What is Business Enviornment Its nature and significance

 Business is an economic function that is performed on the behalf of money to increase the living standard of customers.Now it becomes global so it follows international rules,regulation law etc.

Environment-There are many elements present around the business and affect business.The combination of all these factors is called environment.

So we can say that all factors that present around business and affects business is jointly known as business environment.

Definition-

There are many authors,experts,scholars define business environment by many ways.Some ways are as below-

According to Keith Davis-Business environment is the aggregate of all conditions,events and influences that surround and affect it.

According to Wheeler The total of all things external to firms and industries that affect organization and operation is called business environment. 

So we can say that business plays an important role for the development of common man,society,nation in 21st century.It fulfills need,want,desire of customers and make their life more luxrious.

Business environment is made two words.One is business and second is environment.

Business-It is the exchange of goods,services,idea on the behalf of money for getting mutual development of each other.

Environment-There are many element present around business.The combination of all these elements is jointly known as environment.  

So we can say that all elements that present around business and affects business is jointly known as business environment.

A\C Arnold J. Tonynbee "Civilizations require challenges to survive. Thus environment also contains hostilities and dangers that may be overcome by individuals and organisations.

A\C to "Wheeler the total of all things external to firms and industries that affect the function of the organisation is called business environment.

A\C to Reinecke and Schoell the environment of business consists of all those external things to which it may be influenced directly or indirectly.

Nature of business environment-

There are many natures of business environment.These natures are as below-

1.It is an inseparable part of business.

2.It is complex.

3.It is dynamic.

4.It is multi feature possessing.

5.It influences business.

6.It is changable.

Significance-

There are many significance of business environment.These significances are as below-

1.It helps to grow long term in the market.

2.It helps to optimum utilisation of resource.

3.It helps to accept and implement new change in the organization.

4.It makes organization dynamic and flexible.

5.It helps to cash opportunities that is present in the market.

6.It helps to remove the weakness of organization.

7.It helps to increase the strength of organization.

8.It helps to achieve the objectives of organization.

9.It helps in profit maximization.

10.It makes the function of organization more effective,efficient and economical.

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