It is generally believed that profit earning is the primary objective of business. However, as per modern thinking, business needs to have several objectives. Consistent and sustainable profit can be earned only if the business performs useful services to society. Business requires multiple objectives since it has to balance a number of needs and goals related to various aspects of society. Following only one objective cannot lead business towards excellence. Objectives are needed in every area where performance and results affect the survival and prosperity of business. Five of the objectives of business are described below (i) Profit Maximization Profit is defined as excess of revenue over cost. Profitability refers to profit in relation to capital investment. Although, earning profit cannot be the only objective of business, its importance cannot be ignored. Every business makes an attempt to reap maximum profit as possible in the given market conditions. Profit may be regarded as an essential objective of business for various reasons (a)It is a source of income for business persons. (b) It can be a source of finance for meeting expansion requirements of business. (c) It indicates the efficient working of business. (d) It can be taken as society's approval of the utility of business. (e) It builds up the reputation of a business enterprise. (ii) Market Standing Market standing refers to the position of an enterprise in relation to its competitors. A business enterprise must aim at standing on stronger footing in terms of offering competitive products to its customers and provide customer satisfaction. (iii) Innovation Innovation is the introduction of new ideas or methods. There are two kinds of innovation in every business (a) Product Innovation In product innovation a new product or service or an improved version of existing product is developed (b) Process Innovation This involves innovation in the methods, skills and activities needed to produce or supply products. Product demand starts declining after a span of time. At this stage, the business must introduce a new innovation to create fresh demand for the existing product by introducing new features in it or bring out a new product to sustain in the market. (iv) Productivity Productivity is calculated by comparing the value of outputs with the value of inputs. It is used as a measure of efficiency. Higher productivity leads to reduction in costs as the same amount of output is produced with lesser amount of inputs. This ensures survival and growth of the enterprise. (v) Social Responsibility Every business operates within a society. It uses the resources of the society and depends on the society for its functioning. This creates an obligation on the part of business to look after the welfare of society. So, all the activities of the business should be such that they will not harm, rather they will protect and contribute to the interests of the society. The activities of business towards the welfare of the society earn goodwill and reputation for the business in the eyes of consumers as well as government.

Yes, I agree with this statement. Like eating is essential for survival of any human being, same way profit is essential and a must for survival of any business. But a person cannot survive for a long time and cannot lead a healthy life only by eating. A person has to perform other activities also such as social activities, religious activities and patriotic activities. 

Similarly, a business with the sole motive of earning profit cannot survive for a long time. lb capture a big share in market and to create the goodwill businessman must have social and individual objectives along with economic objective of earning profit. 

A business which operates on a small scale and required less capital, less labour and less machines is called small business. The goods are produces on a small scale. This business is operated and managed by the owner of the business. In India, the village and small Industries sector consists of both traditional Handlooms, Handicrafts, khadi and Village Industries. Modern small Industries – Small scale industries and Power looms.

Equity share capital is also called risk capital.

Equity Share Capital is called as risk capital as equity shareholders have a claim over the residual proceeds of the company. In other words, in the event of winding up they are the last to be paid off after settling the claims of creditors and other external liabilities. In case the funds are insufficient to repay or settle external liabilities, equity shareholders are not paid off any thing instead the uncalled amount may be called up from the them.

National Small Industries Corporation (NSIC) was established in the year 1955 in order to promote, aid and foster the growth of small business units in the country. The functions of NSIC are as follows : Vz

1. To create awareness about technological upgradation.
2. To develop technology transfer centres and software technology parks.
3. To export the products of small business units in order to develop export worthiness.
4. To obtain, supply and distribute indigenous and imported raw materials.
5. To provide mentoring and advisory services.
6. To serve as technology business incubators.
   NSIC has also introduced a new scheme of performance and credit rating for small businesses in order to encourage them to maintain good financial track record and to sensitize them about the need for credit rating.

Business refers to those economic activities, which are connected with the production or purchase and sale of goods or supply of services with the main object of earning profit.

Economic activities may be divided into three major categories i.e. (i) Business (ii) Profession (iii) Employment

Business refers to those economic activities, which are connected with the production or purchase and sale of goods or supply of services with the main object of earning profit. People engaged in business earn income in the form of profit. 

Profession includes those activities, which require special knowledge and skill to be applied by individuals in their occupation. Such activities are generally subject to guidelines or codes of conduct laid down by professional bodies. Those engaged in professions are known as professionals. For example, doctors are engaged in the medical profession and are subject to the regulations of the Medical Council of India, the concerned professional body. Similarly, lawyers are engaged in the legal profession, governed by the

Bar Council of India and Chartered Accountants belong to the accounting profession and are subject to the regulations of the Institute of Chartered Accountants of India. 

Employment refers to the occupation in which people work for others and get remunerated in return. Those who are employed by others are known as employees. Thus, people who work in factories and receive wages and salaries are in the employment of factory owners and are employees of the factory. Similarly, people who work in the offices of banks, insurance companies or government department, as managers, assistants, clerks, peons or security guards are the employees of these organisations.

Mutual agency implies that every partner is both an agent and principal. He is an agent of other partners as he represents them and there by binds them through his decisions and acts. He is a principal as he too can be bound by the acts of other partners.

Surrender of Insurance Policy means to cash of life insurance policy before benefits are due to be paid. The Surrender Value of an Insurance Policy is the amount given to the insured at a time, when he is unable to pay premium related to Insurance Policy. 

the work of planting tress comes under social  objectives as due to industries and factories there has been a lot of deforestation which has been fulfilled by aforestation.

ROLE OF BUSINESS ENVIRONMENTAL PROTECTION:

1. Eco-friendly and clean or low waste technology should be used by industrial organization.
2. Industrial Wastes should be recycled as far as possible.
3. Plant and machinery should be modernized to minimize pollution.
4. The business houses should comply with the laws and regulations enacted for prevention of pollution.
5. Positive steps should be taken to save environment. These include plantation of trees, cleaning of rivers, ponds etc.