This document outlines 7 key characteristics of business: 1) Businesses exist to create value for customers and earn a profit. 2) Businesses produce or purchase goods and services to sell to others. 3) Successful businesses require recurring transactions, not just isolated deals. 4) All business activities involve exchanging goods and services for payment. 5) Earning profits is essential for a business's survival and growth. 6) Business involves risk as there is uncertainty around achieving profits or avoiding losses. 7) Businesses engage in economic activity like production and distribution of products and services to earn money.