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Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services).[need quotation to verify] Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors."

Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner's personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.

The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company. A company, on the other hand, is a separate legal entity and provides for limited liability, as well as corporate tax rates. A company structure is more complicated and expensive to set up, but offers more protection and benefits for the owner. (Full article...)

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Panavision is an American motion picture equipment company specializing in cameras and lenses, based in Woodland Hills, California. Formed by Robert Gottschalk as a small partnership to create anamorphic projection lenses during the widescreen boom in the 1950s, Panavision expanded its product lines to meet the demands of modern filmmakers. The company introduced its first products in 1954. Originally a provider of CinemaScope accessories, the company's line of anamorphic widescreen lenses soon became the industry leader. In 1972, Panavision helped revolutionize filmmaking with the lightweight Panaflex 35 mm movie camera. The company has introduced other groundbreaking cameras such as the Millennium XL (1999) and the digital video Genesis (2004).

Panavision operates exclusively as a rental facility—the company owns its entire inventory, unlike most of its competitors.

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Detail from Labor, Charles Sprague Pearce (1896).

Manual labour (manual labor in American English) or manual work is physical work done by people, most especially in contrast to that done by machines, and also to that done by working animals. It is most literally work done with the hands (the word "manual" comes from the Latin word for hand), and, by figurative extension, it is work done with any of the muscles and bones of the body. For most of human prehistory and history, manual labour and its close cousin, animal labour, have been the primary ways that physical work has been accomplished. Mechanisation and automation, which reduce the need for human and animal labour in production, have existed for centuries, but it was only starting in the 19th century that they began to significantly expand and to change human culture. To be implemented, they require that sufficient technology exist and that its capital costs be justified by the amount of future wages that they will obviate.

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"Corporate managers have directed a great deal of attention to defining their businesses as a crucial step in strategy formulation. Theodore Levitt, in his classic 1960 article in HBR, argued strongly for avoiding the myopia of narrow, product-oriented industry definition. Numerous other authorities have also stressed the need to look beyond product to function in defining a business, beyond national boundaries to potential international competition, and beyond the ranks of one’s competitors today to those that may become competitors tomorrow. As a result of these urgings, the proper definition of a company’s industry or industries has become an endlessly debated subject.

One motive behind this debate is the desire to exploit new markets. Another, perhaps more important motive is the fear of overlooking latent sources of competition that someday may threaten the industry. Many managers concentrate so singlemindedly on their direct antagonists in the fight for market share that they fail to realize that they are also competing with their customers and their suppliers for bargaining power. Meanwhile, they also neglect to keep a wary eye out for new entrants to the contest or fail to recognize the subtle threat of substitute products."

Michael Porter, How Competitive Forces Shape Strategy, 1979

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On this day in Business history...

November 28:

  • 1994 - Jerry Rubin, an American social activist, anti-war leader, and counterculture icon, and founder of Business Networking Salons, died on this day.

Did you know

  • ...that the melting and export of cents and nickels can be punished with a fine of up to $10,000 and/or imprisoned for a maximum of five years?
  • ... that the GDP deflator (implicit price deflator for GDP) is a price index measuring changes in prices of all new, domestically produced, final goods and services in an economy.

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