A business is generally defined as an entity or organization that engages in commercial, technological, or organizational activities intended to meet the economic needs of society. Businesses may be privately owned entities or publicly held businesses that are listed on the stock market or in other markets. Businesses may be publicly traded or privately owned. Some businesses are traded on the stock market while others trade covertly on futures exchanges or over alternative exchanges such as foreign exchange (forex) markets. A company is considered public if it has listed shares on a stock exchange.
For-profit and non-profit businesses differ fundamentally in the way they operate. The profit motive drives many businesses to grow and develop, whereas for-profits are more directed toward generating revenue from the pursuit of profit. Most businesses that have earned profits are classified as either public or private, although some may also be classified as both. Private businesses typically are limited in scope and cannot pursue as many patent or copyright infringements as publicly held businesses.
Designing a good business plan requires defining both the products or services that you will sell, the amount of money you plan to spend on marketing and selling these goods and services, the amount of money you plan to invest in your business and its intellectual property portfolio, and the strategic management techniques that you will use in order to successfully implement your business plan and achieve your profit goals. Intellectual property is one of the most important aspects of your business because it protects your valuable assets such as your product, technology, name, logo, slogans and designs. Other important aspects of intellectual property include patents and trademarks. Trademarks are very effective tools for branding and marketing purposes. Good strategic management techniques include creating a marketing plan, hiring quality employees, growing your business, expanding your business location, advertising your business, managing your cash flow, handling financial transactions, and controlling your business finances.