“Business Entrepreneurship” SSC 2021 (English Version) 1st Week Assignment Answer

Rimon আগস্ট 6, 2021Last Updated: আগস্ট 6, 2021

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“Business Entrepreneurship” SSC 2021 (English Version) 1st Week Assignment Answer

Concept of Business – Types of Business – Concept of Business Environment – Elements of Business Environment – Affects of Business Environment in Bangladesh

(a) Concept of Business

Generally, all economic activities conducted for profit are called business. And where is profit, there is a risk. The last few days back, I went to play on the field and asked some of my friends what their father does. Friends said their fathers were involved in drug stores, grocery stores, cosmetics shops, and so on. In a word, they are associated with business & economic work. But being involved in economic work cannot be called business. All of their parents’ economic work will be included in the business if they do it in the hope of making a living and making a profit. Business is basically the economic activities conducted for the purpose of making a profit. Producing food for family members, cultivating vegetables cannot be called business. Because there is no purpose to profit. However, all economic activities conducted for the purpose of making a profit will be considered as a business if they are conducted in a lawful and proper manner under the law. There are other features of the business that set it apart from all other professions. The product or service involved in the business must have a financial value. Another feature of the business is the potential for risk. So we can say that business is –

One kind of financial activity
Which has legal validity
Which has financial value
Whose purpose is to make a profit
With which there is a risk relationship

(b) Types of Business

With the modernization of technology, the scope of the business has increased. As a result, business is not limited to buying and selling goods. The type of the business has changed. Many more businesses have developed based on one business. Modern business can be classified into the following three types:

Industry
Commerce
Direct Services

(Note: You must draw the table on the answer sheet.)

Industry: The process of extracting natural resources and converting them into raw materials and converting them into products suitable for human consumption is called industry. The industry is called the driving force of production. The industry can be classified into the following five types:

Genetic Industry (Nursery, Hatchery)
Extractive Industry (Mining industry)
Construction Industry (Road, Bridge, Culvert)
Manufacturing Industry (Textile mills, )
Service Industry (Banking Service, Health Care Service, Production & Distribution of Gas, Electricity)

Commerce: Commerce is the means of distributing goods and services. Commerce includes everything from the collection of raw materials for the production of goods to the delivery of the finished product to the final consumer. Some examples of Commerce are mentioned: Transportation, Banking, Insurance, Warehousing, Advertising, Marketing, etc.

Direct Services: Services are a big part of modern business. The service industry is called service work by engaging in various professions for the purpose of earning money. Some examples of services are mentioned: Medical, Clinic, Hospital, Engineer firm, Audit firm, Law chamber etc.

(c) Concept of Business Environment

Environment affects people’s way of life, behavior, education, culture, economy and business. The environment is the sum of all the factors that affect the lifestyle and economic activities of the people of a region. Surrounding elements include topography, climate, rivers, hills, forests, race, religion, education, etc. The aggregate of the natural and unnatural elements that directly and indirectly affect the formation, functions, growth and decline of a business organization is called the business environment. Improving the business depends on the business environment. Although there are many types of business environments, the elements of the business environment can be divided into six main categories. Such as

Natural Environment
Economic Environment
Political Environment
Social Environment
Legal Environment
Technical Environment

(d) Elements of Business Environment

The type of business varies depending on the environment. The elements of the business environment are highlighted in the table:

(Note: You must draw the table on the answer sheet.)

(e) Affects of Business Environment in Bangladesh

In today’s competitive world, it is difficult for businesses to sustain themselves if all elements of the business environment are not supportive. The following are examples of the 4 elements that influence the business environment:

Natural Element: Most of the elements of the natural environment are favorable for setting up business in Bangladesh. Bangladesh is a land of rivers. As a result, it is possible to easily produce raw materials for various agricultural products.
Economic Element: The effective finance and banking system in the country, the contribution of agriculture and industry, the people’s savings and investment mentality and the government’s patronage serve as a strong economic component of the business environment. Although the foundations of some of the economic elements in Bangladesh are quite strong, but most of them are very weak.
Social Element: Most of the social elements of race, religious beliefs, attitudes, human resources, education and culture, heritage, science and technology business are conducive to business expansion in Bangladesh. The people of this country are ethnically, traditionally and culturally liberal, hardworking and creative. In the past, the people of this country have left their mark on their talents and hard work by building ships and producing Moslin cloth.
Political Element: Good law and order situation and favorable industrial and trade policy, good relations with neighboring and other countries help in expanding trade and commerce. On the other hand, political instability, frequent changes of government, strikes, lack of business-friendly industry and trade policy, etc. adverse political elements hinder the expansion of industry and trade.

Finally, it is necessary to develop environmental factors that influence business and economic development. Along with government initiatives, we all need to come forward to create a supportive business environment.