A business is an organization where people work together to either make and sell products or services or buy and sell products. Businesses can be for-profit entities or they can be non-profit organizations that operate to fulfill a charitable mission or further a social cause. Business types range from limited liability companies, sole proprietorships, corporations, and partnerships. There are businesses that run as small operations in a single industry while others are large operations that spread across many industries around the world.

The important characteristics of a business are:

It is an economic activity: Business is an economic activity of production and distribution of goods and services. It provides employment opportunities in different sectors like banking, insurance, transport, industries, trade among others.

It Involves buying and selling: The business involves buying of raw material, plants and machinery, stationery, property etc. on one hand. On the other hand, it sells the finished products to the consumers, wholesaler, retailer etc.

It is a continuous process: Business is not a single time activity. It is a continuous process of production and distribution of goods and services. A single transaction of trade cannot be termed as a business. A business should be conducted regularly in order to grow and gain regular returns.

There is a profit motive: Profit is an indicator of success and failure of business. It is the difference between income and expenses of the business. The primary goal of a business is usually to obtain the highest possible level of profit through the production and sale of goods and services.

There are risks and uncertainties: Risk is associated with every business. Risk is defined as the effect of uncertainty arising on the objectives of the business. Risks can be insurable e.g., risks rising out of the cost of supplies and equipments which are predictable and risks that are noninsurable that is they cannot be predicted such as changes in trends and tastes of customers.

It is creative and dynamic: Modern business is creative and dynamic in nature. It has to be innovative because the business operates under constantly changing economic, social and technological environment. Business should also come out with new products to satisfy the growing needs of the consumers.

It focuses on customer satisfaction: Nowadays, a business has to adopt a consumer-oriented approach. So, customer satisfaction is the ultimate aim of all business activities.

It is a social activity: Business today is viewed as a socioeconomic activity. So modern business had to own social responsibility as it needs support of different sections of the society for its proper functioning.

It involves regulatory compliance: Business organisations have to follow certain rules and regulations enacted by the government. Government ensures that the business is conducted for social good by enacting and amending laws and rules from time to time that the business has to comply with.

His/her responsibilities are:

The business executive is the entry-level position of the business development function. However, unlike a sales executive who is focussed on selling the products and services of the business from day one, a business executive has to understand the business, trade and industry of the firm he/she would be representing. This is because only then will he/she be able to generate large value business from the clients in the territory assigned to him/her.

• Build familiarity with all products and services offered by the business.
• Proactively identify sales prospects in the assigned territory for generating business through direct contact, word-of-mouth, and collaboration with the marketing department.
• Attending networking activities to research and connect with prospective clients.
• Maintaining meaningful relationships with existing clients to ensure that they are retained.
• Suggesting upgrades or added products and services that may be of interest to clients.
• Demonstrating and presenting products.
• Crafting business proposals and contracts to draw in more revenue from clients.
• Negotiating with clients to secure the most attractive prices.
• Equipping staff with the technical and social skills needed to enhance sales.
• Reviewing clients’ feedback and implementing necessary changes.
• Remaining in tune with trends in consumption to ensure that the business’s offerings remain relevant.
• Ensure customer satisfaction through regular engagement and resolution of customer queries/issues.

To be able to succeed in the field of selling, the business executive needs to possess the following competencies:

• Have a clear understanding of each step of the business development process used by the organization to convert customers into large accounts.
• Be able to communicate effectively in a variety of scenarios using a variety of media in an engaging, empathetic, people-focused way.
• Have a sense of curiosity and willingness to learn.
• Be a creative problem solver.
• Have solid negotiation skills.
• Be able to quickly build relationships with people inside and outside the organisation.
• Must be ambitious and results-driven.