Question

Explain five factors that constitute a healthy external environment for business

Answer 1

1. Political stability- this will create a conducive environment for business to thrive
2. Favorable laws- this will encourage people to engage in business
3. Reliable supply of raw materials –this will ensure proper growth and development of business
4. Fair competition – this will enable the business to cope
5. favorable physical factors- this will encourage business in such an area as workers will be attracted in that region
6. Availability of market- this will create buyers for the business goods hence expansion and continuity
7. Advanced technology – this will make the daily activities efficient