Tle

• This concerns the physical location of a business store

  Natural and physical environment
• Phenomenon refferd to as?

  Clustering
• pertains to the number of people living in the area their, age, gender, socio-economic startus, family size and religion and even growth trends

  Demography
• being the totality of the way of life, ideas and costums of a set of people or society

  Culture
• Law and policies of the national and local governmen units also influence the business operations

  Goverment Regulations
• pertains to the management of resources and study the system of production, distribution and consumption of good and services

  Economy
• Are inventions based on the application of science that create new product or procces improvement

  Technology
• someone who creates a new business in the face of risk

  Entrepreneur
• There has been many studies to charactirize the entrepreneaurial personality

  Personal Entrepreneurial competencies
• Types of Achievment cluster

  Opportunity seeking, Persistence, Commitment to work contract, Risk-taking, Demand for efficienty and quality
• have a good eye for spotting business opportunities

  Opportunity seeking
• