General Business Conception
Business is an organization which deals with trading of goods and services. Generally business is of two types, i) Sole Proprietorship business ii) Partnership form of business iii) Corporation business iv) Co-operative business. In capitalistic market sole proprietorship business dominates and it is been going this way for a long time. Their main aim is to earn profit by fulfilling the goals of the business. A Sole Proprietorship business generally runs by a single person only. There can be another set of business that is owned by number of people, it is popularly known as a company. A Partnership form of business is generally runs by two people and the profit that the business is being shared by both of them according to their profit sharing ratio. A Corporation type of a business is a limited liability business which has a separate legal entity and they can either be government owned or privately owned business. A Co-operative business is also a limited liability business and their function is to organize for-profit or not-for-profit.
Over the India has been doing well in business compare to the other countries. Their business is mainly of Joint Venture business. There is no difference between the companies having 100% foreign quality and the ones note having 100% foreign quality, they are treated just like the other domestic companies. There are no separate laws made by India for Joint Venture business. The foreign company has got the license to trade in India by opening their branches in this country. Any branches of a foreign company charges higher rate of tax as compare to the domestic companies. The companies which are doing business in India know the kind of people live here and what they want. Ultimately it’s the customer satisfaction which all the companies want to see. The custom, rituals, tradition is totally different from the other countries so for a foreign companies it a tough job to compete against the domestic companies. It is very difficult for the foreign companies to do business in India because they have to adapt the traditions and the taste and preference of the consumers in order to get their satisfaction.
In recent years foreign companies which are doing business in India are doing well as the culture in India is slightly inclining towards the Western countries, therefore it makes the job a bit easier for the foreign branches. It is not that domestic business has fall down due to this, but actually people who are young in this 21st century has a different taste and preference so they prefer foreign products but there are people living in this 21st century who still loves the old tradition of India.