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Anticipate what business law may look like 20 years from now and give your opinion on what you believe students will need to know in order to be successful in the field. Provide a rationale for your response.
Business law entails all the laws that govern the processes needed to start, buy, sell or manage a particular business. The various businesses involved include sole proprietorships, partnerships, limited liability companies and corporations (Nayler, 2006). As time advances, the world is moving into an era where innovations are being made every now and then and new ideas developed frequently to start new business enterprises. Continued activities in the business world require frequent regulations to be developed due to the changing nature of business activities. New start ups are frequently changing in structures and they need new ways of governing them.
Students in the future need to learn about these frequent changes and the details of what the entail so as to know what to do in handling issues concerning the various types of businesses. Laws are being challenged and changed by consumers, parliaments and legal bodies due to the increasing changes of consumer rights and wants (Cheeseman, 2015).
Twenty years from now students will need to learn the foundation of business laws and the fundamental causes of their development in their current setting. They will then need to know the various developments and amendments that have taken place over the years till the laws that will have been developed then (Nayler, 2006). The basic principles governing those laws also need to be passed on to them so as to maintain the ethics (Marson, 2013) which they contained when they were first created.
Business law courses therefore will have to be adaptive to the times in which they will be developed because times and consumer needs are changing constantly due to the several inventions and innovations taking place always keeping students, businessmen and businesswomen alert to changes in their business environment. This will enable them keep track of their time and activities in the business world. They will then be able to navigate accordingly in their daily business activities.
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