Meaning of the word "new business" in English

What does "new business" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

new business

US /nuː ˈbɪz.nɪs/
UK /njuː ˈbɪz.nɪs/

Noun

1.

a newly established company or enterprise

Example:
Starting a new business requires careful planning and dedication.
The city offers incentives for entrepreneurs to establish new businesses.
2.

the process of acquiring new clients or customers for a business

Example:
Our sales team is focused on generating new business this quarter.
Attending industry events is a great way to find new business opportunities.