Business Fundamentals - What Is Business

21-Jul-2020 | By Santosh Kumar

Business is primarily about creating value for the customers along with serving the community where we live and bringing joy and happiness for the people around you and generate enough profit to make a living for all the business stakeholders.

Business is primarily about creating value for the customers along with serving the community where we live and bringing joy and happiness for the people around you and generate enough profit to make a living for all the business stakeholders.

After four days of being away from home on a business trip, I returned from Scotland on Thursday night, took a break for a day and promised my little angel to go for a walk with him on the weekend. Unsure of where to go, my seven-year-old son and I decided to drive up to Lakeside Country Park and take a stroll, enjoying the magnificent walk around this beautifully landscaped park in Eastleigh, having the acres of land. We started walking along the footpaths and started seeing different birds and wildlife whilst spending time in the naturally beautiful park. After a little walk, we reached an area near the pond, sat on the grass and started watching the activities taking place in the park. There were a number of Newfoundland dogs and their handlers going down to the water to teach them how to swim. “What are they doing Pa?” Mo asked looking at the dog and their handlers. “Training the dogs,” I said. “Why?” he asked next. “Because that is their business, to train the dogs,” I replied. “What do you do pa?” was his next question "I run a business," I replied while watching the handler going down to the water. “Why were you away from home for so many days?" he asked. I immediately turned toward him, looked at him and saw that he was eagerly waiting for my response. I gave a quick ten-second thought and replied, “To meet people.” “Pa, why do you meet people?” he asked. “To listen to their idea," I said. His immediate question was, "Why to listen to ideas?" "Because that is our business," I replied. "Why listening to the ideas is our business? " he asked again. “So that I can address the needs of people and provide a solution to the challenges that they face,” I answered. “How do you provide a solution?” he asked next. "By the way of our offerings, "I said. "What is offering?" he asked. I replied, “It’s a combination of goods and services to create value for customers.” I continued, “We create software products to make other's life easier and fulfil the needs of people to create value for our customers.” “Why to create value?” he asked. “So that we make a difference in the lives of people around us and our products or services become popular,” I replied. “Why to become popular?” was his next question. “So that I can make more profit while creating value and making a difference,”I replied. “How do you make a profit?” he asked. “By buying and selling goods or services,” I said. “Ohhhhh, so does business mean buying and selling?” I nodded, “Yes, business means buying and selling goods and services and making a profit” I continued. “Why to make more profit?” he asked. “So that I can buy more cars for you,” I said. “OK. Can you buy me that red remote-controlled car which we saw earlier please?” he requested. I smiled and said, “Yes, next week”. On that day, we spent a couple of hours walking in the park, looking at the people who were fishing, sailing model yachts, watching water birds and playing in the play area. Next week when I returned from the office and took a shower, I asked my son to come over to me. “Come here Mo”, I called and Mo, who was playing with his toys nearby while sitting on the sofa, quickly jumped up to me and sat in my lap. “Do you know what daddy does for a living?” I asked “Yes, you run a business,” he said immediately. “What is a business?” I asked. “Buying and selling goods and making a profit,” he said. “And why to make a profit?” I asked “So that you can buy more cars for me,” he added innocently. “Good." I laughed, "Now can you go and bring that bag from my computer table and open it?”I asked. He quickly ran and as soon as he opened the bag, the joy bubbled up inside of him and his happiness overflowed. He saw the red remote-controlled car that he had asked for inside it. He was all over me, thanking, hugging, kissing for the little toy car which made his heart sing and dance with joy. Like every other gift before, he started jumping and saying, “This is the best gift I have ever got. Thank you, Pa. I love you. You are the best dad in the world.” I again felt a sense of pride, a sense of achievement, a sense of satisfaction and proud to be a father who is trying to bring the dreams of their little ones to reality. The value of gifts which I buy is tiny for me as compared to the joy and happiness which it brings for our family but for them, it’s the whole world. It gives a sense of pride in elevating the mood of my loved ones with such small presents and make their spirits brightened. Wow! Anyway, coming back to our topic, what is business?