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|Management of a business|
A business (also known as an enterprise, a company, or a firm) is an organizational entity and legal entity made up of an association of people, be they natural, legal, or a mixture of both who share a common purpose and unite in order to focus their various talents and organize their collectively available skills or resources to achieve specific declared goals and are involved in the provision of goods and services to consumers. A business can also be described as an organization that provides goods and services for human needs.
A company or association of persons can be created at law as legal person so that the company in itself can accept limited liability for civil responsibility and taxation incurred as members perform (or fail) to discharge their duty within the publicly declared "birth certificate" or published policy.
Because companies are legal persons, they also may associate and register themselves as companies – often known as a corporate group. When the company closes it may need a "death certificate" to avoid further legal obligations.
Businesses serve as conductors of economic activity, and are prevalent in capitalist economies, where most of them are privately owned and provide goods and services allocated through a market to consumers and customers in exchange for other goods, services, money, or other forms of exchange that hold intrinsic economic value.
Businesses may also be social nonprofit enterprises or state-owned public enterprises operated by governments with specific social and economic objectives.
A business owned by multiple private individuals may form as an incorporated company or jointly organized as a partnership. Countries have different laws that may ascribe different rights to the various business entities.
The word "business" can refer to a particular organization or to an entire market sector (for example, "the finance business" is "the financial sector") or to all economic sectors collectively ("the business sector"). Compound forms such as "agribusiness" represent subsets of the concept's broader meaning, which encompasses all activity by suppliers of goods and services.
Typically private-sector businesses aim to maximize their profit, although in some contexts they may aim to maximize their sales revenue or their market share. Government-run businesses may aim to maximize some measure of social welfare.
The English word company has its origins in the Old French military term campaign (first recorded in 1150), meaning a "body of soldiers", and originally from the Late Latin word companio "companion, one who eats bread [pane] with you", first attested in the Lex Salica as a calque of the Germanic expression *gahlaibo (literally, "with bread"), related to Old High German galeipo "companion" and Gothic gahlaiba "messmate". By 1303, the word referred to trade guilds. Usage of company to mean "business association" was first recorded in 1553, and the abbreviation "co." dates from 1769.
The Old English signs (Northumbrian) "care, anxiety, occupation," from being "careful, anxious, busy, occupied, diligent" (see busy (adj.)) + -ness. Middle English sense of "state of being much occupied or engaged" (mid-14c.) is obsolete, replaced by busyness.
The sense of "a person's work, occupation" is first recorded late 14c. (in late Old English big (adj.) appears as a noun in the sense "occupation, state of employment"). Meaning "what one is about at the moment" is from the 1590s. The sense of "trade, commercial engagements" is first attested 1727.
Forms of business ownership vary by jurisdiction, but several common entities exist:
Less common types of companies are:
Note that "Ltd after the company's name signifies limited company, and PLC (public limited company) indicates that its shares are widely held."
In legal parlance, the owners of a company are normally referred to as the "members". In a company limited or unlimited by shares (formed or incorporated with a share capital), this will be the shareholders. In a company limited by guarantee, this will be the guarantors. Some offshore jurisdictions have created special forms of offshore company in a bid to attract business for their jurisdictions. Examples include "segregated portfolio companies" and restricted purpose companies.
There are, however, many, many sub-categories of types of company that can be formed in various jurisdictions in the world.
Companies are also sometimes distinguished for legal and regulatory purposes between public companies and private companies. Public companies are companies whose shares can be publicly traded, often (although not always) on a stock exchange which imposes listing requirements/Listing Rules as to the issued shares, the trading of shares and future issue of shares to help bolster the reputation of the exchange or particular market of an exchange. Private companies do not have publicly traded shares, and often contain restrictions on transfers of shares. In some jurisdictions, private companies have maximum numbers of shareholders.
