ENTREPRENEURSHIP

Detailed explanation-1: -Business environment refers to “the total of all things external to firms and industries which affect their organisation and operation. Business environment encompasses the climate or set of conditions, economic, social, political, or institutional in which business operations are conducted.

Detailed explanation-2: -Business environment is the sum total of all factors external to the business firm and that greatly influence their functioning. It covers factors and forces like customers, competitors, suppliers, government, and the social, cultural, political, technological and legal conditions.

Detailed explanation-3: -The economy, politics, competitors, customers, and even the weather are all uncontrollable factors that can influence an organization’s performance. This is in comparison to internal factors such as staff, company culture, processes, and finances, which all seem within your grasp.

Detailed explanation-4: -External environmental factors are the factors outside the organization that influence the business. These often include the social and cultural, natural environment, political, legal, technological, and economic factors.

Detailed explanation-5: -Examples of environmental factors affecting business include employees, competitors, suppliers, customers’ needs, owners, government regulations, market trends, technological developments, social factors, and economic factors.