Definition (1):
By the word 'contemporary' means belonging to the same period of time or of the present time. And, Contemporary business refers to the circumstances and ideas of the present time in a business environment.
Definition (2):
Contemporary business is also known as a modern business. If you want to fully understand this business and its environment, you can take the business organization as a subsystem functioning in a macro-system or supra-system. This business and its environment discuss a system’s concept. It studies the business organization as an open and adaptive system within a macro-system. Again, it highlights the 3 primary elements of all organizational systems. Contemporary business and its environment also take into account a business’s micro and macro environment. The forces, actors, events, or players inherent in the mentioned two classifications are also studied.
Business cannot function in a vacuum. It possesses roots in a broader environment or society. The business organization functions with the environment with the help of input and output interfaces. The organization accepts resource inputs like materials, men, money, machinery, and information, and transforms them into expected outputs.