Main Article: Business Law and the Legal Facades of Businesses
The word business normally refers to an entity or organization engaged in professional, commercial, or agricultural activities for profit. Business types can range from very small local enterprises to international multi-national corporations. Business ideas for new ventures can come from a wide range of fields including the arts, technology, financial services, and more. Business success hinges on the entrepreneur’s ability to identify and target his or her unique market niche. In order to succeed, a business needs to have a plan and be focused on generating the highest return on investment possible.
There are various tools that a business can use to effectively manage its business operations. Business strategic planning requires understanding the goals and objectives of the company as well as an understanding of how it will generate and distribute revenue. Successful companies develop intricate plans that allow them to weather changing market conditions. A key component of business strategy is developing relationships with both creditors and vendors by creating strategic partnerships as well as working capital management schemes.
Business law refers to the subject of corporate law that governs specific aspects of businesses. The main article briefly discusses the basics of business law as well as provides some important resources for those interested in pursuing a career in business administration or law. Business law is made up of several sub-groups such as corporate law, employment law, property law, intellectual property law, government regulations concerning businesses, and licensing laws. There are also issues that affect smaller businesses, such as issues regarding worker’s compensation and minimum wage laws. This article provides an overview of the topics that business law addresses.