To give a brief background, Pain Webber and Company is an American stock brokerage and asset management firm that was founded by William Alfred Paine and Wallace G. Webber. So let us now proceed and deeply discuss what the ideal business is like according to a reputable company like Paine Webber. This list by the way is in the company’s planner and is officially by the company employees.
The ideal business sells the world instead of just the single city, state, or any place for that matter. This means that an ideal business should be able to tap an unlimited global market and should impact the lives of many people form all walks of life in different parts of the world and not just locally to where it was founded.
The ideal business has a product or service that benefits from an inelastic demand, which means that its demand will never go low no matter how much it will be priced. An example for this are grocery stores or also known as supermarkets. We all know that even if the world will suffer an economic crisis such as a great depression, the demand for groceries will never go low in fact it may possible even go higher. Even if the prices of these goods will increase people will still buy it and will always find a way to afford it. Why? Simply because it is food…it is a basic need for survival therefore it is also known as an inelastic demand. An ideal business should exactly be the same as that.