with corporations being ‘the most common example of a limited company’. Publicly traded enterprise, or Privately held enterprise
A company limited by guarantee with a share capital:
a hybrid entity, normally used where the company is formed for non-commercial purposes, but the company’s activities are partly funded by investors who expect a return. This type of company may no longer be formed in the United Kingdom, although there are still legal provisions for them to exist.
A limited liability company:
“A company characterized by limited liability, management by members or managers and limitations on ownership transfer,” i.e., L.L.C. LLC structure has been referred to as “hybrid” in that it “combines the characteristics of a company and the characteristics of a partnership or sole ownership.”
An unlimited company with or without a share capital:
a hybrid entity, a company in which the liability of members or shareholders for the company’s debts (if any) is not limited. Less common enterprise types are: Companies formed by letters patent: The majority of corporations are sole corporations by letters patent and not companies as the term is commonly understood today.
these were the only types of companies before modern company legislation was passed. Now, they are relatively rare, except for very old companies that still survive (of which there are still many, especially many British banks), or modern societies that fulfill a quasi-regulatory function (for example, the Bank of England is a modern charter corporation). Statutory enterprises: Relatively rare today, a private statute passed in the relevant jurisdiction has formed some enterprises.