✅sensing Enterprenuerial opportunities.
✅Give the meaning of Environment Scanning?
✅ What are the Approaches to Environmental scanning?
✅ What is the process of Environmental scanning?
Q:- Sensing Enterprenuerial opportunities?
Understanding the Entrepreneurial Opportunity means allowing a moderate band to realize, recognize and recognize a commercially viable business idea that they can pick up under a set of environmental conditions.Entrepreneurship involves rigorous practice in identifying business opportunities and turning them into real enterprises. Entrepreneurship is not a game of snakes and ladders, where you can win or lose a game by throwing dice. This, in fact, is the key to success in this dynamic endeavor. Put it briefly on top, entrepreneurial opportunity means storing iron when it is hot.
Now the question is what are the methods and means by which the entrepreneur can understand the entrepreneurial opportunity. Successful entrepreneurs recognize and respond to people’s needs, desires and trends.
Needs are basic human needs that people need air, food, water and shelter to survive. People also need entertainment, education and entertainment. These needs become a necessity when they are directed to specific items to meet the need. As a result of recent corporate scandals, demand for this feature has skyrocketed.
Enterprising individuals manage to address unnecessary customer needs. An entrepreneur is always on the lookout for the fact that there is a difference between the demand and supply of products and services. He took advantage of this opportunity, recognized by India’s for-profit software companies and recognized the demand for automation of the banking system and therefore developed software that completely changed the way the banking system works have done.
A trend is also an important factor that leads an Enterpreneur to a particular business opportunity. A trend reflects the shape of the future and offers many opportunities. In India, for example, due to the boom in the information technology sector, a large number of young people are joining the workforce. As a result, their purchasing power increases and they become a major consumer group.
The role of youth in the use of products and services is undergoing an acceptable transformation. This shift in trends has reshaped the business landscape. Entrepreneurs are working hard to make their products and services available to young earners so that this opportunity can be used wisely.
The business opportunity encourages the entrepreneur to accept a particular plan to invest in terms of a reasonable rate of return.
Q:- Give the meaning of Environment Scanning?
Environmental scanning involves the study and interpretation of economic, political, technological, social and environmental events in an effort to support emerging trends and conditions that can be the driving force for shaping business opportunities. Environmental scanning means carefully studying the various things that affect a business. It is a process of monitoring the environment to identify opportunities and risks that affect business.
Uses of Environment Scanning….
1.Environmental scanning provides the entrepreneur with accurate predictions of trends that affect the fate of the business.
2. After identifying and assessing opportunities and risks, the firm is able to define its goals and formulate strategies to achieve those goals.
3. Scanning the internal environment provides management with valuable data on physical resources and personal abilities.
4. Environmental scanning examines a firm’s business in the context of a wider environment.
Q: What are the Approaches to Environmental Scanning?
1. Systematic approach :- In this approach, information for environmental scanning is systematically collected so that changes can be monitored and relevant factors taken into account. Such information must be updated regularly for strategic and operational activities.
2. Adhoc approach :- This type of approach is used when an organization conducts specific surveys for a specific project.
3. Processed form approach:- Adopting this approach requires processing data collected from both sources inside and outside the organization. Information provided by government agencies or private entities is used in processed form.
Process of Environmental scanning…
Environmental scanning involves scanning the Internal and external environments. The survival and success of a business firm depends on the natural strength of its resources and the extent to which the external environment is conducive to business growth.
Internal Environment :- The internal environment is influenced by internal factors or controllable factors because the firm has control over these factors. The following are the internal factors: –
1) value system :- Entrepreneur’s value system has influenced business choices.
2) Mission and objectives :– Business philosophy and policy guide the company’s mission and goals.
3) Management structure :- The organizational structure, the composition of the board of directors, the extent of the professionals are the key factors determining the business decision.
4) Internal power relationship :- It refers to collaboration between different stakeholders that influences decisions and their implementation.
5) Human resources :- Human resource characteristics such as skills, standard behavior, etc. Contributes to the strengths and weaknesses of the organization.
External Environment:-
A) Micro Environment :- These forces directly affect the operations of a firm. The micro-environment consists of supply, finance and the general public.
B) Macro Environment :- A business operates in a large macro-environmental force that creates opportunities and poses risks to the company. These are usually uncontrollable factors. The main macro environmental factors are: –
1) Economic Environment :- This refers to all the economic factors that affect the functioning of the business unit such as GDP, per capita income, inflation rate, future trend of unemployment level, etc.
2) Demographic Environment :-The main demographic force overseeing business is the population, because people make up the market. They are deeply interested in the size and growth rate of the population in urban areas and nations.
3) Political and Legal environment :- The political and legal environment consists of laws, government agencies and pressure groups that affect various businesses. Sometimes, these rules also create new business opportunities.
4) Technological Environment:- Technical scanning will include an analysis of the performance of infrastructure, industrial production capacity, manufacturing processes, etc., and their improvement has a significant impact on the business environment.
5) Natural Environment :- The deterioration of the natural environment is a major global problem. There is great concern about greenhouse gases. When a business person scans, he sees how his business activity is affecting the natural environment or where he will somehow contribute to reducing industrial pollution.