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Hemant Prajapati
•
Techsaga Corporations • 3m
👉 Follow || Bookmark 🔖 || Comment your thoughts 💭|| ------- . 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: • ⚖️ Upcoming policy changes could affect our industry. • We have a chance to advocate for our interests early on 👨💼. Economic: • 📉 A slowdown is expected, but consumers still want convenience. • We can meet their needs affordably during tough times 💰. Sociocultural: • 🌍 There’s a growing trend toward supporting socially-conscious companies. • We can showcase our positive environmental impact and community partnerships 🤝. Technological: • 🖥️ Competitors are focusing on flashy new features and ignoring the basics. • Our simple user experience could stand out as refreshing 💡. 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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