Wednesday, November 30, 2011

How Business Developed Over the Years: An Overview

Posted by Benjamin Atuma at 10:13 PM
Have you ever wondered how the products and services you enjoy/consume where made possible? Have you ever thought about how the stages involved were like centuries ago when the means of production was in its infancy phase or not well developed? 

An understanding of how business developed over the years, would largely resolve these and related issues!

Here we go:

Overview of How Business Developed Over the Years

Business is as old as man.  It has a prehistoric and long heritage.  In a primitive society, people with the use of crude implements provided needed goods and services.  

An individual produced mainly for his or her immediate family.  It was a period of self – sufficiency.  With increased population, the desire to produce more want satisfying commodities to meet the teeming population of the times became prevalent. In the event of a surplus, the commodity was stored or exchanged for some other commodities.  The economy then was basically subsistent.

In the course of time, the increased population was sustained, and coupled with the emergence of the Industrial Revolution in England in the 18th century (around 1750), the business landscapes of nations altered tremendously.  The use of machinery has come to largely replace crude tools, especially in developed parts of the world. 

Welcome to a civilized era!

Here, people have more opportunities to greater number of goods and services.  This is made possible by the efforts of varied numbers of people working independently or together to satisfy their individual needs and wants, as well as those of the organisations they belong. 

For our purposes, we are concerned about business in a modern or contemporary society.

Definition of Business

Business is any human activity that aims to provide goods and services (economic and/or social) for the benefits of the individual, group, and society as a whole, within the framework of societal norms. The benefits sustain and improve people standards of living and quality of life.

Next time, we would consider:  Why Study Business?

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4 comments: on December 2, 2011 at 7:09 AM said...

Thanks for the insight.

Anonymous said...

This piece is in clear, convincing and easy to understand terms. Thank you! on December 2, 2011 at 7:14 AM said...
This comment has been removed by the author.
Anonymous said...

Hi, I have bookmarked it. I'm particularly excited about your treatment of Contemporary Business Environment.


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Benjamin Atuma
I am a writer, teacher, web consultant, and an entrepreneur.  Enjoy blogging, business networking, traveling, and preaching the Gospel of Jesus.

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