What is business?

Define: business

The definition of the word “business” is pretty straightforward. While there are numerous versions available and their exact wording varies somewhat from case to case, their essence is basically the same.

Wikipedia’s definition is just as good as any, so let’s go with that:

A business, also known as an enterprise or a firm, is an organization involved in the trade of goods, services, or both to consumers. — Wikipedia

In short, business is an entity involved in trading.

Before you die from boredom as I beat this subject to death, let me point out one very important element that this definition contains. It is so important, in fact, that, if not taken seriously, it will spell certain demise to any business-building efforts.

What makes it a business?

By definition, for a business to even exist, a trade of goods or services must take place.

Trade is [the transfer of] the ownership of goods from one person or entity to another by getting a product or service in exchange from the buyer. — Wikipedia

If you want to trade, you must be able to sell. If you cannot sell, you don’t have a business. Simple as that.

This is why every entrepreneur’s first priority, when building a new business, must be selling. Simplified, selling is what makes or brakes a business. As soon as selling stops, the business is doomed. Period.