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A business (also known as enterprise or firm) is an organization engaged in the trade of goods, services, or both to consumers.^[1] Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit or state-owned. A business owned by multiple individuals may be referred to as a company, although that term also has a more precise meaning.

The etymology of "business" relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work. The term "business" has at least three usages, depending on the scope — the singular usage to mean a particular organization; the generalized usage to refer to a particular market sector, "the music business" and compound forms such as agribusiness; and the broadest meaning, which encompasses all activity by the community of suppliers of goods and services. However, the exact definition of business, like much else in the philosophy of business, is a matter of debate and complexity of meanings.

Basic forms of ownership[link]

Although forms of business ownership vary by jurisdiction, there are several common forms:

• Sole proprietorship: A sole proprietorship is a business owned by one person for-profit. The owner may operate the business alone or may employ others. The owner of the business has unlimited liability for the debts incurred by the business.
• Partnership: A partnership is a business owned by two or more people. In most forms of partnerships, each partner has unlimited liability for the debts incurred by the business. The three typical classifications of for-profit partnerships are general partnerships, limited partnerships, and limited liability partnerships.
• Corporation: A corporation is a limited liability business that has a separate legal personality from its members. Corporations can be either government-owned or privately-owned, and corporations can organize either for-profit or not-for-profit. A privately-owned, for-profit corporation is owned by shareholders who elect a board of directors to direct the corporation and hire its managerial staff. A privately-owned, for-profit corporation can be either privately held or publicly held.
• Cooperative: Often referred to as a "co-op", a cooperative is a limited liability business that can organize for-profit or not-for-profit. A cooperative differs from a for-profit corporation in that it has members, as opposed to shareholders, who share decision-making authority. Cooperatives are typically classified as either consumer cooperatives or worker cooperatives. Cooperatives are fundamental to the ideology of economic democracy.

Classifications[link]

• Agriculture and mining businesses are concerned with the production of raw material, such as plants or minerals.
• Financial businesses include banks and other companies that generate profit through investment and management of capital.
• Information businesses generate profits primarily from the resale of intellectual property and include movie studios, publishers and packaged software companies.
• Manufacturers produce products, from raw materials or component parts, which they then sell at a profit. Companies that make physical goods, such as cars or pipes, are considered manufacturers.
• Real estate businesses generate profit from the selling, renting, and development of properties comprising land, residential homes, and other kinds of buildings.
• Retailers and distributors act as middle-men in getting goods produced by manufacturers to the intended consumer, generating a profit as a result of providing sales or distribution services. Most consumer-oriented stores and catalog companies are distributors or retailers.
• Service businesses offer intangible goods or services and typically generate a profit by charging for labor or other services provided to government, other businesses, or consumers. Organizations ranging from house decorators to consulting firms, restaurants, and even entertainers are types of service businesses.
• Transportation businesses deliver goods and individuals from location to location, generating a profit on the transportation costs.
• Utilities produce public services such as electricity or sewage treatment, usually under a government charter.

There are many other divisions and subdivisions of businesses. The authoritative list of business types for North America is generally considered to be the North American Industry Classification System, or NAICS. The equivalent European Union list is the Statistical Classification of Economic Activities in the European Community (NACE).Mill,

Management[link]

The efficient and effective operation of a business, and study of this subject, is called management. The major branches of management are financial management, marketing management, human resource management, strategic management, production management, operations management, service management and information technology management.^{[citation needed]}

Owners engage in business administration either directly or indirectly through the employment of managers. Owner managers, or hired managers administer to three component resources that constitute the business' value or worth: financial resources, capital or tangible resources, and human resources. These resources are administered to in at least five functional areas: legal contracting, manufacturing or service production, marketing, accounting, financing, and human resourcing.^{[citation needed]}

Reforming state enterprises[link]

In recent decades, assets and enterprises that were run by various states have been modeled after business enterprises. In 2003, the People's Republic of China reformed 80% of its state-owned enterprises and modeled them on a company-type management system.^[2] Many state institutions and enterprises in China and Russia have been transformed into joint-stock companies, with part of their shares being listed on public stock markets.

