Use the internet to develop your business idea
N-E-Life.com, the portal for North East England, has a short article on how to use the internet to develop your business idea.
The article focuses and points to resources you can use to help you develop your business plan. One interesting acronym that I discovered by reading this article is the PEST analysis (definition). PEST stands for the Political, Economic, Social and Technological factors of that affect different sectors and markets. Basically, the article states that you should seek PEST data when researching the web to develop your business idea.
Related: Here’s a video for sale that seeks to answer the question “how do external factors affect business?” The video is described further:
The experiences of the companies in a seaside town demonstrate the meaning of P-E-S-T.
POLITICS: People often complain about European politicians. But business is booming at the Royal Albion Hotel – and it’s all thanks to a European grant.
ECONOMICS: Economic factors led famous model train maker Hornby Hobbies to close its factory and move its manufacturing to China. Hornby’s done well – but what about the social costs?
SOCIETY & TECHNOLOGY: The Happy Elephant jewellery company is making sales from a social trend called the “New Age”. Meanwhile technology has helped turn round the fortunes of the Bottleneck off-licence.
THE RETAIL PARK: But external factors are rarely clear-cut. How will a big new out of town shopping centre affect the high street shops?