Step 1: Pick an industry

The first step is to provide the following:

The title of the industry you want to open a business in (not the name of your business). For example: Solar Panel, restaurant, retail store, banking, and yes, even Cannabis!
What is the total dollar value (size) of the industry in the U.S.?
What is the growth rate (percentage) of the industry in the U.S.?
Step 2: External Environmental Analysis

“Environmental scanning is frequently utilized to help organizations [or potential new businesses] scan the landscape of competitors, customers, economic conditions, market conditions, etc. before implementing a new product/service.” (Christiansen, 2020, para. 20)

Below are 6 environments that you will research to answer the questions in regards to your chosen industry. The purpose in answering these questions is to determine if there are any changes in any of the environments that may provide an opportunity for you use in your business venture. Each environment has a brief description and example to help you understand the environment.

Political

“Political issues refer to the government’s level of intrusion in an organization’s operations. Particular issues of concern are taxation, tariffs, regulations, elections, and political stability. For example, different political parties have different stances on increasing the minimum wage. Small businesses may pay attention to an election where one candidate proposes an increase in the minimum wage because it can affect their product/service prices and ability to maintain current employees.” (Christiansen, 2020, para. 21)

Answer the following questions regarding your chosen industry:

Are any changes to existing or new laws or regulations regarding federal taxation, and tariffs becoming active in the next 1-2 years that effect your chosen industry’s operations? Identify and explain the impact.
Has there been any federal, state, or local elections/political party changes that may impact your business? Identify and explain the impact.

Step 1: Pick an industry

The first step is to provide the following:

The title of the industry you want to open a business in (not the name of your business). For example: Solar Panel, restaurant, retail store, banking, and yes, even Cannabis!
What is the total dollar value (size) of the industry in the U.S.?
What is the growth rate (percentage) of the industry in the U.S.?
Step 2: External Environmental Analysis

“Environmental scanning is frequently utilized to help organizations [or potential new businesses] scan the landscape of competitors, customers, economic conditions, market conditions, etc. before implementing a new product/service.” (Christiansen, 2020, para. 20)

Below are 6 environments that you will research to answer the questions in regards to your chosen industry. The purpose in answering these questions is to determine if there are any changes in any of the environments that may provide an opportunity for you use in your business venture. Each environment has a brief description and example to help you understand the environment.

Political

“Political issues refer to the government’s level of intrusion in an organization’s operations. Particular issues of concern are taxation, tariffs, regulations, elections, and political stability. For example, different political parties have different stances on increasing the minimum wage. Small businesses may pay attention to an election where one candidate proposes an increase in the minimum wage because it can affect their product/service prices and ability to maintain current employees.” (Christiansen, 2020, para. 21)

Answer the following questions regarding your chosen industry:

Are any changes to existing or new laws or regulations regarding federal taxation, and tariffs becoming active in the next 1-2 years that effect your chosen industry’s operations? Identify and explain the impact.
Has there been any federal, state, or local elections/political party changes that may impact your business? Identify and explain the impact.