The fundamental concept in carrying on business is to provide value.

That is, a business carries on an activity whereby it provides value to others in exchange for the receipt of value. 

What each of us considers value and how much will value something will vary or differ based upon our unique characteristics or the context in which the value is exchanged. 

Every function involved in business practice relates back to this simple objective of delivering and receiving value. 

For example, operators (laborers, engineers. or manufacturers) seeks to create a product that a customer needs or wants. The same goes with a service provider who employs unique skills to deliver value. 

Marketers seeks to identify products or features that customers value (want or need), understand everything possible about those customers (why do they value it), identify the extent of the need or want for the product, and present the product to potential customers or clients in a way that makes the product desirable and memorable (sustaining value). 

Salespeople close deals that involve the exchange of value. By following up with customers and clients businesses continue to maintain the value delivered.

Financier’s determine the value potentially derived from a course of action and identify and secure the resources necessary to pursue it. This allows businesses to chose the suitable or most desirable course of action to claim value.

Accountants track the exchange of value (measured in dollar value) in and out of the firm. The methods and results of such tracking allow others in the firm to make decisions regarding all other operations related to value delivery.

Human resource professionals manage the human capital of a firm – recruiting, retaining, training, and discharging. A firm’s people are the primary sources of value creation and delivery.

Managers oversee the people who carry out all of these functions. High-level managers develop the strategy for delivering value in the face of competition in order to achieve the goals and objectives of the enterprise. 

The most skilled entrepreneurs are those who can identify value and arrange the resources around providing that value.

Of course, this brief summary of the roles of professionals can barely encapsulate all of the activities that go into running a business. 

Nonetheless, it does show that the primary players in a business perform a function related to the delivery and receipt of value. 

Throughout this course, we will introduce and discuss many of the key functions and considerations for anyone engaged in the practice of business.