Usually, when filling out some kind of form, "nature of business" refers to the type or general category of business or commerce you are describing. For example, if you worked at McDonald's, the nature of your business is food services.
"Nature of Business" means what type of business your are doing? like Wholesale, Retail or Service, Manufacturing, Marketing, etc. If you want more specific, then HBA wholesale, Car Service, Furniture manufacturing, health Drinks Marketing, etc.
The nature of business, means what exactly your business is doing and what is the service/product you are offering. For example the nature of "Walmart" as a business is "Retail" and the nature of "Microsoft" is "Software."
Internal and External Influences on businesses
The external environment includes those factors over which the business has little control, such as government policy, technology, economic conditions and social attitudes.
The internal environment includes these factors over which the business has some degree of control, such as products, location, resources, management and business culture.
External Influences on business
· Economic
· Financial
· Markets
· Competitive siuation
· Technological
· Institutional
· Political
· Legal
· Social
· Geographic
If you had a shop and everyone decided to go to another shop that would be an econmic disaster!
If this continues for a month then the business would close, employees would be laid off, and landlords and suppliers will not be paid.
Charasteristics of boom perios
- Higer lever of employment
-Inflation may increase
- The level of spending by consumers increases as they have more confidence in the economy
Characteristics of recessi on period
- Unemployment levels rise
- Inflation may remain stable or fall
-Wages are less likely to rise as employers
- The level of spending usually decreases
Internal influences on Business
- Product - The types of good and services will affect the internal operations of a business, The product influence and the size of the business
-Location -A good location is an asset and will lead to high levels of sales and profits and a bad location is a liability that adversely affects sales and products · Location Factors - Visibility, promixity to customers, promixity to suppliers and promiximity to support devices
-Management-
-Resource management
-Business culture
Failure to SME failure · Failure to plan · lack of information · leaderhsip skills · inaccurate record keeping · new taxes · not enough sales · economic turndown · staff difficulties
Success to SMEs · Entrepemtual abilities
You May Also Find These Documents Helpful
-
The external environment factors of an organization consist variety of factors, which typically come from outside of company and impact the company’s ability to function in global market.…
- 434 Words
- 2 Pages
Good Essays -
As you can see from the table above there are many different types of businesses and classifications for businesses. For each type of business there are different key influences that will affect them in different…
- 298 Words
- 2 Pages
Satisfactory Essays -
* The external environment is affected by political, social, technological, and economic stimuli outside of the organization that cause changes.…
- 1162 Words
- 5 Pages
Good Essays -
External environment - consists of all forces or groups outside the organization that have the potential to affect the organization. Some elements in a company’s external environment that can play a significant role in a firm’s activities are competitors, customers in the marketplace, the government and other legal or regulatory bodies, general economic conditions, pools of available human or financial resources, suppliers, technological trends and so forth.…
- 4770 Words
- 20 Pages
Good Essays -
In a business environment there are two main classes of factors namely internal and external.…
- 4202 Words
- 17 Pages
Better Essays -
Business is such an integral part of our lives that we do not normally stop to think about it. It is hard to define for the very reason that there is so much of it around us, in all sorts of different shapes and sizes…
- 9344 Words
- 38 Pages
Powerful Essays -
The executive summary is arguably the most important section of the business plan. It must be concise, specific, and well-written. It…
- 1655 Words
- 7 Pages
Powerful Essays -
| A business profile defines a company's overall functions, processes, organization, products, services, customers, suppliers, competitors, constraints, and future direction.…
- 2716 Words
- 11 Pages
Good Essays -
Business environment may be defined as the set of external and internal factors which affects the decisions of business. We can divide business environment into two parts…
- 340 Words
- 2 Pages
Satisfactory Essays -
| |P1 Explain different types of business information, their sources and purposes |7 March 2013 |…
- 3950 Words
- 16 Pages
Powerful Essays -
This is a summary that can answer the question: what kind or type of business am I in? You must be able to answer this with a one sentence answer that summarizes everything you'll do. You'll use this as a tag line when meeting business people as you market your business or as an introductorily statement presented to a lender.…
- 511 Words
- 3 Pages
Satisfactory Essays -
In this assignment I will explain different types of businesses and how these different businesses operate.…
- 935 Words
- 4 Pages
Powerful Essays -
- Variety. This one tells us, how many different type of products or services are made by the operation.…
- 3416 Words
- 11 Pages
Powerful Essays -
Business Enterprises 1 NATURE, FORM AND TYPES OF BUSINESS ENTERPRISES Business Enterprises (Sole Proprietorship, Partnerships & HUF) 2 Corporate ( Cos. & Co-operatives)…
- 1642 Words
- 7 Pages
Satisfactory Essays -
Business refers to the human activities engaged in production and/or exchange of want satisfying goods and services carried with the intention of earning profits. We can list the following five broad features of business:…
- 4232 Words
- 17 Pages
Good Essays