1. Your Role as a Consumer
Consumers are always referred to as a king. If you make purchases of a company’s product you are telling the company that you like their company. If you continue to buy, you increase the company‟ profit.
If you don’t buy a company’s product, the company can stop production and fold up to relocate.
Your role as a consumer is to continue to patronize the company so that the company can grow.
2. Your Role as a Wage Earner
As a wage earner, you earn some income, and there is a need for you to develop your career. Your thinking is what you will get and what will be your contribution.
As a wage earner, you may want to gain:
- A great deal of money.
- Your contribution to the business will be dependent on the following factors:
- Job market;
- Your interest.
As a wage earner, you have a great deal to contribute to a business.
3. Your Role as a Citizen
As a citizen, the first in mind is that I will be law-abiding, and pay my tax. A lot of you have forgotten that you are supposed to participate in the running of government and make important policy decisions affecting the public.
The people you elect into leadership positions affect the business activities of a country.
Brown et al (1997) concluded that business plays an important role in your life today and will play an increasingly important role in the future.
Likewise, you affect what business does now and will do in the future. It’s important to know business tricks and how you can relate to the business world.
Who Benefits from a Business?
Business as we now include the production of goods and services those consumers want. Businesses try to find out what is good for the consumer so that businesses will reach out to each other. Because of these, businesses produce goods and services not only quality goods, they do the following to benefit others.
Business owners are proud to be their own owners of business i.e. there is satisfaction in being their own boss.
Income comes into the business owner’s hands. There is equally an opportunity to grow.
Workers are paid salaries. It, therefore, means you earn an income that enables you to attend to your own personal problems like building a house or buying a car. It enables you as a worker to make the choice of what to buy.
Employees benefit from business training opportunities. The business enables you to gain on-the-job experience about the job. After that, you can establish a business on your own.
Businesses could send you for training outside the organization and gain experience, which could lead you to get another job outside the organization.
Employees gain from business other benefits like health insurance, retirement plan, sick and vacation leave, etc.
The basic thing that the government gains from business are tax. A business pays various taxes to the government, which enables the government to provide other services to the general public.
Whether you patronize a business or not these days, you are likely to benefit from the business. The business provides to the general public what we call social responsibility.
Businesses build schools in some countries to operate. These are some of the social responsibilities that the general society benefits from businesses.
The general public has started benefiting from businesses producing friendly products. In the US it is referred to as Green products i.e. environmentally friendly products i.e. non-toxic and non-polluting clean products. Ozone layer-friendly product i.e.
Some of these terms are mostly used in business:
- Business enterprises: There is the sum total of business activities that have creation, maintenance, and expansion of a corner which is to exist for a profit.
- Business form: A business firm is an economic unit, entity, or organization.
- Industry: Consists of a number of firms.
- Commerce: It is made up of trade and all activities that make trade possible.
- Trade: It refers to the sale, transfer, or exchange of goods and services and constitutes the central activity armed with the auxiliary function i.e. banks, transportation, etc. It is the exchange of goods and services for money or other goods.
In summary, business, therefore, is how to better the lives of all within a given society by providing them with qualitative goods and services.
Business activities include how identifying your needs and wants and making choices among the numerous options. As a consumer, you have an effect on any services whether you patronize them or not.
Both governments, consumers, general public benefit from a business concern once the location is within their territory.