The economic issues that a business founder should consider when conducting an external analysis include substitutes, elasticity of demand, ease of entry or exit, benchmarking, and industry trends.
External analysis means examining the business environment of a company. This includes factors such as its history, competitive structure, competitive position, and dynamics.
There are certain economic issues which are to be considered while conducting an external analysis, which include elements such as interest rates, GDP, inflation rates, unemployment rates, levels of disposable income, and the general growth or decline of the economy.
Hence, these are the economic issues that a business founder should consider when conducting an external analysis.
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