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Examples of external factors include the economy, customer base, and laws. Internal factors on the other hand include culture, and management.
I work at a for-profit college. Economics as an external factor impacts the college a lot. With a tuition fee of about $25,000 for a two year associate degree, if the economy slows down, it is highly likely that the enrollment for the school also decreases. Moreover, the neighborhood the school is in now is not so posh; but there are plans to develop the area. If this development plan is executed, the school will certainly be in an upscale environment which can positively affect its image as an exclusive school. If the laws of the country suddenLy prohibits for-profit colleges, then the school's future will no longer exist.
The culture of the school is largely affected by Singaporesn culture given that its headquarters is in that country. Give this, most of our students are of Chinese descent. If this culture suddenly changes, for example if the school is acquired by an American educational group, then enrollment can be afected. Lastly, the management of the school includes a majority of ex-pats which is one of the selling points of the school - that faculty is foreign-born. If this changes, the business of the school will definitely be affected.Please let me know if you need any clarification. I'm always happy to answer your questions.
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