Install and Run softwares from external harddrive

I would like to know if its possible to install and run softwares directly from the G-tech external SSD hardrive? I have a mac book pro with 500GB SSD which is almost full and need more space.

Also is it possible to replace my existing 500GB SSD hardrive with new 1/2TB harddrive from Apple?

G-Technology 500GB G-DRIVE slim SSD USB-C Portable Drive

G-Technology 500GB G-DRIVE slim SSD USB-C Portable Drive

Product No Longer Available

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