P1 The Nature of Business

Definition of a business:

A business is a repeatable process established using a combination of physical, financial and human resources. 

The purpose of its creation is to provide a good (physical product) or a service (something performed) that delivers value for customers in order to make a profit.

Profit is the main motivator; the ability to generate more revenue than is spent on costs leads to profit. 

Profits can be reinvested into the business for growth, or kept as income by the owners of the firm.