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Hemant Prajapati
ย โขย
Techsaga Corporationsย โขย 1y
๐ Follow || Bookmark ๐ || Comment your thoughts ๐ญ|| ------- . Conducting market research is essential for startup founders, but it can be hard with limited time and resources. A rapid PEST analysis can help simplify this process. What is PEST? PEST stands for Political, Economic, Sociocultural, and Technological factors that affect your business. Spending a couple of hours brainstorming in each category can provide valuable insights. Here are the key takeaways from my quick PEST analysis for my latest startup: Political: โข โ๏ธ Upcoming policy changes could affect our industry. โข We have a chance to advocate for our interests early on ๐จโ๐ผ. Economic: โข ๐ A slowdown is expected, but consumers still want convenience. โข We can meet their needs affordably during tough times ๐ฐ. Sociocultural: โข ๐ Thereโs a growing trend toward supporting socially-conscious companies. โข We can showcase our positive environmental impact and community partnerships ๐ค. Technological: โข ๐ฅ๏ธ Competitors are focusing on flashy new features and ignoring the basics. โข Our simple user experience could stand out as refreshing ๐ก. This quick analysis may not reveal everything, but it gives us a solid starting point. Having some insights is definitely better than going in blind!
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