An association of two or more individuals or companies engaged in a solitary business enterprise for profit without actual partnership or incorporation;

also called a joint adventure. A joint venture is a contractual business undertaking between two or more parties. It is similar to a business partnership, with one key difference: a partnership generally involves an ongoing, long-term business relationship, whereas a joint venture is based on a single business transaction. Individuals or companies choose to enter joint ventures in order to share strengths, minimize risks, and increase competitive advantages in the marketplace. Joint ventures can be distinct business units (a new business entity may be created for the joint venture) or collaborations between businesses. In a collaboration, for example, a high-technology firm may contract with a manufacturer to bring its idea for a product to market; the former provides the know-how, the latter the means.

Ceteris paribus or caeteris paribus is a Latin phrase, literally translated as "with other things the same," or "all other things being equal or held constant." It is an example of an ablative absolute and is commonly rendered in English as "all other things being equal." A prediction, or a statement about causal or logical connections between two states of affairs, is qualified by ceteris paribus in order to acknowledge, and to rule out, the possibility of other factors that could override the relationship between the antecedent and the consequent.[1] A ceteris paribus assumption is often fundamental to the predictive purpose of scientific inquiry. In order to formulate scientific laws, it is usually necessary to rule out factors which interfere with examining a specific causal relationship. Under scientific experiments, the ceteris paribus assumption is realized when a scientist controls for all of the independent variables other than the one under study, so that the effect of a single independent variable on the dependent variable can be isolated. By holding all the other relevant factors constant, a scientist is able to focus on the unique effects of a given factor in a complex causal situation. Such assumptions are also relevant to the descriptive purpose of modeling a theory. In such circumstances, analysts such as physicists, economists, and behavioral psychologists apply simplifying assumptions in order to devise or explain an analytical framework that does not necessarily prove cause and effect but is still useful for describing fundamental concepts within a realm of inquiry. :::::::::::

The Metropolitan Chamber of Commerce and Industry (MCCI) on Tuesday vowed to stay in sync with modern business policies to meet future demand.

The leading chamber is now conducting surveys and collecting members' opinions to set a timebefitting vision and mission. The MCCI laid out an initial vision that is open to change and suggestion, at a function at Lakeshore Hotel in Dhaka on Tuesday. The MCCI aspires to be the leading voice serving responsible business. The chamber also set six initial missions. The missions will be implemented over the next two years to adjust with modern business activities, as the chamber was formed 108 years ago. The six initial missions of the chamber include becoming the leading chamber for providing research and analysis related to business in Bangladesh, attracting quality membership that represents a cross section of businesses and responding to the changing needs of the members. The three other missions are enhancing the capabilities through collaboration with local and international institutions, engaging and communicating regularly with the stakeholders and recognising the best practices that benefit business and society. The chamber's missions are being changed mainly to accommodate more members, enhance the quality of services and for the country itself, said Amjad Khan Chowdhury, MCCI president. Work on the MCCI's new roadmap started in February, Chowdhury said. The chamber set the vision and missions to guide its activities and members to serve the society and community, particularly, the businesspeople, he said. Latifur Rahman, former MCCI president, said the garments, textiles and banking sectors have strong associations now. The members of those associations should also join the chamber, said Rahman, also chairman of Transcom Group. Their recognition should be there. As a keynote speaker, Sir Fazle Hasan Abed, founder and chairman of development organisation BRAC, said the responsible business should be carried out without harming the environment. The responsible businesses should not have a single bottom line, meaning that profit should not be the main target, he said. A responsible business means ethical business, Abed said. He said the concept of social business is recently being disseminated worldwide, particularly by Nobel laureate Muhammad Yunus, but BRAC started such kind of a business 32 years ago by establishing different organisations. Social businesses do not have a profit motive, but profit is a requirement of the businesses, he said. Sir Abed said firstly, he established Aarong as a social enterprise and then BRAC Microfinance and thirdly, seed cultivation by BRAC. In 1998, BRAC came up with a separate bank named BRAC Bank to finance the unbanked missing middle.

This year, BRAC and BRAC Bank have a target to disburse $2 billion for the small and medium enterprises, he added.

Share on

Print Send Share Clip

Rate the story

Awaiting reader response.

Leave Comment
Name:

Email:

Comment:

Comment Policy

No Related Topics found.

advertisement