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Entrepreneurial Opportunity — Entrepreneurship STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceEntrepreneurshipEntrepreneurial Opportunity3 Marks
Question
What is PESTEL model? Explain it.
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Answer

Business environment forces exert pressure on the enterprises. The external environment consists of two levels, i.e. micro environment and macro environment.The macro environmental factors consist of Political, Economic, Social, Technological, Ecological and Legal factors, together known as 'PESTEL'.
S.No.
Macro environment
Few examples/factors
1.
Political.
Taxation policy, government stability.
2.
Economic.
Interest rates, inflation, business cycles.
3.
Social.
Population demographics, income distribution.
4.
Technological.
New researches and discoveries, speed of technological transfer.
5.
Ecological.
Carbon emissions, care for environment.
6.
Legal.
Taxation, employment, law, monopoly.

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