A parent company is a company that owns enough voting stock in another firm to control management and operations by influencing or electing its board of directors; the second company being deemed as a subsidiary of the parent company. The definition of a parent company differs by jurisdiction, with the definition normally being defined by way of laws dealing with companies in that jurisdiction.
Accounting is the measurement, processing and communication of financial information about economic entities such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms.
Finance is a field that deals with the study of investments. It includes the dynamics of assets and liabilities over time under conditions of different degrees of uncertainty and risk. Finance can also be defined as the science of money management. Finance aims to price assets based on their risk level and their expected rate of return. Finance can be broken into three different sub-categories: public finance, corporate finance and personal finance.
Manufacturing is the production of merchandise for use or sale using labour and machines, tools, chemical and biological processing, or formulation. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale.
Marketing is defined by the American Marketing Association as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large." The term developed from the original meaning which referred literally to going to a market to buy or sell goods or services. Marketing tactics include advertising as well as determining product pricing.
With the rise in technology, marketing is further divided into a class called digital marketing. It is marketing products and services using digital technologies.
Research and development refer to activities in connection with corporate or government innovation. Research and development constitute the first stage of development of a potential new service or product. Research and development are very difficult to manage since the defining feature of the research is that the researchers do not know in advance exactly how to accomplish the desired result.
Safety is a key business concept that is defined by Merriam-Webster as “the condition of being safe from undergoing or causing hurt, injury, or loss”. Injuries cost businesses billions of dollars annually. Studies have shown how company acceptance and implementation of comprehensive safety and health management systems reduces incidents, insurance costs and workers’ compensation claims. New technologies, like wearable safety devices and available online safety training, continue to be developed to encourage employers to invest in protection beyond the "canary in the coalmine" and reduce the cost to businesses of protecting their employees.
Sales are activity related to selling or the amount of goods or services sold in a given time period.
The efficient and effective operation of a business, and study of this subject, is called management. The major branches of management are financial management, marketing management, human resource management, strategic management, production management, operations management, service management, and information technology management.
Owners may manage their businesses themselves, or employ managers to do so for them. Whether they are owners or employees, managers administer three primary components of the business' value: financial resources, capital (tangible resources), and human resources. These resources are administered in at least six functional areas: legal contracting, manufacturing or service production, marketing, accounting, financing, and human resources.
In recent decades, states modeled some of their assets and enterprises after business enterprises. In 2003, for example, the People's Republic of China modeled 80% of its state-owned enterprises on a company-type management system. Many state institutions and enterprises in China and Russia have transformed into joint-stock companies, with part of their shares being listed on public stock markets.
Business process management (BPM) is a holistic management approach focused on aligning all aspects of an organization with the wants and needs of clients. BPM attempts to improve processes continuously. It can, therefore, be described as a "process optimization process". It is argued that BPM enables organizations to be more efficient, effective and capable of change than a functionally focused, traditional hierarchical management approach.[who?]
Most legal jurisdictions specify the forms of ownership that a business can take, creating a body of commercial law for each type.
The major factors affecting how a business is organized are usually:
Many businesses are operated through a separate entity such as a corporation or a partnership (either formed with or without limited liability). Most legal jurisdictions allow people to organize such an entity by filing certain charter documents with the relevant Secretary of State or equivalent and complying with certain other ongoing obligations. The relationships and legal rights of shareholders, limited partners, or members are governed partly by the charter documents and partly by the law of the jurisdiction where the entity is organized. Generally speaking, shareholders in a corporation, limited partners in a limited partnership, and members in a limited liability company are shielded from personal liability for the debts and obligations of the entity, which is legally treated as a separate "person". This means that unless there is misconduct, the owner's own possessions are strongly protected in law if the business does not succeed.
