Visit a nearby market and you will find Brazilian coffee, Saudi Arabia dates, and lots of Chinese products which are the effects of foreign trade. The ultimate goal of international trade policies of any country is the expansion of market share for goods and services and gives us a choice between the products from all over the world. As a result, companies face completion in products and services quality and price and we get cheaper products from market.
Basically insurance is a contract between two parities one is called the insured and the other is the insurer. Certain elements in this contact must be present in order to make it legally binding and enforceable. It is, therefore, argued that the following should be the elements or principles of insurance while signing the contract.
Hall defines insurance as "contract in writing whereby one party called the insurer, agrees in consideration of either a single or a periodical payment called the premium, to indemnify another party called the insured, against loss or damage resulting to him on the happening of certain events or to pay him a sum on the happening of a specified events or events”.
Before to start a successful business, it is important for entrepreneur to set business objective, vision and mission. In simple words it is, what business will achieve in short term and long term. Business owners need to set different type of business objectives, one of them are financial business objectives which provide solid plan in the long term. There are different financial objectives of a business, some of them are
Small business enterprise also face teething trouble in the initial stages and then after the growth and expansion troubles. Business operations howsoever small it may be, do need attention and appropriate decision so that initial problems may be solved and the business may stand in the field with head-erect and eyes looking forward. And in the later stage it may stand in the comity of complex business world and come out unscathed.
The only motive of business is to earn profit. However, there is always a possibility of suffering loss in it. This chance of loss from unpredictable events and situations in business in named as business risk.
The main causes of business risk are as under: Natural factors, Competition, Change in demand for the proudct, Use of modern technology, Human causes, Government policiies, Mismanagement
In all business undertakings in the private sector, the main motive is to earn profit. Profit is the driving force before and after entering into the business field. Infact profit is the oil which drives the wheels of business. Profit is the total revenue from sales minus the total cost of resources employed by the entrepreneur.