Five elements that make a business

What defines a business? In [[literature/@kaufman2020|@kaufman2020]], there are 5 things that must exist for something to be defined as a business:

1. Creates and delivers something of value
2. That other people want or need
3. At a price they are willing to pay
4. In a way that satisfies the customers' needs and expectations
5. So that the business brings enough Profit to make it worthwhile for the owners to continue operations

I think it is a very reasonable approach to defining what a business is.

Interestingly, it even works for startups that survive on investment. They are selling themselves (or parts), for a price investors are willing to pay.

I wonder how this works out in the case of subsidies, when the state gives money but they don't get anything in return (at least not directly).