Where two or more individuals own a business together but have failed to organize a more specialized form of vehicle, they will be treated as a general partnership. The terms of a partnership are partly governed by a partnership agreement if one is created, and partly by the law of the jurisdiction where the partnership is located. No paperwork or filing is necessary to create a partnership, and without an agreement, the relationships and legal rights of the partners will be entirely governed by the law of the jurisdiction where the partnership is located. A single person who owns and runs a business is commonly known as a sole proprietor, whether that person owns it directly or through a formally organized entity. Depending on the business needs, an adviser can decide what kind is proprietorship will be most suitable.
A few relevant factors to consider in deciding how to operate a business include:
A very detailed and well-established body of rules that evolved over a very long period of time applies to commercial transactions. The need to regulate trade and commerce and resolve business disputes helped shape the creation of law and courts. The Code of Hammurabi dates back to about 1772 BC for example, and contains provisions that relate, among other matters, to shipping costs and dealings between merchants and brokers. The word "corporation" derives from the Latin corpus, meaning body, and the Maurya Empire in Iron-Age India accorded legal rights to business entities.
In many countries, it is difficult to compile all the laws that can affect a business into a single reference source. Laws can govern treatment of labour and employee relations, worker protection and safety, discrimination on the basis of age, gender, disability, race, and in some jurisdictions, sexual orientation, and the minimum wage, as well as unions, worker compensation, and working hours and leave.
Some specialized businesses may also require licenses, either due to laws governing entry into certain trades, occupations or professions, that require special education or to raise revenue for local governments. Professions that require special licenses include law, medicine, piloting aircraft, selling liquor, radio broadcasting, selling investment securities, selling used cars, and roofing. Local jurisdictions may also require special licenses and taxes just to operate a business.
Some businesses are subject to ongoing special regulation, for example, public utilities, investment securities, banking, insurance, broadcasting, aviation, and health care providers. Environmental regulations are also very complex and can affect many businesses.
When businesses need to raise money (called capital), they sometimes offer securities for sale.
Capital may be raised through private means, by an initial public offering or IPO on a stock exchange, or in other ways.
Major stock exchanges include the Shanghai Stock Exchange, Singapore Exchange , Hong Kong Stock Exchange, New York Stock Exchange and NASDAQ (the USA), the London Stock Exchange (UK), the Tokyo Stock Exchange (Japan), and Bombay Stock Exchange (India). Most countries with capital markets have at least one.
Businesses that have gone public are subject to regulations concerning their internal governance, such as how executive officers' compensation is determined, and when and how information is disclosed to shareholders and to the public. In the United States, these regulations are primarily implemented and enforced by the United States Securities and Exchange Commission (SEC). Other western nations have comparable regulatory bodies. The regulations are implemented and enforced by the China Securities Regulation Commission (CSRC) in China. In Singapore, the regulatory authority is the Monetary Authority of Singapore (MAS), and in Hong Kong, it is the Securities and Futures Commission (SFC).
The proliferation and increasing complexity of the laws governing business have forced increasing specialization in corporate law. It is not unheard of for certain kinds of corporate transactions to require a team of five to ten attorneys due to sprawling regulation. Commercial law spans general corporate law, employment and labor law, health-care law, securities law, mergers and acquisitions, tax law, employee benefit plans, food and drug regulation, intellectual property law on copyrights, patents, trademarks, telecommunications law, and financing.
Other types of capital sourcing include crowdsourcing on the Internet, venture capital, bank loans, and debentures.
Businesses often have important "intellectual property" that needs protection from competitors for the company to stay profitable. This could require patents, copyrights, trademarks, or preservation of trade secrets. Most businesses have names, logos, and similar branding techniques that could benefit from trademarking. Patents and copyrights in the United States are largely governed by federal law, while trade secrets and trademarking are mostly a matter of state law. Because of the nature of intellectual property, a business needs protection in every jurisdiction in which they are concerned about competitors. Many countries are signatories to international treaties concerning intellectual property, and thus companies registered in these countries are subject to national laws bound by these treaties. In order to protect trade secrets, companies may require employees to sign noncompete clauses which will impose limitations on an employee's interactions with stakeholders, and competitors.
