A business is an organisation or person that provides goods or services to others in exchange for money. Business are profit organisations, and their goal is to produce a benefit. There is not a minimum size requirement to be a business, an independent sole trader is a business as much as a multinational.
For a business to be successful it needs to be managed correctly. You don't need a specific education to become a business administrator, just a good eye for business strategies and business communication. However, many business owners opt to get specialist training to improve the management process of an already successful company.
Why you need a good business plan
A business plan is a document stating the aims of a business and its strategy to achieve those aims. It can also include business intelligence, such as market research business ethics, and will act as a dynamic road map for the business management process. While making a business plan is not necessarily similar to running a business, it is still highly advisable to write one. If you ever think of getting external financing for your busines,s you will need your business plan to prove that you have a way of making the business profitable.
How to deal with risk and change
Change is a constant in business, along with risk and unpredictable events. Many successful business prepare for that by creating a set of business strategies to deal with change, and focused on enabling the business to continue operating even if a key stakeholder leaves the company. This is called continuity management and business recovery. While this may not seem very relevant for a small business, it's good to be prepared for the day when an important member of staff will leave or a regular client will close.
There are many options to get training both as a business owner and as a business manager, from taking university courses to hiring a business coach for one-to-one lessons on business management strategies. Adequate training both for staff and management increases the net business worth of a company, and enables it to react better to changing events and to interact better in a formal business environment. Even freelancers can benefit from lessons on public speaking, pitching or business writing.