Reflection On Business Environment

Final Reflective Essay There are certain steps that must be followed in order to turn your idea into a successful business that not only draws in customers, but future investors. It begins with the Business Environment. Without knowing the actual definition and how important it is, you would be quick to assume it just means competition within the market. That’s part of it, but does not cover nearly everything. In the Business Environment, there are external factors and internal factors in the market. The external factors are the parts you can not control, but you must take into consideration when starting your business. The external factors are — legal environment, technological environment, social environment, and economic environment. Who is your competition? How will you differentiate yourself from the market? How will your product or service comply to social norms? Is your product legal to have? These are all questions you need to ask yourself. The internal factors

After your product has been targeted, you need to figure out a name for the business, your business partners and a mission statement explaining what your product will do for the consumer. Next is a location and a business plan. A business plan is an overview of your business, the goals for the business and how you will reach them. The business plan is one of the most important parts of starting your business. If you don’t have the funds to start your business on your own, this is where investors come into the picture. Without a solid business plan no investor will want to waste their time with you. Give the investor a reason to join the team, back your information up with credible facts and statistics. Depending on your product or service, there are different business’ you can choose from. Before jumping into your business talking to a lawyer and choosing the type of structure your company will be is