Demi’s Basic Business Questions: What is Commercial Awareness?
This week instead of looking to myself for the answer to your questions, I looked to you for the answer to the meaning of Commercial Awareness. Commercial awareness is a phrase I’ve been seeing lately all over commercial law applications and all over financial and professional services sectors too. My idea of commercial awareness has always been wishy-washy and recently I’ve wanted to gain a more succinct definition.
To achieve my objective, I asked a few students from Trinity and UCD how they would define commercial awareness.
I spoke to students from business backgrounds who gave exhaustive responses:
“Being cognisant of the way businesses operate and affect our lives and how we affect businesses” (1st Year BESS),
“..being able to tack together different current affair stories and making real sense of them for your industry,” (2nd Year Law and Business)
“..understanding the external environment that impacts the specific industry, i.e the Political. Economic, Social, Technological, Legal and Environmental factors (PESTLE)..” (1st Year Global Business)
I also spoke to law students like myself, who kept things short and simple:
“..an understanding of how businesses work”
“Knowledge of a business or company, which is important if you want to get recruited by that company!”
I spoke to older students whose responses were.. interesting, to say the least:
“It means being aware, commercially of course.” (3rd Year Biomedical Sciences)
“Being able to tell the difference between all the ads or commercials on TV” (3rd Year Children’s and General Nursing)
Not only was I able to get student insight, I was able to get some industry perspective on commercial awareness too. My application for Legal Cheek’s Commercial Awareness Question Time with Matheson, Barbri, Pinsent Masons and Arthur Cox was successful so I was invited to attend the event at the Law Society.
The Commercial Awareness Question Time taught me the wide range of issues that commercial awareness encompasses. It ranges from having an in-depth knowledge of what the implications of Brexit are on the legal sector to knowing that a company is a brand that has to sell and distinguish itself from competitors.
Nearing the end of my search for “commercial awareness”, I’ve come to the realization that commercial awareness is as broad or as succinct a definition as we want it to be. It really is as simple as taking a little time out of your week to become “..aware, commercially of course” by following some financial institutions, newspapers or even keeping up with my Basic Business Questions.
If you have any more Basic Business Questions you are interested in me tackling, please do not hesitate to email me at firstname.lastname@example.org
Yours in Learning,