Business in Practice

Business in Practice

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
SECTION 1.....................................................................................................................................3
SECTION 2.....................................................................................................................................4
SECTION 3.....................................................................................................................................6
Organizational structure...............................................................................................................6
PESTEL Analysis........................................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10
Books and journals....................................................................................................................10

INTRODUCTION
A business is a company or an organization where people work to make money, profit for the
organization or for ourselves (Mougayar, 2016). Business is something where people work
together, sale the products and services to customer or clients. In the business owner hire or
recruit the people for the better performance. The word business is coming from 'BUSY' word
means doing something for making the money and profit.
MAIN BODY
SECTION 1
Small business: A business which perform on small scale with small investment, number of
labours are less and Few things to operate the business. Small scale industries are something that
produce products and services on a small level (Buppert, 2020). These types of industries not
invest more and these types of business are settled in urban area as a separate shop or unit.
Example, Small scale business is like retail shops, bakeries, paper, pen, local chocolate etc.
Characteristics
 They have only one owner so, small business is known as sole proprietorship
 Business technology level is very small they are more dependent on labours or we can
say man power.
 They are more flexible because they are independent.
Micro Business: A micro business is a domestic business they are generally sale their
product in local markets. In micro business there are fewer than ten employees or labours and the
annual turnover of these business is around €2 million or less than that. Example Micro business
are like food business, canteen, trading, retail shops etc.
Characteristics
 They are more profit motive.
 They have limited areas and less chances of risk.
 They have less number of labours so they do not have to invest much on labours.
 They are sole proprietor.