Q39
‘Successful business managers have a good understanding of the environment in which the business operates.’ Explain ONE internal influence and TWO external influences that a successful business owner must understand. [3 Marks]
Expert Answer
Internal Influence: Employee relationships are an internal influence that has to be taken adequate care of to ensure the success of a business by the concerned owner. Any dispute with the workforce could snowball into a controversy with undesired effects.
External Influence: Regulatory Compliance, Threat from new entrants are the some of the external influences that a business manager must account for, so as to run
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