Q (1) :
STEEP is a model which is concerned of studying the external factors that affect the business success , it includes five main categories : Socio-cultural , Technological , Economic , Environmental and Political . This model is applied at the beginning of the business and in the future when preparing the annual plan .
The five elements of STEEP :
1. S- Social : Describe the elements of the society where the business will be established such as : Demographics , Lifestyles , Religion and Age .
2. T- Technological : In general the development of technology has a direct effect on the industries and business , but there are some industries basically depend on technology which will be more affected than the others . Keep pace with technological …show more content…
Innovation :
Small business owner is making a greater effort and works hard more than the managers in the huge companies in order to develop and prosper their company .
4. Profitable :
Taking care of customers satisfaction , in addition to the ability to understand the market and Prepare a coherent plans would increase the profits of small businesses more than big companies .
Example :
DartMedia is a private company based in Kuwait , this company offers a lot of the technological services to different types of companies , including:
1. Marketing Services : E-mail marketing , Fax marketing , etc.
2. Marketing Consulting : E-marketing strategies , Internet marketing and online marketing plans development
3. Mobile applications .
4. Hosting and domain registration for companies' websites .
5. Design Services : Graphic design, logo design, brochures and catalog design, business cards, advertising and power point presentations ,etc.
After reviewing some of small business's benefits , it's obvious that it's play a major and effective role in the national economy , as well as it supports and helps the huge companies to success and development as they rely on it in many different aspects …show more content…
On the other hand, keeping the entrepreneur in sync with the economic development and within the framework of the competition, which directly proportional increase with economic growth . For example using the same resources which already used by the company in a new productivity ways to produce new goods that achieve highest financial returns for the company more than the old one .
Entrepreneurial qualities :
We will now review some of the entrepreneurial qualities :
1. Not being afraid of delegating tasks : The entrepreneur has to be a decision maker , unhesitating to appoint the tasks to his staff according to the specialize and experience as he must believe in their abilities to accomplish the tasks .
2. Managing time effectively : Briefly means that the tasks have to be sorted by priority before starting work .
3. Visualizing goals and success : The entrepreneur mustn't imagine the output of the entrepreneurial process only , also he need to imagine the entire procedure until he reaches the goal that aspires to
STEEP is a model which is concerned of studying the external factors that affect the business success , it includes five main categories : Socio-cultural , Technological , Economic , Environmental and Political . This model is applied at the beginning of the business and in the future when preparing the annual plan .
The five elements of STEEP :
1. S- Social : Describe the elements of the society where the business will be established such as : Demographics , Lifestyles , Religion and Age .
2. T- Technological : In general the development of technology has a direct effect on the industries and business , but there are some industries basically depend on technology which will be more affected than the others . Keep pace with technological …show more content…
Innovation :
Small business owner is making a greater effort and works hard more than the managers in the huge companies in order to develop and prosper their company .
4. Profitable :
Taking care of customers satisfaction , in addition to the ability to understand the market and Prepare a coherent plans would increase the profits of small businesses more than big companies .
Example :
DartMedia is a private company based in Kuwait , this company offers a lot of the technological services to different types of companies , including:
1. Marketing Services : E-mail marketing , Fax marketing , etc.
2. Marketing Consulting : E-marketing strategies , Internet marketing and online marketing plans development
3. Mobile applications .
4. Hosting and domain registration for companies' websites .
5. Design Services : Graphic design, logo design, brochures and catalog design, business cards, advertising and power point presentations ,etc.
After reviewing some of small business's benefits , it's obvious that it's play a major and effective role in the national economy , as well as it supports and helps the huge companies to success and development as they rely on it in many different aspects …show more content…
On the other hand, keeping the entrepreneur in sync with the economic development and within the framework of the competition, which directly proportional increase with economic growth . For example using the same resources which already used by the company in a new productivity ways to produce new goods that achieve highest financial returns for the company more than the old one .
Entrepreneurial qualities :
We will now review some of the entrepreneurial qualities :
1. Not being afraid of delegating tasks : The entrepreneur has to be a decision maker , unhesitating to appoint the tasks to his staff according to the specialize and experience as he must believe in their abilities to accomplish the tasks .
2. Managing time effectively : Briefly means that the tasks have to be sorted by priority before starting work .
3. Visualizing goals and success : The entrepreneur mustn't imagine the output of the entrepreneurial process only , also he need to imagine the entire procedure until he reaches the goal that aspires to