Business in Practice: Analysis of External and Internal Factors

This report examines the influence of external and internal factors on business operations. It begins by discussing the significance of external factors, such as competition, and their impact on a company's ability to maintain a unique position in the market. It also highlights the need for businesses to understand and adapt to the external environment. The report then explores the importance of internal factors and how they affect business practices. The analysis emphasizes the need for businesses to regularly assess both internal and external factors to ensure survival and profitability. References are included to support the analysis, providing a basis for understanding the complex dynamics of the business environment.

Introduction
External factors are said to be those factors which influences
situations along with other circumstances that perform in a
business and which cannot be taken under control as it could
affect business environment in terms of their decision
making of their owners along with stakeholders.
Business In Practice
Impact on external
environment
As there are various ways by which company has create an
impact on outside environment. As in order to carry out
business operations it is important for companies to
determine external environment that a proper impact could
be provided by increasing out external factors of company
in terms of maintaining the survival in marketplace
(Tran, 2021).
External factors
Competition from various companies: As due to recent
competition from various companies there are various market
places that could generate and impact as well as effect
business operations. So in that situation it becomes necessary
for company to maintain a sense of uniqueness along with
creative factor in reference of company so that they could be
able to deal with competition smoothly along with
profitability could be earned.
References
Istan, M. and Fahlevi, M., 2020. The Effect of External and Internal Factors on Financial Performance of Islamic
Banking. Jurnal Ekonomi & Studi Pembangunan .21 (1). pp.137-145.
PHAM, D.C. and NGUYEN, T.T., 2021. Factors affecting the internal audit effectiveness of steel enterprises in Vietnam. The
Journal of Asian Finance, Economics, and Business .8 (1). pp.271-283.
Ragil, A.A.P. and Kim, K.S.K.K.S., 2021. A Study of Factors Affecting the Performance of Micro, Small, Medium-sized
Enterprises in Indonesia. Journal of Social Science .2 (3). pp.235-247.
Internal factors
As internal as well as external aspect could create effect on
particular business in a wide way. So it becomes important for
companies for identifying them on regular basis for keeping
up their business practices effective in order to maintain their
survival in corporate market generating out profitability as
well as sales.