Assignment: Introduction to Business – Lecture 2 - BBA
Topic: Importance of Business in the Present World (21st Century)
---
Introduction
In the 21st century, business has become the backbone of the world’s economy. It plays a vital role in improving our living standards, providing jobs, and helping countries grow. Business today is not limited to one area—it connects people, goods, and services from Gilgit-Baltistan to the entire world through modern technology, transport, and communication.
---
Importance of Business in the 21st Century
1. Mass Production
Businesses today produce goods on a large scale using modern machines and technology.
Example: Factories producing bottled water or packaged dry fruits in Gilgit and sending them across Pakistan.
---
2. Expansion of Market
With e-commerce and online business, markets have expanded globally.
Example: People from Hunza or Skardu can now sell handicrafts or dry fruits online to customers in Karachi or even abroad.
---
3. Innovation
Innovation means creating new products, services, or ways of doing business.
Example: Local youth in GB starting eco-tourism or online delivery services show business innovation.
---
4. Fast Means of Transport and Communication
Business grows faster with modern roads, internet, and mobile banking.
Example: The Karakoram Highway and online services like Easypaisa and JazzCash help businesspeople connect and trade easily.
---
5. Provision of Credit by Banks
Banks play an important role by providing loans and financial support to entrepreneurs.
Example: A young businessman in Gilgit taking a small business loan from a bank to open a café.
---
6. Insurance
Business involves risk, and insurance helps reduce financial losses.
Example: Transport companies in GB use vehicle insurance to protect against road accidents or goods damage.
---
7. Employment Opportunities
Businesses create jobs for people in different sectors.
Example: Hotels, restaurants, shops, and transport companies in Hunza and Skardu employ hundreds of locals.
---
8. Helps in Raising Standard of Living
Business provides goods, services, and income, improving people’s lifestyles.
Example: The tourism business in GB increases local income and brings modern facilities to rural areas.
---
9. Source of Revenue
Businesses pay taxes that become income for the government.
Example: Shops, hotels, and trade centers in GB State Market contribute to local government revenue.
---
10. Urbanization
Business activities attract people from villages to towns and cities, helping them grow.
Example: The expansion of Gilgit city as a business hub due to trade and tourism.
---
Criticism of Business
Although business has many advantages, it also has some drawbacks:
1. Inequality of Wealth:
Business sometimes increases the gap between rich and poor.
2. Environmental Pollution:
Factories and vehicles used in business can cause pollution.
3. Ignorance of Human Values:
Some businesses only focus on profit and ignore honesty or social responsibility.
---
Conclusion
Business is a key driver of progress in the 21st century. It provides employment, improves lifestyles, and connects regions like Gilgit-Baltistan with the national and global economy. However, it should be conducted with honesty, care for the environment, and social responsibility to ensure balanced growth for all.
$@&#€%£π√✓™®©°^***___
Name: Saifullah Khan
Department: BBA
University: Karakoram International University
Subject: Introduction to Business
Lecture No.: 2
Comments
Post a Comment