Here we place a spot on all the factors related to the local and international economy that can affect directly, and usually in the long-term, your product. #MINDLY DEF FREE#This can be an issue and, in the same way, an opportunity depending on offered benefits (fewer taxes, free land/building, so on). Let’s say that you have a fintech which provides flexible loans through an online platform and, for entering a new country market the local government demands a lot of bureaucracy & paperwork for being accepted and get some benefits. This dimension focus on how the government may influence the economy or industry where you mainly plan to offer your product initially or, even, in case you have already a product and plan to start offering it at a new country/region. Let’s look at each one and see some examples. The term stands for “Political”, “Economic”, “Social”, “Technological”, “Legal” and “Environmental”, which also means that for each one of these dimensions you and your team should assess risks/issues and opportunities. If you like the subject and also like to learn how people deal with risk, I recommend you reading “ Understanding and Managing Risk Attitude - David Hillson (Gower Publishing)” that was the book where I, for the first time, learned about PESTLE. By the end, as soon as you can have a clear picture, better you can convince your people and yourself to engage at making it happen, or not. So, one practice that I like to suggest is to use a good framework like PESTLE to have a better and clear view of your idea of viability and challenges. Listening to so many romantic stories about empires that started at garages and, then realizing the truth above can be sometimes frustrating before to start but even not becoming the next Google, good products can affect positively the lives of several people, including your life and of your team. Some of us put it in practice and, from these, the ones that are successful, a tiny fraction can change the world and build so famous companies like Google, Spotify, Netflix, and so on. Most of us already had at some moment a brilliant idea for a new product.
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