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Business: Overview

Overview

What is a business? In Peter Drucker's view, the first purpose of a business is to create a customer (i.e. to satisfy customer need) and the second purpose is innovation (Finklestein, 2009). A business is not defined from inside. It is defined from outside by the customer who buys a product or service from the business. In his discussion of disruptive innovation, Clayton Christensen reminds businesses to ask themselves a question: ‘What jobs are customers hiring your products to do?’ (Christensen, 2006). To satisfy the customer is the mission and purpose of every business.

From  Palgrave Key concepts: Key concepts in innovation. Basingstoke, UK: Macmillan Publishers Ltd.

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Business is complicated