The criteria for success in modern Business are:
(i) Clear formulation of objectives
(ii) Planning
(iii) Organising
(iv) Estimating and arranging for finance
(v) Right location, proper layout and size
(vi) Efficient marketing system
(vii) Development of human potential
(viii) Continuous monitoring of environment
(ix) Dynamic leadership
(x) Ethical practices

Economic activities are undertaken to earn money. Generally, people engage themselves in such activities on a regular basis and are said to be engaged in their occupation. Occupations may be classified into three categories based on the following:
Employment, Profession, Business
1) Employment: 
It refers to the occupation in which people work for others and get remuneration in the form of wages or salaries.The one who is employed by others are called employees and the one who employs others is called employer.Managers, Clerks, Bank officials, Factory workers etc.are examples of employees.
2) Profession:
Professions are those occupations which involve rendering of personal services of a special and expert nature.A profession is something which is more than a job. It is a career for someone who is competent in their respective areas. It includes professional activities which are subject to guidelines or codes of conduct laid down by professional bodies.Those engaged in a profession are called professionals and they earn income by charging professional fee.
3) Business:
Business refers to any human activity undertaken on a regular basis with the object to earn profit through production,distribution,purchase and saleof goods and service.

On the basis of ownership business activities may be broadly grouped into three categories.
1) Private Enterprises:
An enterprise is said to be a private enterprise where it is owned, managed and controlled by persons other than Government.
2) Sole proprietorship.
Example - Sundar Stationeries
3) Partnership firms.
Example - Ramesh Bros.
4) Public Enterprises:
An enterprise is said to be a public enterprise where it is owned, managed and controlled by Government or any of its agencies or both.
Public enterprises may be organized in several .forms such as,
(i) Departmental undertaking - Public Works Department (PWD)
(ii) Public Corporation - Oil and Natural Gas Corporation (ONGC)
(iii) Government Company - State Trading Corporation (STC).
5) Joint Enterprises:
An enterprise is said to be ajoint enterprise where it is owned, managed and controlled by Government and private entrepreneurs. Example - Maruti Suzuki.

(i) Economic activities are undertaken to earn money.
(ii) Generally, people engage themselves in such activities on a regular basis and are said to be engaged in their occupation.
(iii) Occupations may be classified into three categories based on the following:
(1) Employment
(2) Profession
(3) Business
(1) Employment:
(a) It refers to the occupation in which people work for others and get remuneration in the form of wages or salaries.
(b) The one who is employed by others are called employees and the one who employs others is called employer.
(c) Managers, Clerks, Bank officials, Factory workers etc., are examples of employees.
(2) Profession:
(a) Professions are those occupations which involve rendering of personal services of a special and expert nature.
(b) A profession is something which is more than a job. It is a career for someone who is competent in their respective areas.
(c) It includes professional activities which are subject to guidelines or codes of conduct laid down by professional bodies.
(d) Those engaged in a profession are called professionals and. they earn income by charging professional fee.
(3) Business :
Business refers to any human activity undertaken on a regular basis with the object to earn profit through production, distribution, purchase and sale of goods and services.

Business activities are classified on the basis of size, ownership and function.
(i) Activities on the basis of size:
On the basis of size, business activities may be broadly grouped into two categories.
(1) Small Scale:
Small scale units require less capital. They employ small number of workers and produce the goods on small scale. 
Example: Manufacturing textiles in handlooms or power looms.
(2) Large Scale:
Large scale units require huge capital.They employ large number of workers and produce goods on large scale.
Examples: Manufacturing Textiles in a large Textile mill. Example. Raymonds, Ramraj cotton.
(ii) Activities on the Basis of Ownership :
On the basis of ownership business activities may be broadly grouped into three categories.
(1) Private Enterprises:
An enterprise is said to be a private enterprise where it is owned, managed and controlled by persons other than Government.
(i) Sole proprietorship. Example Sundar Stationeries.
(ii) Partnership firms. Example - Ramesh Bros.
(2) Public Enterprises:
(i) An enterprise is said to be a public enterprise where it is owned, managed and controlled by Government or any of its agencies or both.
(ii) Public enterprises may be organized in several forms such as,
Departmental undertaking - Public Works Department (PWD)
Public Corporation - Oil and Natural Gas corporation (ONGC)
Government Company - State Trading Corporation (STC)
(3) Joint Enterprises:
An enterprise is said to be a joint enterprise where it is owned, managed and controlled by Government and private entrepreneurs.
Example : Maruti Suzuki
(iii) Activities on the Basis of Function:
On the basis of functions, business activities may be broadly grouped into two categories.
(1) Industry :
Industry includes all those business activities which are connected with raising, producing or processing of consumer goods.
Example : Bread, butter, cheese, shoes, or capital.goods like machinery.
(2) Commerce:
It establishes a link between the producers and consumers of goods and maintains a smooth and uninterrupted flow of goods from producers to consumers.