Business and the Environment | Business Studies Form 1
Meaning of business environment
Business environment are circumstances or factors that influence business operations.
These factors could either be within the control of business and are referred to as internal business environment or are beyond the control of the business and are referred to as external business environment.
Internal environment refers to the factors within the control of the business.
Human resources ;
They are important in an organization in that they take an active part in production. Workers/employees with the relevant skills promote the success of the business.
The availability of finances enables a business to acquire relevant facilities required to achieve its objectives.
this is the formal arrangement of day to day activities and relationships of people in such a way that work is directed towards the achievements of set objectives. A business that is managed well will be successful.
Goals and objectives;
These are targets set by the managers of a business to be achieved. A business unit will only succeed if it has clear objectives which it strives to achieve.
Physical resources ;
These are tangible facilities such as buildings, machinery, motor vehicle etc which belongs to the business. When these facilities are made available and are organized properly they contribute to the success of the business
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