Today, I studied about the business environment.
The environment around us is rapidly changing. We are living in an environment where customers’ requirements are changing every minute. The business environment is also changing. Today’s businesses are struggling with internal and external changing environments. Sustaining the business in this challenging situation is crucial for the business owners. The factors that influence a business make up its environment
Business is affected by these factors:
- Internal factors (Employee, Org Structure)
- External factors (Customer needs, clients, suppliers, policies, taxation, etc.)
- Technological changes
- Daily new markets are generating
- Technology is disrupting the existing market
- The environment comprises many things. It is a mix of external and internal factors. The environment provides numerous opportunities to start a business, and it also identifies new opportunities to improve the performance of the business.
In today’s world, businesses are not isolated; they are part of a large interconnected system.
Case Study
Example: Amazon is a big website that allows different vendors to list their businesses on the Amazon website. Amazon’s rules and policies are applicable to all the vendors. If Amazon makes changes in the rules, it will affect all its vendors equally. All these vendors are part of the Amazon ecosystem.
In this changing environment, careful consideration and strategic planning are required to run a business smoothly.
