The business field has been for a long time one of the most abused areas in terms of adherence to laws and regulations. Economists like Adam Smith argued that a free and competitive market will ultimately yield benefits for consumers and fellow businessmen. However, these ideas are not realistic since businesses without regulations and adherence to laws will lead to exploitation of consumers as well as unhealthy competition among businessmen. To ensure fair practices in the market, a regulatory and legal business environment should be established. On basis of this paper, the influence of the legal business environment will be analyzed as well as the key areas in the study of the legal business environment.
Learning about the law has been great enlightenment on the way business should be conducted. Insights on the crimes performed in business have been revealed in the study of law; whereby the misconduct and abuse of rights of other players in the market are outlined. From the study of law, it is clear that business should be operated within the set regulations and through adherence to the law. The study on law is very essential since it will help the perception of many people regarding the essence of free competition. Studies carried to examine the conduct of businesses, have shown that there are many malpractices in the business field. It is high time businessmen and other stakeholders in the market realize that adherence to the law and practice of ethics is not a matter of negotiation.
The whole study on political, legal, and ethical issues in business is very essential in building careers as well as empowering students with basic knowledge on business conduct. About this, the concept of ethical issues in business has been the most valuable in this case; whereby it ensures the smooth running of the business. The concept of ethics in business is very vital and cannot be taken for granted. Study on ethical issues in business gives the basic outlines on how the business organization should relate with one another as well as their clients.
The topic will deliver the right knowledge which can be very useful for consumers to safeguard their rights as well as helping business organizations acceptably conduct themselves. For instance, the practice of ethics will ensure business organizations do not defame others through misleading advertisements. In addition, the practice of ethics will ensure that consumers are not exploited through high pricing, substandard goods as well as misleading information through advertisement.
Experience and knowledge on legal matters regarding business are very useful and can be utilized in several ways. First and foremost, the experience can be utilized in building one’s career; where one can secure a senior position in a business organization. For instance, one can be recruited as a legal adviser of the organization which will enable the company to operate and conduct its activities within the law. Secondly, knowledge and skills on business legal matters can be utilized in empowering and enlightening the consumers about their rights. Importantly, as a businessman; one can use the skills to ensure that he operates within the rule of law as well as ensuring practice of ethics which can be a strategy of winning more customers.
In sum, studying about legal business environment is very essential both to the consumer, businessmen as well all other players in the market. Adherence to the set laws and regulations will ensure fair play between businesses and smooth resolution of disputes. Additionally, a regulatory and legal business environment will ensure consumer protection from any form of exploitation.