Understanding of business law concepts is relevant to the career path that a student is pursued. It is also important for my career path. I have learned that there are several business law concepts including commercial laws, business tax, business litigations, collections, banking and finance, bankruptcy, consumer law, entertainment law, insurance, international laws, etc. It is necessary that I have knowledge about all these laws, so that I can perform better in my profession (Emerson 2003). After my graduation, I have selected to be a businessman. I have learned that to become a successful businessman in Australia, US and UK or any other country, it is important that he or she has enough knowledge regarding different business law assignment help concepts.
In current business scenario, it is important that each business follow its corporate social responsibility and also conduct its business in an ethical manner. Knowledge of all these laws is effective to conduct the business ethically. During my studies, I have realized that businesses in which people have lack of knowledge in the area of business laws, it is difficult for them to survive in the industry for a long-period of time (Adamson 2010). For example, if a company operates its business internationally, it is important that it has different people that have knowledge regarding international laws to develop a sustainable business in the international market.
Similarly, it is also necessary that I have knowledge related to different banking and financing regulations to be a successful businessman. Understanding of financial regulations is important because it helps in fulfilling the financial needs of a business in an effective manner. If my knowledge regarding to financial regulations is insufficient, it will hamper the growth of the business. At the same time, to avoid any other legal issue regarding customers, employees and other stakeholders, it is important that I have knowledge regarding different business law topics. It shows that business law concepts are relevant to my career path (Bevans 2006).
Preparation of Career
Understanding of several business law concepts will help me in the preparation of my career. Different international laws such as trade regulations, international banking, foreign investment, international taxation, customs, etc. will help in upgrading my knowledge and will help me to become a successful international businessman. If in future time period, I want to expand my business in international markets to take advantage from different opportunities, knowledge regarding to international laws will help me to build effective market entry strategies and to get success in the market.
At the same time our law case study assignment help experts says that different commercial laws such as contract drafting & review, employment contracts, international transactions, breach of contract will also help me in the preparation of my career. It is because with the understanding of all these laws I will be able to analyze how knowledge of all these laws is necessary to operate business effectively. For example, knowledge related to employment contracts will help me to avoid any conflict with employee within the business (Ardizzoni 2005) Knowledge of business law concepts will also help me to understand the concern of corporate social responsibility to perform in the market efficiently.
Business law concepts will also help me in preparing my career it is because I can better interpret my career opportunities in terms of scope and getting success in those areas. Understanding of laws helps me to know how I can maximize my business profits while minimizing business losses. They will also help me to gain competitive advantage in the market and to determine the sustainability of my career for a long-period of time. To summarize the importance of business law concepts for my career, it can be stated that understanding of these topics will help me to become a successful businessman. If knowledge of all these laws will ignore by me, I can never become a successful businessman (Carroll and Buchholtz 2008).
Fitting of Business Law Concepts
I have identified several reasons that show that business law concepts fit with my career to be a businessman. During my studies, I have learned that different businesses fail due to lack of knowledge regarding laws including commercial laws and international laws. At that time, I have realized that ignorance of business laws can impact on my career of becoming a successful businessman. For example, Enron was failure due to ignorance of business laws such as corporate governance. From this failure of the company, I have learned that understanding of corporate governance is important to successfully run a business. Corporate governance is related to rules, laws and processes by which organizations are regulated, operated and controlled. Thus, it shows that business law concepts fit with my career (Meiners, Ringleb and Edwards 2011).
Moreover, I have also learned that business law helps in making the business secured. I have realized that in order to run the business some licenses are required. Business without licenses will be illegal and face several problems in their operations. As my career to be a businessman, business law helps me in understanding different laws such as employment law, tax laws and environment laws that are related to business. After identifying and understanding these laws, I have learned that these laws are helpful in running business successfully. Business laws are also helpful in setting some rules and regulation for the employees within the organization (Ardizzoni 2005).
I have also realized that following the business laws also attracts more customers and suppliers. In my career, business laws provide a framework according to which I can frame different policies and strategies to run the business. In case of Enron, omission of ethical principles in accounting, which was against the business laws leads to the failure of company. Therefore, I have realized the importance of business laws in my career.
Role of business laws in gaining new knowledge and changing direction
Before understanding the business laws, I believed that law is something that is strictly related to the court. After indentifying the various business laws, I started seeking towards expanding my business in international market. Business laws help me gaining knowledge regarding various rules and regulations related to foreign exchange. After Enron case, various business companies changed their way of doing things and follow the business law in order to sustain in market. I have also analyzed that, business law also aware the customers about their rights and duties (Emerson 2003).
Moreover, I have also realized that starting the business by following business laws makes the business secure and safe. Business law also helps me in gaining knowledge regarding legal issues involved in business and how to deal with them. Awareness about different laws also develops confidence in me to run the business successfully. Additionally, I have realized that understanding business law is helpful for the management students in identifying the various business ethics. It has been identified by me that it is necessary to bring changes in the prevailing business environment due to the changes in business laws by government.
I have analyzed that following the business laws also develop faith and understanding among employees. Considering the business law also builds sound image of my business in the overall market (Carroll and Buchholtz 2008). Following all the laws related to employment, tax, environment, etc. makes the business successful for the long term.