CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Conceptually business is the exchange of goods, money or services for mutual benefit. In other words, a business enterprise succinctly put is the sum total of those activities that have as their main purpose, the creation, maintenance and expansion of a concern which continues to exist, because it earns profit or other benefits, as a result of this exchange of goods and services or money. Historically, business activities came into existence when our forefather began to trade by barter, that is exchange of goods for goods) having realized the different capabilities and talents possessed by individuals and the enormous times energy wasted in trying to become self suiffcient. No wonder why, the age long aphorism that “No man is an Island” is an accepted contention of most critics. As a rule of thumb, this exchange of goods existed in many parts of the world including Egypt, Europe, Germany and some parts of Africa Albelt, the advert of industrial revolution made man to conceptualize and then concretize that serious need to develop his genetic and phenotypic qualities in trying to specialize in one trade or another, thereby making life more satisfying to the generating of the people. Conceptually different types of business enterprises have evolved over the years ranging from sole proprietorship to partnership, co-operative companies to even corporation or public liability companies (PLC). All those were primary established for the production distribution and provision of services to the entire human race (Homo Sapiens). On the whole, modern business enterprises are characterizes by rapid technological changes; speculation/forecasting with a high degree of inter-dependence and precision, and increased number of mergers. As of today, the complexities of business and modern technological advancement encourage the formation of companies that engage only in production; while selling and many types of small business enterprises such as Supermarket Retailshops, Parent medicine stores, provision stoves, motorcycle spare parts shops, plastic producers etc. have all sprang up.