(Covid-19) What every entrepreneur should anticipate

 Article N° 48.

(2 minutes)

There are many reasons for undertaking: self-motivation, independence, improve the world, economic security, among others more. In momentum that Covid-19 has resulted from the economic perspective, rising unemployment in many countries, the new unemployed have been forced to undertake, so this article.

Those who undertake must evaluate the variables that can affect the performance of their idea and this year Covid-19 is an example. It is therefore advantageous to know about the country context where you are starting, here are five factors about the environment to consider:

 

-Political. Government relationship with companies, stable political system and government transparency.

-Economics. International deals, currency strength, price stability, and fiscal policy.

-Socials. Educational level, health system, demographic distribution, ethnic and religious factors, quality of life, transportation, and consumer customs.

-Technologics. Communication platforms, innovations trends, supply chain management, and Internet advances.

Depending on the type of entrepreneurship, it is suggested to analyze the following factors:

-Ecological. Legislation on the environment, natural events, and use of natural resources.

-Legal. Regulations on private and intellectual the property, legislative severity, and body of laws for micro, small, medium and great companies.

Finally, some authors are more precise in their context analysis and include variables as these, already considered above as the industrial, demographics, and ethical.

This is information that can help to formulate strategies. Sometimes a person like an entrepreneur carries out strategic plans in his life, without realizing it. In simple words, a strategy is a plan in which the activities are outlined rationally to reach goals, considering the necessary resources.

 

The management tool described at the beginning of this article is known by the acronym PESTEL. Many specialists consider that it is better to use others such as Pareto Diagram, Scenario Analysis, Value Chain, Porter's 5 forces or the SWOT matrix (Strengths, Weaknesses, Opportunities, and Threats) and other experts argue that it is more useful to complement them and analyze the results of applying two or more analysis techniques.

They all have particular applications and are the product of evolution in the science of management, and who write this article thinks that they can be adapted for both business and personal plans.

As always, all this information is general in scope, making the Administration for everyone.

If you have any questions or wish to request topics of your interest you can write to us through our social media platforms or to adm.paratodos.01@gmail.com

 

Our website in Spanish https://wp.me/PabDC8-5  

 

We appreciate citing this content with the APA style:

(Pacheco 2020, December. What every entrepreneur should anticipate. Blog Administration for all Retrieved. 2020, 30 -December. https://tinyurl.com/y9fysq9x).     

 

Do you want to read other articles?

🔻 More posts below. 🔻