When there is an entrepreneurial opportunity that exists in another country, it is important to understand the culture and industries that are prominent in the area. There are factors that will influence an entrepreneurs decision in determining the best and most potentially profitable business opportunity. The STEP factors assist in helping to make this process and decision smoother. Looking at the culture through the STEP process and then applying the same thoughts to the industries will give a entrepreneur a better understanding of companies and people.
Hungary
Fast Food Industry
Social
The concept of franchising is relatively new to Hungary and many of the market segments are underdeveloped. The franchises that are most frequently found are in the fast food sector. Fast food is being socially accepted throughout the world and will only continue to grow as demand for convenience goods continues to rise. The idea of the America culture is present in many international countries and a Big Mac, fries and a Coke clearly define the typical America cuisine.
Technology
The efficiency of the many fast-food restaurants is what has laid the path for success. The ability to have faster computers, credit/debit card machines, cordless microphones are technologies that have been implemented to make this industry flourish and grow. Technology continues to be persistent in Hungary and many other countries worldwide. With franchising being a new idea in Hungary, technology will only have to growth along with franchises.
Economic
Hungary has a strong economy and man analysts believe franchises will increase up to 10-12 percent in the next 4-5 years. There is a lack of personal capital and ac ...