"The implication of the Greek word used is of a wild beast — untamed, unruly, and violent-natured. Now we know that we are not speaking of a literal animal — for what does a wild animal have to do with the great mysteries of God? Internally, this wild beast is the bestial nature of the natural man, the carnal mind and the fleshly nature of the unregenerate self. Externally, this wild beast is the world — the institutions, systems, and authorities created in human society by the fleshly wisdom and soulical power of natural-minded men. Thus, this woman, the false church, is carried — underwritten, supported, maintained, and sustained internally by the flesh, and externally by the world!"
Much more in the link:
I should add the deeper context to this. The seven headed beast is the world pagan or beast system. It is floating on, or being supported by, the people which is represented by water. So in reality, the people are harming themselves by supporting the beast system, which in turn, is supporting the religious harlot which leads them away from God. And leads them to their destruction. This message ties right back into the Old Testament book of Samuel, where the people desire to have King of their own instead of the leader that God had chosen for them.
Should have trusted God and we would have never had to went through Jacob's troubles.
See how much you miss when you don't take God's words literally?