1A1: Know the Business Environment

The business environment is the situation, conditions, and surroundings you find your business operating within.  This includes, global, domestic, environmental, and stakeholders who interact with you and your business

This is important to know because it along with other efforts, helps you understand how you want to go about doing business and what strategy to pursue

The impact of this is you can set a strategy and implement it and with proper management, gives you a chance to succeed profitably