The external factors that influence a business enterprise include the following:
- Economic
- Legal
- Competitive
- Technological
- Social
- Political factors.
What are external factors?
External factors are the influences, circumstances, situations, or environments that a business must accept in doing business and making economic decisions because it cannot control them.
These external factors create some level of uncertainty in running a business. And a business's success depends on how well it can manage these factors.
Thus, the external factors that influence a business enterprise include the economic, legal, competitive, technological, social, and political circumstances.
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