In order to start off with an entrepreneurial activity, it is utmost required to analyze the external environment from all aspects possible, as this analysis will tell the entrepreneur not only about the viability of the activity, but also the possible predicaments those can come in the way of implementing that activity. If all the aspects of the external environment to an entrepreneurial activity are considered, then they can be categorized into four major components, and those are namely political, economic, social, and technological. These four broad aspects constitute the building blocks of PEST analysis. Following are the brief descriptions of these four aspects:
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