In the business world, surrounding factors create complexity of operations because of the great dynamism that characterizes them. In essence, many changes occur in business, all which may promote or hinder growth of businesses. Of course, adaptability to the changing business environment is inevitable for entrepreneurs who have a desire to become successful.
Usually, six elements constitute the business environment. These are legal and regulatory, economic, technological, competitive, social and global environments. Businesses thrive in a healthy environment as opposed to unfavorable conditions. Companies should continuously examine the business environment in order to excel. Obviously, changing trends would affect the ability of an organization to achieve its objectives.
For example, EBay Company began as an auction organization using the internet. initially, the process entailed bidding for particular items and holding back to see whether there would be other people to outbid .the process was proved workable in selling of cluttering items in the house. Further, this approaches provided a means of finding different goods and collectors’ items as well.
Nowadays, clients are devoted to the extent that they never consider themselves as bidding for items as much as winning those items. The success of eBay is attributed to its sound management over the years that have been responsive to changing business trends. According to Comscore Metrix, eBay was visited by more than 10million visitors in February 2003. Certainly, the company is the most visited retail site in Canada.
Similarly, eBay operates in an environment whose dynamism brings about different challenges. For instance, the technological systems can fail because they have not been upgraded. Notably, the company got offline for about 20 hours in the earlier days. Competition is also another challenge. Yahoo, Lycos and Amazon.com have always tried to win the same market share of the eBay company.
In conclusion, the business environment is never static. Therefore, it is pertinent for businesses to monitor the changes and adapt appropriately to avoid setbacks.
Works Cited
Patten, Karen P., Jerry Fjermestad, and Brian Whitworth. "How CIOs Use Flexibility to Manage Uncertainty in Dynamic Business Environments." (2009): Print.
