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Explain the advice and guidance available for pre-business and how slept analysis is useful.

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Transfer-Encoding: chunked ´╗┐The entrepreneur will also need to make use of SLEPT analysis. This stands for social, legal, environmental and ethical, political and technological. Slept analysis are external factors that affect the running of the business. First is social. The main factor that effects a business is demography. This is the study of the population. Firstly, they will need to think about the working population. They will need to identify the people who are able to work and where they are located. This is important for them as it will identify the amount of workers that are available for them. They will also need to consider the whole population. ...read more.


This prevents large businesses exploiting its customers for instance the Competition Act 1980 and Fair Trading Act 1973. There is Employment law which is designed to protect workers. Examples include, Employment Act 1980, 1982, 1989 and the Race Relations Act 1976. Lastly, the Consumer protection laws which is used to protect the customers. For instance, Sale of Goods Act 1987 and Consumer Safety Act 1978. Then there is environmental and ethics. First there are environmental costs. Environmentalists are concerned with businesses when controlling their negative externalities. For instance, water and air pollution, waste disposal and destruction of the environment. The government will try and control these factors; they do this by making the polluter pay tax and giving rewards to firms who are environmentally friendly. ...read more.


Furthermore, being ethical towards the workers will make them happy. This means they will be motivated to work harder and will benefit the business. The next factor is SLEPT analysis is political factors. Any change in the government will affect the political balance of a country and as such will impact upon the business. Therefore, the entrepreneur need to be aware of political factors that could affect their business. For example, the minimum wage is always changing, therefore they would need to change their wages for their staff to ensure they are keeping within political factors. The last factor in SLEPT analysis is technological factors. Technology is always changing therefore the business will need to keep up to date and incorporate the new tech into their business to be profitable. For instance, they may need to provide an online shopping service. ...read more.

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