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Use the PEST (or PESTLE analysis to understand your macro environment).
Why
Why
The PEST or PESTEL-analysis gives you an overview of the external forces that surrounds you idea and business. Thereby you will get an idea about the size of the opportunities and the seriousness of the threats you are facing.
When
When
Do the PEST-analysis in particular in the Test-phase. It will help you evaluate the overall business opportunity and assess potential risks.
How
How
In an article at Mindtools you can read more about the process:
- Brainstorm factors - in each of the categories Political, Economic, Socio-cultural and Technological etc.
- Brainstorm opportunities - what opportunities does each factor open for you?
- Brainstorm threats - what factors pose a threat to your idea and business?
- Take action - define how to take actions to reduce or eliminate threats and exploit opportunities.
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