Lesson 10: Identification of Business Opportunity

• Environmental Scanning


  A process used by entrepreneurs and firms to monitor and analyze their internal and external environments to identify opportunities and threats
• Factors of environmental scanning

  • Events
  • Trends
  • Issues
  • Expectation
• Events


  Specific and significant occurrences which take place in any business environment. Tracking past and significant events are important for the growth or functioning business.
• Trends


  General tendencies that are connected with events. They are also regarded as a group of related events which can be positive or negative. By observing trends an entrepreneur can identify any change in the strength or frequency of the events.
• Issues


  Concerns that may arise in the wake of events and trends. They are emerging issue that firms and entrepreneurs are trying to identify so that they can take presumptive measures to prevent these from happening or prospering into bigger problems.
• Expectation


  Set of ideas laid down to serve as a benchmark or point of reference for business growth.
• Angel Investor


  A wealthy individual who provides financial backing for entrepreneurs or small business startups
• Bootstrapping


  A situation in which an individual starts a company with his/her own money or capital
• Crowdfunding


  The practice of funding a project or enterprise by raising money from a large number of people from the online community
• Corporate Social Responsibility


  A management concept where companies integrate social and environmental concerns in their business operations and interactions with their stakeholders
• Department of Trade and Industry


  The government agency tasked as main economic catalyst that enables businesses and empowers consumer