Business Environment

This article discusses the importance and impact of the business environment on organizations. It explores the macro and micro factors that affect businesses and highlights the need for strategic planning to mitigate challenges and leverage opportunities. The article also emphasizes the value of studying business environment from a global perspective and the skills and competencies gained from such studies. References are provided for further reading.

Running head: BUSINESS ENVIRONMENT
BUSINESS MANAGEMENT
Name of the Student:
Name of the University:
Author note:

1BUSINESS ENVIRONMENT
Introduction
Business is defined as an enterprising entity engaged in commercial, trade, industrial and
professional performances. Business can aim for profit entities or non-profit organizations which
operate in order to attain a charitable objective or serve for any social cause. Gallemore and
Labro (2015) have noted that business can be referred to the organized efforts and performance
to produce goods and sell products and services to gain profits. Drawing relevance from these
factors business and related subjects related to finance, accounting, management and economics
are amongst the most recognized fields of study at universities across the world specifically at
graduate level.
Discussion
In an ever changing global business and economic environment studying business from a
global perspective is imperative for graduates who show high aspiration to engage in
international boundaries and cultures. According to Yusuf et al. (2014), business environment is
becoming increasingly international which has been leveraging students recently to perceive
globally in an environment which tend to merge Eastern as well as Western perspectives of
business and management. For example, Australia’s multiculturalism implies to the increase in
prospects and avenues to obtain knowledge of various nations thus providing extensive cultural
perspective. Research of Hair Jr et al. (2015) have revealed that nearly one-third of employers
have increased their educational requirements and credentials over the past five years. Engaging
in the course of business environment and its subfields has not only aided me to not only explore
things beyond a local lens but also the global economy. With my aim of obtaining an

2BUSINESS ENVIRONMENT
international perspective, I have been highly inclined to explore this subject and develop
competence to negotiate with business associates of diverse cultural backgrounds.
On the basis of foregoing discuss, it can be noted that business environment serves as the
most significant aspect of any business organization (Gallemore & Labro, 2015). Thus, in order
to gather insights of the ongoing developments business must efficiently adapt these trends and
further focus on applying them as vital prospects. As a student of business studies, I have
improved my knowledge to identify varied business opportunities. Critically delving into the
module courses and materials has helped me to comprehend that all changes within the business
domain do not generate unconstructive outcomes. Thus, it is highly important to identify change
and developments and implement it as a tool to resolve the problems concerning the business.
Furthermore, another important factor related to business environment significantly depends on
strategic planning to mitigate potential business challenges and demands of stakeholders and
proficiently utilize the opportunity (Yusuf et al., 2014). The subject of business environment
have helped me to identify the increasing internal power relationship related to factors like the
amount of support the top management benefit from diverse levels of workforce, stakeholders
along with Board of Directors who primarily leverage the process of decision making and their
execution (Hair Jr et al., 2015). Through critical evaluation of the course modules and resources
exploring factors of business environment I have grasp ideas relating micro business
environment that is intrinsically related to business organization in comparison to macro factors.
Enqvist, Graham and Nikkinen (2014) dealing with business environment have noted that micro
forces linked to business need not essentially impact all organizations in a particular sector in
similar ways. Some of the micro factors have the tendency to be specific to a business enterprise.
For instance, an organization which has its dependence on supplier may constitute a supplier

3BUSINESS ENVIRONMENT
environment which varies significantly from businesses whose supply source is different
(Gallemore & Labro, 2015).
At this juncture, it is essential to highlight experiences which have led me to pursue this
course. My high school period chiefly constituted of gaining varied experiences through
extracurricular activities mainly contributing to club membership or taking a role on a society
which aided me to develop my team-building abilities. However, as business management
provides student with avenues of obtaining commercial skills or gives students with knowledge
in business functions I have been highly inclined towards pursuing this course. The course has
been designed in a highly systematic and logical approach for self-learning of a virtual learner.
Through various discussion forums and professor lectures and feedback will enhance the quality
of my understanding. Furthermore, this course will help me to comprehend the framework of
Business Environment that is based in its concepts, significance and changing dimensions.
Business environment thus requires to be studied by evaluating the macro environmental factors
profoundly such as economic, socio-cultural, technological, political and legal in addition to
international environment.
Additionally, through this course I have attained the ability to study value of social
institutions and systems, social values and attitudes from the perspective of a business enterprise.
Subsequent to this course, as a student of business management will develop the competence to
identify with the concept, significance and varying magnitude of business environment and
further classify a range of types of business environment as well as tools for examining the
environment. Moreover, to manage the collection and development of knowledge, the course of
business environment will help me establish culture in my prospective organization whereby
knowledge will be valued across the business. Furthermore, as part of knowledge management, I

4BUSINESS ENVIRONMENT
will be able to ensure that any intellectual property which the business constitutes must be
protected which signifies a right to prevent competitors from copying and further facilitates the
organization to profit by licensing the business’s knowledge and capacity. From learning the
ways to document coherent reports to even communicating with people from diverse cultures, I
will be able to strengthen my capacity to relate to and converse with the people around me.
Conclusion
Therefore from the above discussion it can be concluded, that skills and competencies
obtained from this business program can easily be transferred and adapted related to prospective
career or job position. Furthermore, business programs specifically business environment can
position a significant focus on students with the ability to suppose critically. Additionally,
through this course I will acquire unique opportunities for doing internships with well recognized
organizations and proficiently deal with real-world experiences that will give me a competitive
edge. Moreover, the opportunities of pursuing the course of business environment will offer
significant avenues which are widespread.

5BUSINESS ENVIRONMENT
References
Enqvist, J., Graham, M., & Nikkinen, J. (2014). The impact of working capital management on
firm profitability in different business cycles: Evidence from Finland. Research in
International Business and Finance, 32, 36-49.
Gallemore, J., & Labro, E. (2015). The importance of the internal information environment for
tax avoidance. Journal of Accounting and Economics, 60(1), 149-167.
Hair Jr, J. F., Wolfinbarger, M., Money, A. H., Samouel, P., & Page, M. J. (2015). Essentials of
business research methods. Routledge.
Kolk, A. (2016). The social responsibility of international business: From ethics and the
environment to CSR and sustainable development. Journal of World Business, 51(1), 23-
34.
Laudon, K. C., & Traver, C. G. (2016). E-commerce: business, technology, society.
Yusuf, Y. Y., Gunasekaran, A., Musa, A., Dauda, M., El-Berishy, N. M., & Cang, S. (2014). A
relational study of supply chain agility, competitiveness and business performance in the
oil and gas industry. International Journal of Production Economics, 147, 531-543.