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This textbook on “Understanding Business” is specially designed for First Year B.Com students to provide a strong foundation in business, entrepreneurship, and the business environment. It introduces students to fundamental concepts, real-world practices, and contemporary trends shaping the commercial world. The book explains the concept, scope, and significance of business, highlighting its impact on various stakeholders and society. It covers essential topics like business objectives, ethics, corporate governance, and CSR, fostering responsible business thinking. Students will also learn about the external business environment through PESTLE and SWOC analysis, as well as important global agreements and trading blocs. The book emphasizes the role of entrepreneurship, exploring types of entrepreneurs, required skills, government incentives, and India’s vibrant startup ecosystem. It offers practical insights on setting up a business, including project planning, legal procedures, and funding sources. With simple language, real-life examples, and structured content, this book equips students with the knowledge and confidence to pursue higher studies and careers in business.