Topic: The Nature of Business

Part I Introduction:

In this topic the Nature of Business provides the explanation of

business theories wherein we tackled the definition of business, notion of

business in general, specific concepts of business, the business in the

philosophical framework, the philosophical triad of business, business and the

individual and the business and the society . With these philosophical

concepts, we are able to gain knowledge of the different concepts of business

philosophy.

Part II Summary of the Topic

The word business comes from the word busy, and means doing

things. A business is an organization where people work together. In a

business, people work to make and sell products or services. A business can

earn a profit for the products and services it offers. In this topic from the

reference book “Philosophy of Business by Roberto Lazaro, he defines

business into two perspective in general it includes any human undertaking

while in specific perspective it refers to economic activities undertaken by

businessmen. Business in general has some notion, these are the

employment, an affair, the subject of business, serious engagement, right of

action, a point of something to be examined and something to be transacted.

Business is commonly defined as an economic activity undertaken for profit.

There exist an enterprise that provides goods and services through profit-

seeking activities necessary to an economic system. And the concept and the

practice of the concept are not necessarily identical. The philosophical triad of

business consist of three main components namely, philosophical

imperatives, ethics and social responsibility. The philosophical imperatives

provides the established and accepted principles of business contain in

management thought and expressed in business strategies and goals. Ethics

specifies behavioral mode for business in which it tells what business ought

and ought not to do according to the set of standards against which business

practice are compared and is therefore the more of behavior of business. And

social responsibility which gives quality to business where in the company has

an obligation to act for the benefit of the society at large.

Part III Recommendations

Because a business often has a diverse workforce and serves a

diverse demographic, it is best to keep business philosophies simple. Thus

we don't want to state our business philosophy in a way that leads to

confusion or misinterpretation. When people are confused, either they ignore

the directive or they get it wrong. Either scenario doesn't fulfill the purpose of

the business philosophy. Whether we have our business philosophies written

out or they are part of our everyday practices, we should make sure they are

consistent.

Moreover a business is a productive organization an organization

whose purpose is to create goods and services for sale, usually at a profit.
Business is also an activity. One entity, e.g., a person, an organization, “does

business” with another when it exchanges a good or service for valuable

consideration. Philosophy in business can be the understanding of the

dimensions of productive organizations and commercial activities. This

includes analyses of the production, distribution, marketing, sale, and

consumption of goods and services.

Part IV Conclusions

In conclusion to this topic is that the philosophical triad of business

philosophical imperatives offers the minds of the business, ethics offers the

business conscience and the social responsibility gives heart in the business.

Moreover the concept of business provides an idea or knowledge of how the

philosophy of business often treated together or at least considered as

connected matters. Hence these provide a wide range of activities, from very

modest beginnings to a significant involvement in community activities.