Disregarding external factors can expose a business to numerous risks:
Missed Opportunities: By ignoring market trends and technological advancements, entrepreneurs might miss out on opportunities for growth and innovation. Regulatory Non-Compliance: Failing to keep up with regulatory changes can result in legal issues and financial penalties. Competitive Disadvantage: Ignoring competitors' actions can leave a business vulnerable to losing its market share. Economic Vulnerability: Not accounting for economic fluctuations can lead to poor financial planning and instability.