EXTERNAL INFLUENCES ON BUSINESS!

STEEPLE

Social
Technological
Ethical
Economic
Political
Legal
Environmental

*THESE ARE THE FACTORS THAT POSITIVELY OR NEGATIVELY AFFECT A BUSINESS.

*Examples for the social factor,
If the school increases the scholarship program then there would be more students coming ,
Demographic profiles of the families of the students in the school.
*Examples for the economic factor,
Dollar increases weakly. This is good for imports. If your company has a loan of 1 million dollars and if dollar weakens then its beneficial for you, because you wouldn't have to pay more for your imports.(Depends on what aspect you look it can hurt you or benefit you)

How do you distinguish between a social and economic factor?
Social factors have to do with; religion, class, ethnic identities and occupations. Economic is some factor in the economy.
E.g. let us think that the ministry decides that no longer the Jewish people can go to school; then this would be a social change because it affects the society.

The politics factor:
This factor is greatly influenced by the ideologies of people. For example, the school would need a change if most of the parents change their attitudes towards the education given in the particular school. Educational companies have always something to do with politics. This reveals that they are dependent to eachother. Politics interferes with education nearly all the time.

Afghanistan – do you want to open a business there?
There is no competition in Afghanistan which may lead to more profit in the business done.

THE HIGHER THE RISK, THE HIGHER THE REWARD!!