Business process management (BPM) is a holistic management approach[1] focused on aligning all aspects of an organization with the wants and needs of clients. It promotes business effectiveness and efficiency while striving for innovation, flexibility, and integration with technology. BPM attempts to improve processes continuously. It can therefore be described as a "process optimization process." It is argued that BPM enables organizations to be more efficient, more effective and more capable of change than a functionally focused, traditional hierarchical management approach.

Organization and government regulation[link]

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Most legal jurisdictions specify the forms of ownership that a business can take, creating a body of commercial law for each type.

The major factors affecting how a business is organized are usually:

The Bank of England in Threadneedle Street, London, England.

• The size and scope of the business firm and its structure, management, and ownership, broadly analyzed in the theory of the firm. Generally a smaller business is more flexible, while larger businesses, or those with wider ownership or more formal structures, will usually tend to be organized as corporations or (less often) partnerships. In addition, a business that wishes to raise money on a stock market or to be owned by a wide range of people will often be required to adopt a specific legal form to do so.
• The sector and country. Private profit-making businesses are different from government-owned bodies. In some countries, certain businesses are legally obliged to be organized in certain ways.
• Limited Liability Companies (LLC), limited liability partnerships, and other specific types of business organization protect their owners or shareholders from business failure by doing business under a separate legal entity with certain legal protections. In contrast, unincorporated businesses or persons working on their own are usually not so protected.
• Tax advantages. Different structures are treated differently in tax law, and may have advantages for this reason.
• Disclosure and compliance requirements. Different business structures may be required to make less or more information public (or report it to relevant authorities), and may be bound to comply with different rules and regulations.

Many businesses are operated through a separate entity such as a corporation or a partnership (either formed with or without limited liability). Most legal jurisdictions allow people to organize such an entity by filing certain charter documents with the relevant Secretary of State or equivalent and complying with certain other ongoing obligations. The relationships and legal rights of shareholders, limited partners, or members are governed partly by the charter documents and partly by the law of the jurisdiction where the entity is organized. Generally speaking, shareholders in a corporation, limited partners in a limited partnership, and members in a limited liability company are shielded from personal liability for the debts and obligations of the entity, which is legally treated as a separate "person". This means that unless there is misconduct, the owner's own possessions are strongly protected in law if the business does not succeed.

Where two or more individuals own a business together but have failed to organize a more specialized form of vehicle, they will be treated as a general partnership. The terms of a partnership are partly governed by a partnership agreement if one is created, and partly by the law of the jurisdiction where the partnership is located. No paperwork or filing is necessary to create a partnership, and without an agreement, the relationships and legal rights of the partners will be entirely governed by the law of the jurisdiction where the partnership is located.

A single person who owns and runs a business is commonly known as a sole proprietor, whether that person owns it directly or through a formally organized entity.

A few relevant factors to consider in deciding how to operate a business include:

1. General partners in a partnership (other than a limited liability partnership), plus anyone who personally owns and operates a business without creating a separate legal entity, are personally liable for the debts and obligations of the business.
2. Generally, corporations are required to pay tax just like "real" people. In some tax systems, this can give rise to so-called double taxation, because first the corporation pays tax on the profit, and then when the corporation distributes its profits to its owners, individuals have to include dividends in their income when they complete their personal tax returns, at which point a second layer of income tax is imposed.
3. In most countries, there are laws which treat small corporations differently than large ones. They may be exempt from certain legal filing requirements or labor laws, have simplified procedures in specialized areas, and have simplified, advantageous, or slightly different tax treatment.
4. To "go public" (sometimes called IPO) -- which basically means to allow a part of the business to be owned by a wider range of investors or the public in general—you must organize a separate entity, which is usually required to comply with a tighter set of laws and procedures. Most public entities are corporations that have sold shares, but increasingly there are also public LLCs that sell units (sometimes also called shares), and other more exotic entities as well (for example, REITs in the USA, Unit Trusts in the UK). However, you cannot take a general partnership "public."

Commercial law[link]

Offices in the Los Angeles Downtown Financial District

Most commercial transactions are governed by a very detailed and well-established body of rules that have evolved over a very long period of time, it being the case that governing trade and commerce was a strong driving force in the creation of law and courts in Western civilization.

