Are you curious about the factors that can impact the success of a business? In this video, we'll explore the external influences that can have a significant impact on a business's performance and operations. As a business owner, it's crucial to understand and respond to these factors to ensure your business's success in a constantly changing environment.

We'll examine three categories of external influences: stakeholder influence, technology, and the economy. Using an example of a food truck called Pedro's Tasty Tapas Ltd in London, we'll see how these external factors can affect a business. Pedro, the owner, believed that his love for cooking high-quality Spanish food would be enough to make his business a success. However, he soon realised that many factors beyond his control were affecting his business's performance.

We'll delve into the ways stakeholders such as shareholders, employees, and the government can impact a business's decision-making processes. We'll also explore how changes in technology and the economy can significantly impact a business's operations. Additionally, we'll discuss how external factors such as taxation, legislation, and trade unions can affect businesses and why it's essential for businesses to be aware of them. By the end of the video, you'll have a solid understanding of how to navigate these external factors and have a great chance of business success in the future.