A trade union (or labor union) is an organization of workers who have come together to achieve common goals such as protecting the integrity of its trade, improving safety standards, achieving higher pay and benefits such as health care and retirement, increasing the number of employees an employer assigns to complete the work, and better working conditions. The trade union, through its leadership, bargains with the employer on behalf of union members (rank and file members) and negotiates labor contracts (collective bargaining) with employers. The most common purpose of these associations or unions is "maintaining or improving the conditions of their employment". This may include the negotiation of wages, work rules, complaint procedures, rules governing hiring, firing, and promotion of workers, benefits, workplace safety and policies.
What is a business? What is a business strategy? Having groups of managers provide answers to these basic questions shows that there is little consensus as to what these basic terms mean. [...] A business is generally an organizational unit that has (or should have) a defined strategy and a manager with sales and profit responsibility.
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Magento 2 Admin Panel
|Initial release||March 31, 2008; 9 years ago (2008-03-31)|
2.2 / September 26, 2017 (2017-09-26)
|Type||Content management system, shopping cart software|
|License||OSL v3, AFL v3|
Magento is an open-source e-commerce platform written in PHP. The software was originally developed by Varien, Inc, a US private company headquartered in Culver City, California, with assistance from volunteers.
Varien published the first general-availability release of the software on March 31, 2008. Roy Rubin, former CEO of Varien, later sold a substantial share of the company to eBay, which eventually completely acquired and then spun off the company.
Magento officially started development in early 2007. Seven months later, on August 31, 2007, the first public beta version was released.
Varien, the company owning Magento, formerly worked with osCommerce. It had originally planned to fork osCommerce but later decided to rewrite it as Magento.
In February 2011, eBay announced it had made an investment in Magento in 2010, worth a 49% ownership share of the company. On June 6, 2011, eBay announced that it would be acquiring the rest of Magento, which would join its new X.Commerce initiative. Magento's CEO and co-founder Roy Rubin wrote on the Magento blog that "Magento will continue to operate out of Los Angeles, with Yoav Kutner and me as its leaders.".
Yoav Kutner left Magento in April 2012 citing the vision for Magento having changed since the time of acquisition due to high level staff changes.
As a result of the breakup of eBay following Carl Icahn's raid, Magento was spun out as an independent company by the new owner Permira private equity fund on November 3, 2015.
Magento provides two distinct platforms: Magento Open Source (previously Magento Community Edition) and Magento Commerce; the latter is available in an on-premises version (previously Magento Enterprise Edition) or as a platform-as-a-service (previously Magento Enterprise Cloud Edition). There were also two former platforms, Magento Professional Edition and Magento Go.
Magento Open Source, previously Magento Community Edition, is an open-source eCommerce platform. Developers can implement the core files and extend its functionality by adding new plug-in modules provided by other developers. Since the first public beta version was released in 2007, Magento Open Source has been developed and customized in order to provide a basic eCommerce platform.
The current release and each of the previous historical release versions of the 1.X and 2.X version branches of Magento Open Source are available on the Magento Commerce, Inc. website for download as single-file downloads Development of the 2.X version branch of Magento CE is coordinated publicly on GitHub.
The latest actively supported versions of Magento Open Source are CE 1.9.3 and 2.2.0
Released April 11, 2016, Magento Commerce is a platform as a service.
Magento 2 has many new and improved features, developer tools, and its architecture is quite different from all the previous versions. Magento 2 was announced in 2010. It was planned for release in 2011, and its merchant beta version was released in July 2015. Since then Magento 1 and Magento 2 have existed simultaneously.
Magento Commerce (On-Premises), previously "Magento Enterprise Edition" is derived from Magento Open Source and has the same core files. Unlike Open Source, this is not free, but has more features and functionality. This product is designed for large businesses that require technical support with installation, usage, configuration, and troubleshooting. Although Magento Commerce has annual maintenance fees, neither Open Source nor Commerce (On-Premises) include hosting. The Magento team develops Magento Commerce by cooperating with users and third parties. Development on the 2.X branch of Magento Commerce is coordinated publicly on GitHub.