As for other laws that regulate or impact businesses, in many countries it is all but impossible to chronicle them all in a single reference source. There are laws governing treatment of labor and generally relations with employees, safety and protection issues (Health and Safety), anti-discrimination laws (age, gender, disabilities, race, and in some jurisdictions, sexual orientation), minimum wage laws, union laws, workers compensation laws, and annual vacation or working hours time.

In some specialized businesses, there may also be licenses required, either due to special laws that govern entry into certain trades, occupations or professions, which may require special education, or by local governments. Professions that require special licenses range from law and medicine to flying airplanes to selling liquor to radio broadcasting to selling investment securities to selling used cars to roofing. Local jurisdictions may also require special licenses and taxes just to operate a business without regard to the type of business involved.

Some businesses are subject to ongoing special regulation. These industries include, for example, public utilities, investment securities, banking, insurance, broadcasting, aviation, and health care providers. Environmental regulations are also very complex and can impact many kinds of businesses in unexpected ways.

Capital[link]

Mexican Stock Exchange in Paseo de la Reforma, Mexico City

When businesses need to raise money (called 'capital'), more laws come into play. A highly complex set of laws and regulations govern the offer and sale of investment securities (the means of raising money) in most Western countries. These regulations can require disclosure of a lot of specific financial and other information about the business and give buyers certain remedies. Because "securities" is a very broad term, most investment transactions will be potentially subject to these laws, unless a special exemption is available.

Capital may be raised through private means, by public offer (IPO) on a stock exchange, or in many other ways. Major stock exchanges include the Shanghai Stock Exchange, Singapore Exchange, Hong Kong Stock Exchange, New York Stock Exchange and Nasdaq (USA), the London Stock Exchange (UK), the Tokyo Stock Exchange (Japan), Bombay Stock Exchange(India) and so on. Most countries with capital markets have at least one.

Businesses that have gone "public" are subject to extremely detailed and complicated regulation about their internal governance (such as how executive officers' compensation is determined) and when and how information is disclosed to the public and their shareholders. In the United States, these regulations are primarily implemented and enforced by the United States Securities and Exchange Commission (SEC). Other Western nations have comparable regulatory bodies. The regulations are implemented and enforced by the China Securities Regulation Commission (CSRC), in China. In Singapore, the regulation authority is Monetary Authority of Singapore (MAS), and in Hong Kong, it is Securities and Futures Commission (SFC).

As noted at the beginning, it is impossible to enumerate all of the types of laws and regulations that impact on business today. In fact, these laws have become so numerous and complex, that no business lawyer can learn them all, forcing increasing specialization among corporate attorneys. It is not unheard of for teams of 5 to 10 attorneys to be required to handle certain kinds of corporate transactions, due to the sprawling nature of modern regulation. Commercial law spans general corporate law, employment and labor law, health-care law, securities law, M&A law (who specialize in acquisitions), tax law, ERISA law (ERISA in the United States governs employee benefit plans), food and drug regulatory law, intellectual property law (specializing in copyrights, patents, trademarks and such), telecommunications law, and more.

Intellectual property[link]

Businesses often have important "intellectual property" that needs protection from competitors for the company to stay profitable. This could require patents, copyrights, trademarks or preservation of trade secrets. Most businesses have names, logos and similar branding techniques that could benefit from trademarking. Patents and copyrights in the United States are largely governed by federal law, while trade secrets and trademarking are mostly a matter of state law. Because of the nature of intellectual property, a business needs protection in every jurisdiction in which they are concerned about competitors. Many countries are signatories to international treaties concerning intellectual property, and thus companies registered in these countries are subject to national laws bound by these treaties. In order to protect trade secrets, companies may require employees to sign non-compete clauses which will impose limitations on an employees interactions with stakeholders, and competitors.

See also[link]

Business and economics portal

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Notes and references[link]

External links[link]

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Seth Godin
Born	(1960-07-10) July 10, 1960 (age 51)
Alma mater	Tufts University Stanford University
Occupation	author, marketing guru
Website
sethgodin.com

Seth Godin (born July 10, 1960) is an American entrepreneur, author and public speaker. Godin popularized the topic of permission marketing.

Background[link]

Born in Mount Vernon, New York, Seth Godin graduated from Tufts University in 1979 with a degree in computer science and philosophy. Godin earned his MBA from the Stanford Graduate School of Business. From 1983 to 1986, he worked as a brand manager at Spinnaker Software. For a time Godin commuted every week between California and Boston both to do his new job and to complete his MBA..

