BUSINESS ENTAILS IN GLOBAL CHANGES

 If anything can be said with certainty in the early decades of the 21st century, it’s that the world is changing at an extraordinary pace.

Businesses are so much a part of daily life that it’s easy to take the business world for granted. Day after day, businesses deliver what we want swiftly, efficiently, and with remarkably little fuss. Look around: almost every material good you’re surrounded by right now was created and delivered to you by some sort of business. Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services). Simply put, it is "any activity or enterprise entered into for profit.

Every successful business:

(1) creates or provides something of value that

(2) other people want or need

(3) at a price, they’re willing to pay, in a way that

(4) satisfies the purchaser’s needs and expectations and

(5) provides the business sufficient revenue to make it worthwhile for the owners to continue operation

Take away any of these things–value creation, customer demand, transactions, value delivery, or profit sufficiency–and you have something other than a business. Each factor is both essential and universal. The business and global change have a lot in synergy. By Global Change I refer to the impact of human activity on the key processes that govern the functioning of the biosphere. There is nothing new about global change. The earth has always been a highly dynamic system whose atmospheric, biological, and geological properties have changed, sometimes dramatically, over the course of time. And there is nothing new about global change forcing humans to make drastic changes in their ways of life. Global change in societal context includes social, cultural, technological, political, economic, and legal change. Global change as a word is closely related to globalization and global integration

 

The term global changes encompass population, climate, economy, resource use, energy development, transportation, communication, land use, and land cover, urbanization, globalization, atmospheric circulation, ocean circulation,  the carbon cycle, the nitrogen cycle, the water cycle and other cycles, sea ice loss, sea-level rise, food webs, biological diversity, pollution,  health, overfishing and more.

 

There is overwhelming evidence that now the main driver of global change is the growing human population's demand for resources which is also a major contributing factor in the production of goods and services. Business entails in global changes are things that cannot be avoided or things that ought to be included in or things that are involved in a business in line with the global change

Business entails in global changes or how global changes can affect businesses

Human population: Population customarily includes the number of people and the rate at which those numbers are changing. Populations are growing older in developed countries while other countries are experiencing an increase in their overall growth rate. As these cities grow there will be a greater demand for resources to build infrastructure, educate residence, provide security and promote employment opportunities. The implications of this demographic change are that governments may have to increase taxes in order to care for the elderly and companies may have to revise their business models due to an increase in pension costs.  Workers may also have to improve their skills or learn new ones in order to stay competitive in the job market. 

Energy use/ climate change/ Global warming: Climate change is now a fact of political life and is playing a growing role in business competition, but the effects of climate on companies’ operations are now so tangible and certain that the issue is best addressed with the tools of the strategist, not the philanthropist. Companies have noticed that the climate is changing because of the rise in extreme weather and sea levels. This change is making it harder for traditional farming and creating a greater demand for resources.  Companies are already thinking about responses to this trend. For example, Coca-Cola sees water scarcity in the future as a threat to its sustainability. Companies have found that addressing climate also makes good business sense.

Advances in Technology: New technological developments are creating totally new industries.  These breakthroughs have come from advances in nanotechnology, research and development, and mobile technology.  The implications for advances in technology are that there will be fewer barriers for virtual businesses, thus creating more competition; and the ability to leverage and use this technology will be a necessity instead of just an advantage.

We are experiencing sudden and dramatic changes that emphasize the current precarious economic and social system which is as a result if the COVID-19 pandemic. This pandemic is also an aspect or concept of a global change; this not only has consequences for the economy; all of society is affected, which has led to dramatic changes in how businesses act and consumers behave.

 

How COVID-19 Is Changing Global Business

In just a few weeks the state of globalization has changed dramatically; what lasting effects if any do you think this will have on business and the interconnectedness of our global economy? The COVID-19 pandemic outbreak has forced many businesses to close, leading to an unprecedented disruption of commerce in most industry sectors. Retailers and brands face many short-term challenges, such as those related to health and safety, the supply chain, the workforce, cash flow, consumer demand, sales, and marketing.

Many markets, especially in the fields of tourism and hospitality, no longer exist or has been put on hold. We are observing continuous layoffs which is outrageous. This is the time to push towards new multi-layered, diverse narratives While some businesses are struggling, some businesses are thriving. This is true for a number of Internet-based businesses, such as those related to online entertainment, food delivery, online shopping, online education, and solutions for remote work. People have also changed their consumption patterns, increasing the demand for takeout, snacks, and alcohol as well as cleaning products as we spend more time in our homes. Other industries that are doing well are those related to healthcare and medication as well as herbs and vitamins. Typically, when studying markets, it is assumed that they are static, a natural conclusion since they tend to change slowly. However, if there is one thing the COVID-19 outbreak has shown us, it is that markets are dynamic and can move rapidly.

These are unprecedented times, trying our resiliency and ability to adapt. As we each develop and implement contingency plans, moments of reflection are hard to come by, and leadership and expertise are needed now more than ever. Finally, the knowledge of  Business entails in global changes creates an efficient system for a thriving business system on a global scale while meeting the needs of the consumers and rendering services for the betterment of humanity The drivers of global changes such as climate changes, pandemics, land use charges, the advancement of technology poses a unique opportunity to study how markets are created and how they disappear within a very limited time span and also markets that could stand the text of time-evolving through generations.

In conclusion, business entails changes in respect to global changes.

 

 Written by:

UCHENNA CHINENYE PRAISE
Code: OS/20A/1589
Course: Physiology
Institution: University of Lagos
State of Origin: Imo