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

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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.
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Next is legal. It is very important that a business operates within the law as if they don’t, it can lead to serious consequences. There is the civil law. This is the relationship between two parties (for instance, the employer and employee). Civil law can be administered in a number of ways, by European Union which deals with issues in the UK. The UK government which pass laws that businesses must follow. And lastly, Watchdogs who administer law in certain industries. Businesses are largely affected by 3 areas of civil law; the Competition law. This prevents large businesses ...

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