#module 02

Let’s see, next module, define business and its features, right. Business state of being busy. It refers to production and distribution of goods and services. Production, conversion of raw material into finished goods. You can see logs of woods being converted into furniture, those are called finished goods. Distribution includes a process in which goods and services are sent to customer. So, manufacturer sends it to distributor and from distributor it goes to us, through maybe courier service or maybe through retailer. You can see here, delivery at door step. Goods and services which are tangible, which you can touch, feel and see. Services which are intangible, you cannot see them as in doctor diagnoses patient, waiter serves at hotel to the customer.

Production of goods means actual making of goods, maybe, agriculture or manufactured. Here the farmer working in the farm, cultivating piece of land and growing tomatoes, from there we get ketchup. We call it as manufactured good, right, tomatoes and from tomatoes we get manufactured goods called as ketchup. So, business process includes advertising, transportation, warehousing as well as actual buying and selling of goods and services. And you can see here, ownership transfers from seller to buyer.

Definition given by Professor Haney:

Business activities are all those human activities which are directed towards the production, what production and procuring wealth, who gave, Professor Haney.

Let’s check features. First one involves production and distribution. So, every business activity is concerned with production of goods, right tomatoes to ketchup. Creation of services, next distribution of goods, correct, distribution of goods and services from factory to us, that is consumers. It involves in dealings in goods and services. Cannot take place in the absence of goods and services. Goods involved in a business transaction maybe capital or maybe consumer. Capital goods which are used for making consumer goods, sewing machine, capital goods and consumer goods all those clothes being made with the help of sewing machine. Here, you can see all those dresses are ready, correct, so those are consumer goods. Involves exchange, either it maybe for money or maybe for goods. So, when goods and services are exchanged with money we call it as monetary exchange. You can see shopkeeper selling cell phone, right, to Mr. A and A is paying for it, we call it as monetary exchange. Another example for barter, goods and services exchanged for goods and services.  Mr. A needed wheat and was having excess of rice with another fellow. What he got, he got what he wanted, that is one kg of wheat, but was any money involved, no. So, we call barter. So the process of gifting, donating or personal consumption is not considered as business. I need to gift my niece on her birthday, what, doll. Here the shopkeeper has utilised the product that’s a doll from his shop to gift someone and that’s his niece. So here there is no monetary exchange. It cannot be considered as a business transaction.

Let’s check next, aims at profit. So, basic aim of every business is earning profit. Let’s take more example, right. The customer, ‘good evening, can you show me a beautiful Anarkali dress for wedding’. Shop owner says ‘yeah, sure ma’am, see here is a beautiful black dress it is for just for Rs. 3,999/-.  Customer, ‘I really like this dress, pack it’. So what happened, how much is MRP? Cost price plus profit.

Number five, continuity, business involves production and distribution of goods and services on regular basis. Any isolated transaction that is single of buying and selling cannot be treated as business transaction. Let’s take an example, I have many gift items with myself, I think I should sell it. Since she is selling the gifted items for single time, it is not a continuous transaction, it cannot be considered as business.

Next point, risk, every business has a possibility of incurring loss during its operations, which is risk. It maybe natural risks like glaciers melting down, floods or volcano eruption, right. Or it can be different situations in business. Let’s take an example, ‘Hi, I have prepared 150 paper lanterns, right, and 80 are still left.’ ‘Oh, so you keep them and use it for next year.’ What the shop owner says, ‘no, it’s not possible. These are paper lanterns and if these lanterns are not sold then I will suffer huge loss.’ That means risk. Now there are two parties remember, buyer, seller, right. So these people out here on screen you can see, right, one man is milking an animal, cow, and other one is selling milk in bottle, who are they, the seller and the buyer exchange for money, right, kids. There are two parties, easy to understand, students.

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Kids, we will move to the next module. Discuss the concept of Partnership Firm and state its features. Means we will see about partnership, more than two people. Right, coming together to do business, you can see in the following picture.

Now, partnership is started by an agreement between persons. Now, two or more persons come together and have sharing in profit, as per the profit sharing ratio. Right, they sign in an agreement, where terms and conditions are mentioned. This agreement maybe oral or maybe a written one. And kids, always written agreement is better, right, it acts like an evidence, yes. Minimum two persons are required to start this partnership firm and the maximum number is 20, in case of general business and in case of banking there are only 10. Do remember, right, minimum number of people 2, maximum banking is 10 and non-banking is 20. Now, let’s see third feature, partnership firm is started to carry on a business activity. Let’s check an example alongside, raw material is collected then some processing done, right, cutting, shaping, polishing and what do we get, finished goods, wooden table and chairs and many more articles. So, partnership business is carried out for all these business activities. Now, the ownership of partnership firm is joint, remember that 2 or more than 2 people that is partners are joint owner of assets and liabilities of business, right. All this property belongs to all the partners in the firm. All the debt also belongs to all the partners in the firm. The partners manage business jointly, everything will be done together, it means all the decisions are taken by mutual consultation means after taking permission or consulting each other. Right, you can see there, they are consulting each other, we are going to start something new, we are going to start something different. The profit and loss are shared in the decided proportion or as per the agreement, agreement or deed you can call it as, any legal instrument in writing that is signed or attested by all the partners. The liability of the partners is unlimited, joint and several. Very, very important kids, do remember and understand very well. Now let’s take an example four partners in a firm, right. We name it as A, B, C, D and what is outstanding? Rs. 1 lakh. Now, jointly what you can see here. Jointly, individually they are responsible to pay 25,000 each, correct kids. So, this is joint, do remember that. Now, let’s check severally, now what happens here, there are four partners. Now, one of them dead but still the outstanding amount is rupees one lakh. So, you can see the remaining three solvent partners sharing that one lakh into three equal parts. So, that is you can see there, three equal parts, right, kids.

Another, what happens now, second condition, again for severally, one was dead, second partner is insolvent now. So, two remaining solvent partners will share one lakh into two equal parts, right. And finally again, if even the third partner becomes insane means mad, unsound mind, then the last partner, which is solvent will share or take the burden of every penny which is remaining outstanding, you  can see one lakh outstanding entirely has been taken care or paid off by the solvent partner. So, kids, do remember, unlimited, joint and several, right, liability unlimited, I hope you remember that. No difference between personal assets and business assets and joint and severally we did just now. The share in partnership cannot be transferable to any other person without the consent of other partners. It means interest of partnership is non-transferable. As you can see here, these are the partners of Bajate Raho Firm. Now, Mr. Y wants his son to join the business. He needs to consult everyone and if everyone approves, he can bring in his son, right. So, Mr. R becomes the new partner in the business.

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Process: Key moments for me were formulating the concept of the video and actually shooting it. It is so important that I had a clear picture in my mind about what I needed to film and how I wanted to tell me story. Shooting was very important because I really only had one shot at doing it. I couldn't go on another fly fishing trip, so I either captured the footage I needed, or I didn't. These moments all led to finished piece and made the editing process a lot easier because I knew exactly how I wanted the video to look.

Feedback: I really liked all the feedback I received. People seemed to understand the ideas I was trying to get across. I also appreciated the constructive criticism. I was happy to get feedback on the sound of the song I used because that was a decision I struggled with so now I know how to approach that problem in the future.

Self-Reflection: I learned that I really like to plan, but also allow for some spontaneity. While I had a clear picture in my head about what I wanted the film to be about, I ended up capturing a lot of fun footage that made the video be more active (in comparison to the peaceful vision of fishing that I originally intended)

Future: I plan on sending this video to the bait shop the fishermen I interviewed work at. They keep a blog on their website and there is a possibility the video will be featured on their website.