Michael Porter's Definition of a Business "A business is a legally recognized organization that is created to provide goods or services to consumers for a profit." - Michael Porter, Harvard Business School Professor- According to Michael Porter, a business is a legally recognized organization that is established with the purpose of providing goods or services to consumers in exchange for a profit. This definition highlights several key aspects of a business, including its legal status, its focus on providing goods or services, and its aim to generate profits. First and foremost, a business must be legally recognized in order to operate. This means that it must be registered with the appropriate authorities and must follow all relevant laws and regulations. This legal recognition allows the business to enter into contracts, hire employees, and engage in other activities that are necessary for its operation. A business is also defined by its focus on providing go...