ENTREPRENEURSHIP

Detailed explanation-1: -External factors are things outside a business that will have an impact on its success. Their impact can be positive or negative. A business cannot control external factors. All it can do is react to them and make decisions to help it remain successful.

Detailed explanation-2: -Manufacturing is NOT an external factor since manufacturing is referred as an internal factor as it belongs within the complete control of the organization.

Detailed explanation-3: -External factors include political, economic, sociocultural, technological, environmental, and legal factors. These are factors that happen outside of the company but still, impact its ability to do business. Internal factors include culture changes, management changes, and employee morale.

Detailed explanation-4: -The external factors like politics, competitors, economy, customers, and weather are beyond your control but can make a huge impact on your organization’s performance and success. On the other hand, internal factors like processes, staff, culture, and financial situation can be controlled by you.