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The business environment encompasses various components such as customer demands, supply, management, clients, suppliers, owners, government actions, technological innovation, social trends, market trends, economic changes e.t.c. It is important to note that all of these components have an impact directly and indirectly on how business functions and even determines the longevity of a business, and is altered by them as well. Being a business owner means that you have to monitor how these components and factors affect your business as well as develop methods for overcoming these challenges. A business environment can be classified into internal and external environment, where internal business environment refers to things such as products, organizational culture, manufacturing quality, value system, bad resource, poor staff quality, external business environment on the other hand refers to factors which may affect business growth, and are independent of the workings of a specific organization.
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HOW BUSINESS ENVIRONMENT AFFECTS SMALL BUSINESSES
- Political Factors
- Economic Factors
- Legal Factors
- Taxation
- Tariffs
- Employment law
- Import restrictions
- Intellectual property law
- Social factors
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