Business assets are anything your business owns, but that can come in many forms. You'll want to categorize your assets as 'current assets', 'fixed assets', and 'other assets. Current assets are short-term. They're the assets you spend on running your business day-to-day, and they're usually spent within a year.
Fixed assets are long-term. Physical assets like property and equipment are 'fixed' because they last a lot longer than one fiscal year; in fact, you probably really depend on them to run your business for the long haul.