Importance Of STEEP Analysis On Business

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Nowadays, it is important for any type of business to have a clear knowledge of the external environment, this will help the business to have a success in running its operation.
STEEP analysis was defined by Preston (2006) as model that can be used to identify different aspects of external environment such as sociological, technological, economic, environmental and political factors. There are four elements that can be found as importance in analysing environmental causes. First, in order to put a strategic plan, STEEP analysis will list any impacts on the business and have a better strategy formation. Second, for a business to survive it has to have returns, so with knowing exactly environmental influences, the organization will be able …show more content…

person is going through some following stages to be entrepreneur are crystallized idea from executable project then they should search abut the project and how to implement it to achieve comment goals . So entrepreneur is a person who is not genius , but he con transform a man his thoughts and dreams , no matter how difficult the fact. ALSO, they have talent and abilities and skills through which they can detect good opportunity to be profitable venture and triest to measure the necessary resources to turn this opportunity into reality teal is characterized by leading business group of person qualities are they desire to achieve their dream and ability to solve the risk to achieve their goal .Moreover , entrepreneur is the owner of one or more projects succeeded in expanding the range of goods and services or work in more then one activity , they should make plan to increase capital and labor required other resources . The most important qualities of entrepreneur such as , solve the challenges and anticipate future opportunities . ALSO , implementation of plan . IF there any new ideas search for them even they are far fetoned and work to achieve them

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