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. Changes in the population will change the demand for the businesses products therefore, the business to be aware of how many customers they will have to target and where they are located.