The concept of business arises out of a very basic and obvious everyday fact in the world. Every human being needs different types of goods and services in the course of his living. However, it is known that everyone does not possess everything he wants. Everyone has some things in excess of what he wants and he barters them for those he is in need of. For example, a person who has more wheat than his needs will barter the excess for something else, say clothes. This concept when applied to the economy at large and introducing the concepts of money and organized markets gives birth to business. Business is a major economic activity in all modern societies concerned as it is with the production and sale of goods and services required by people. The purpose behind most business activities is to earn money by meeting people's demands for goods and services. Business is central to our lives. Although our lives are influenced by many other institutions in modern society such as schools, colleges, hospitals, political parties and religious bodies, business has the major influence on our daily lives. It, therefore, becomes important that we understand the concept, nature and purpose of business.