Three external elements of micro business environment are :
Suppliers: Like the customers, the suppliers also influence business. If a business has only one supplier and he gets annoyed because of some reason, the supply of goods can be stopped and the very existence of the business can be threatened or endangered. Hence, efforts should be made to have various suppliers.
Competitors : The competing firms can influence business in a number of ways. They can do so by bringing new and cheap products in the market, by launching some sale promotion scheme or other similar methods.
Public : Public has different constituents like the local public, press or media etc. The attitude or behavior of these constituents can affect business units.
For example, the local population can oppose some established firm whose business is excessively noisy. Similarly, if the media gives some favorable report about a particular company the price of its share can register an increase on this count.
