Can a DAO be a business?

Could you please clarify, could a DAO potentially function as a business entity? This question piques my curiosity as the concept of a Decentralized Autonomous Organization seems to blur the traditional lines of corporate structure. In a business context, we often associate organizations with hierarchical management, profit motives, and legal frameworks. But a DAO, by its nature, operates in a decentralized manner, free from central authority, and often relies on smart contracts for governance. So, is it possible for a DAO to engage in commercial activities, generate revenue, and perhaps even compete in the market like any other business? I'm eager to understand how this might work in practice and what challenges or opportunities it might present.