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Explain five factors that constitute a healthy external environment for business

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  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
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