A business is defined by Wikipedia as a commercial entity or profession characterized by an organized system of business relationships involving an establishment with a limited scope and activities; an interaction of persons having an interaction of authority, power and control. A business may be general or private, public or private, or interrelated in terms of purpose or interaction. A business can also be organized at local, regional, national or international levels and be conducted for profit or non-profit reasons. It may be personal or institutional, be owned by individuals or corporations, and be based at a physical location or on a virtual platform.
A business can have many subsidiary or related activities performed for the benefit of the business itself. The most common of these subsidiary activities is selling the products and/or services of the business to third parties who are willing to buy them. This is one of the main articles of the business that drives profit. Other main articles of business are borrowing money from others to start a business or acquire land or property for the purposes of business. A third main article of business is intellectual property, which can include trademarks, patents, licenses and copyrights as well as the creations and innovations of others.
Each of the main articles of business can be subdivided into sub-topics and then sub-sub-topics. These sub-topics often overlap and interact with each other in a complex manner resulting in a wide array of business activities. Therefore, one would need expert knowledge and experience in the field of commercial law, human resources, strategic management and business development, intellectual property, technology transfer and acquisitions, marketing, accounting, sales, distribution, financing, etc. to effectively deal with the various complexities involved in running a successful business. Expertise is required not only in the area of law but also in that of running and managing businesses. Therefore, it is imperative to find an expert manager that holds expertise in each of these fields to effectively run businesses.