The latest actively supported versions of Magento Commerce are EE 18.104.22.168 and EE 2.2.0 released on May 31, 2017.
While Magento 2 has a fully responsive template called "Luma", customization is most likely to be needed to make the most out of Magento.
Merchants running their stores on Magento Commerce or are willing to switch to Magento Commerce can contact Magento's official Expert Consulting Group.
Magento Solution Partners are companies that have extensive experience implementing and adjusting Magento websites. Anyone who is interested in modifying their Magento website can find a Magento Solution Partner in Magento's official Solution Partner Directory.
There are different types of Magento Solution Partners. Some solution partners not only provide full website development but also 24/7 Magento Support. Others are focused on Magento Security , full project builds or fields they feel strong at.
Magento Technology Partners are companies or products that help merchants improve their website out of the box. Their solutions and extensions cover more than 20 different categories including marketing automation, payments, content management, shipping, tax, hosting, and performance. To ensure quality and compatibility, all Magento Technology Partners pass a rigorous business and technology review. Magento Technology Partners can be found in the official website directory.
In 2015 it was reported that outdated or unpatched Magento web stores are susceptible to a Cross-site scripting attack, which allows attackers to perform online skimming to steal user credit card information. According to a security expert, more than 4000 Magento web stores were vulnerable to such an attack in October 2016.
In 2017 security company DefenseCode reported that Magento CE web stores are susceptible to Remote Code Execution attack, which allows attackers to perform online skimming, steal stored credit card information of future and previous customers, take control of the database, and in some instances even the complete server - including other Magento instances. It's suspected that up to 260,000 Magento web stores could be vulnerable to such an attack in April 2017.
"Imagine eCommerce" is the annual Magento eCommerce conference that has run since 2011. The first event was held in February 2011 in Los Angeles with more than 600 Magento merchants, partners, and developers. The goals of the “Imagine eCommerce” are sharing ecommerce ideas and providing networking opportunity sessions.
Besides Imagine, Magento also cooperates with local teams to set up a so-called "Magento Live" event in which the participants will have fantastic opportunities to learn more about the platform, ecommerce and which news has got in store for Magento merchants. The biggest event of Magento Live is Magento Live in Australia (Sydney), Magento Live UK or Magento Live France.
There is one non-profit organization which contributes up to more than 24 Magento events global per year named "The Meet Magento Association" The association is open to all companies who are active in any form of commerce or distribution and who are and want using Magento commerce now or in future. They also run a big project called Localized Magento Edition where they get supported from the local Magento agency to transform Magento default to localized edition with native language and business norms. The project has been run on all developed market of Magento like Germany, Austria, Switzerland, France, Sweden, Denmark, Italy, Spain, the Netherlands, Poland, Romania and Russia and also Vietnam - a "rising dragon" for ecommerce trading in Asia .
There are four different Magento certifications. Three of them aim to prove developers' competency in implementing modules; one (Certified Solution Specialist) targets business users (consultants, analysts, project managers). Magento Front End Developer Certification is mainly focused on improving the user interface (UI) of back end developers who implement the core modules. The Plus certification tests deep understanding of Magento Enterprise modules and the entire architecture.
Magento DevBox is a Docker container that allows for the easy installation of the latest Magento 2 CE or EE platform in a virtual environment. It also allows developers to link to an existing local Magento 2 installation. As of June 2017, it is still in beta.
Magento 2 released on Sep 26, 2017, the latest version is v2.2.0, download it from tech resources page or Github.
Magento 1 migration to Magento 2 can be done by the official Data Migration Tool . The migration can be performed by developers with extensive Magento 1 and 2 experience or companies that specialize in Magento.