Business is at the center of all economic activity. It is concerned with production or procurement of goods & services for money. Profit Motive is at the heart of business activity. Size or volume of business activity is not relevant to call it business.

Business produces or procures goods & services for transfer to consumers. The goods may be producer goods or consumer goods. Producer goods are used to produce further goods. Consumer goods are for consumption. Services are intangible goods. They are by way of trade & aids to trade. Trade may be internal or external, wholesale or retail. Activities that aid & support trade are transport, banking, warehousing, insurance, advertising etc. Take away Trade & aids to trade, & economic activity will come to halt. Business aims to satisfy human needs by producing what people want. It does so, on a Regular basis. Not once in a while. Its main aim is to make profit. In doing so, it assumes risk of loss due to natural or man-made causes (such as earthquake, floods, riots, war, fall in demand, etc.) that is not present to the same degree in any other economic activity, like profession or employment. However, if business activity still attracts people, it is the desire to earn profits.

Business, profession & employment are easily distinguished. Business is a general activity & anyone with capital & willingness to bear risk may enter it. For profession, one needs special academic qualifications & training. The same, by & large, is the case with an employment. Business produces goods & services for sale at profit. A professional & employee render services to make a living. Business requires capital investment, profession & employment do not.