After leaving Spinnaker Software in 1986, Godin used $20,000 in savings to found Seth Godin Productions, primarily a book packaging business, out of a studio apartment in New York City.^[1] It was in the same offices that Godin met Mark Hurst and founded Yoyodyne. After a few years Godin sold the book packaging business to his employees and focused his efforts on Yoyodyne, one of the first online marketing companies.^{[citation needed]} It was with Yoyodyne that Godin came up with the concept of permission marketing.^{[citation needed]} For a period of time, Godin served as a columnist for Fast Company^{[citation needed]}

Godin and his wife Helene now live in Hastings-on-Hudson, New York with their two sons.

Viewpoints[link]

Godin believes that the end of the "TV-Industrial complex" means that marketers no longer have the power to command the attention of anyone they choose, whenever they choose. Second, in a marketplace in which consumers have more power, he thinks marketers must show more respect; this means no spam, no deceit and a bias for keeping promises. Finally, Godin asserts that the only way to spread the word about an idea is for that idea to earn the buzz by being remarkable. Godin refers to those who spread these ideas as "Sneezers", and to the spreading idea as an "IdeaVirus." He calls a remarkable product or service a purple cow.

Advertisements on television and radio are classified as 'interruption marketing' which interrupt the customer while they are doing something of their preference. Godin introduced the concept of "permission marketing" where the business provides something "anticipated, personal, and relevant".

Business ventures[link]

Yoyodyne[link]

In 1995, Godin launched Yoyodyne which used contests, online games, and scavenger hunts to market companies to participating users. In August, 1996, venture-capital firm Flatiron Partners invested $4 million in Yoyodyne in return for a 20% stake.^[2] The site gained significant traction, with over one million viewers visiting the site, and companies like America Online, American Express, H&R Block, Microsoft, Procter & Gamble, Sony Music, Sprint, and Volvo using its services.^[3]

At Yoyodyne, Godin developed the principle of permission marketing and authored Permission Marketing: Turning strangers into friends and friends into customers.

In 1998, Godin sold Yoyodyne to Yahoo! for $30 million^[4] and became Yahoo's vice president of direct marketing, a position he held until 2000.^[5]

Squidoo[link]

In March 2006, Godin launched Squidoo, a community website allowing users to create pages (called "lenses") for subjects of interest.^[6] The site donates 5% of the profits to charity, and 50% to the lensmasters. Godin and Squidoo have been profiled on CNN and the Washington Post.^[7][8] The site was given top prize in SXSW's community/wiki category.^[9] As of July 2008, Squidoo was one of the 500 most visited sites in the world.^[10]

Other projects[link]

ChangeThis[link]

Godin developed the idea for ChangeThis, a website aimed at spreading ideas through PDF files.^[11] In the summer of 2004, Godin hired five interns—Amit Gupta, Catherine Hickey, Noah Weiss, Phoebe Espiritu and Michelle Sriwongtong—to build and develop the website.^[12] The website went live on August 14, 2004.^[13] Tom Peters, Chris Anderson, and Guy Kawasaki all had manifestos featured on ChangeThis.^[14] In July 2005, ChangeThis was turned over to 800-CEO-READ, the leading distributor of business literature in the United States.^[15][16]

Six month alternative MBA program[link]

In December 2008, Godin announced in a blog post that he would be offering a six month alternative MBA program at his office in Hastings on Hudson, NY.^[17] 48,000 people looked at the post and 340 applied. He invited 27 applicants to his office for a group interview. They spent two hours interviewing one another. After co-mingling, they and Godin together wrote down the names of their favorite candidates. Three weeks later the chosen 9 showed up at Godin's office.^[18] This group graduated in July 2009.^[19]

The Domino Project[link]

In December 2010, Godin announced on his blog that he would be working directly with Amazon on a venture called The Domino Project.^[20]

Stop Stealing Dreams (what is school for)[link]

In February 2012, Godin released a 30,000 word manifesto on Squidoo in response to the question "What do you think we ought to do about education?". This manifesto is "totally free to read, share, translate, print and, most of all, use to start an essential conversation". ^[21]

Books[link]

