A business, also known as an enterprise, agency or a firm, is an entity involved in the provision of goods and/or services to consumers. Businesses are prevalent in capitalist economies, where most of them are privately owned and provide goods and services to customers in exchange for other goods, services, or money.A business, also known as an enterprise, agency or a firm, is an entity involved in the provision of goods and/or services to consumers. Businesses are prevalent in capitalist economies, where most of them are privately owned and provide goods and services to customers in exchange for other goods, services, or money.