Business has certain social objectives, besides the economic objectives. Business and culture are closely connected and they influence each other. Social and cultural environment refers to the influence exercised by certain social and cultural factors like family, marriage, religion, education, attitude of people to work, ethics, attitude to wealth and social responsibility of business. Business is an economic venture. Involving [...]
The form of business organisation started developing, along with the development and expansion of trade, commerce and industry. This development took place in order to cope up with the rising demands of more goods and services, demanding more capital and continued human efforts as well as specialised management skills. Thus, the organisation developed from sole tradership to giant organisations like [...]
Adam Smith (1776) defined entrepreneur as "an individual, who forms an organisation for commercial purpose -who is a capitalist." To Adam Smith, "the entrepreneur is a proprietory capitalist, a supplier of capital and at the same time, works as a manager intervening between the labour and capital." Adam Smith treated the entrepreneur as an employer, master, merchant and undertaker but [...]