Godin is the author of 11 books; his Free Prize Inside was a Forbes Business Book of the Year in 2004,^[22] in its first two years of release, Purple Cow sold over 150,000 copies in more than 23 printings.^[23] The Dip was a Business Week and New York Times bestseller.^[24][25] And Godin has called his free ebook Unleashing the Ideavirus the most "popular ebook ever written".^[26] In the early 1990s he created a ten book series for children titled Worlds of Power, which was written by various writers. In each the plot of a single video game was told in a novelized form.^[27]

Beginning with Permission Marketing, Godin uses the concepts discussed in the books to promote the book. For Permission Marketing, Godin gave 1/3 of the book away for free to anyone who sent an e-mail. For Unleashing the Ideavirus, Godin released the entire eBook on the Internet for free, which led to eventual publishing deals in 41 countries and a public speaking career. For Purple Cow, Godin created a milk carton container for the book which generated attention from work colleagues. For Tribes, Godin launched an exclusive online community for the first 3000 people who pre-ordered the book. For Linchpin, Godin gave the book away for three weeks before its release for free to anyone willing to give $30 to the Acumen Fund for the $20 book, and raised $100,000 for the Acumen Fund.

Bibliography[link]

• Godin, Seth (1993). The Smiley Dictionary. Berkeley: Peachpit Press. ISBN 1-56609-008-3. 
• Godin, Seth (1995). eMarketing: Reaping Profits on the Information Highway. New York: Berkley Pub. Group. ISBN 0-399-51904-1. 
• Godin, Seth (1999). Permission marketing: turning strangers into friends, and friends into customers. New York: Simon & Schuster. ISBN 0-684-85636-0. 
• Godin, Seth (2001). Unleashing the Ideavirus. New York: Hyperion. ISBN 0-7868-8717-6.  Book online - Detailing the idea of Viral marketing
• Godin, Seth (2002). The Big Red Fez: How To Make Any Web Site Better. New York: Free Press. pp. 112. ISBN 0-7432-2790-5. 
• Godin, Seth (2002). Survival is not enough: zooming, evolution, and the future of your company. New York: Free Press. ISBN 0-7432-2571-6. 
• Godin, Seth (2003). Purple Cow: Transform Your Business by Being Remarkable. Portfolio. pp. 224. ISBN 1-59184-021-X. 
• Godin, Seth (2004). Free Prize Inside!: The Next Big Marketing Idea. Penguin USA Portfolio. pp. 256. ISBN 1-59184-041-4. 
• Godin, Seth (2005). All Marketers Are Liars: The Power of Telling Authentic Stories in a Low-Trust World. Portfolio Hardcover. ISBN 1-59184-100-3. 
• Godin, Seth; the Group of 33 (2005). The Big Moo: Stop Trying to be Perfect and Start Being Remarkable. Portfolio Hardcover. ISBN 1-59184-103-8. 
• Godin, Seth (2006). Small Is the New Big: and 193 Other Riffs, Rants, and Remarkable Business Ideas. Portfolio Hardcover. ISBN 1-59184-126-7. 
• Godin, Seth (2007). The Dip: A Little Book That Teaches You When to Quit (and When to Stick). Portfolio Hardcover. ISBN 1-59184-166-6. 
• Godin, Seth (2008). Meatball Sundae: Is Your Marketing out of Sync?. Portfolio Hardcover. ISBN 1-59184-174-7. 
• Godin, Seth (2008). Tribes: We Need You to Lead Us. Portfolio Hardcover. p. 160. ISBN 1-59184-233-6. 
• Godin, Seth (2010). Linchpin: Are You Indispensable?. Portfolio Hardcover. p. 256. ISBN 1-59184-316-2. 
• Godin, Seth (2011). Poke the Box. Portfolio Hardcover. ISBN 1-936719-00-2. 
• Godin, Seth (2011). We Are All Weird. The Domino Project. ISBN 1-936719-22-3. 

Blog[link]

Godin's Seth's Blog^[28] is ranked in the AdAge Power 150 as the #1 marketing blog out of 976 tracked. ^[29]

References[link]

External links[link]

• Official website
• Seth Godin on TED
• Seth Godin at the Internet Movie Database
• Subvert Magazine interview
• Smart People Podcast - interview (2011)
• The Marketplace of Ideas - interview (2010)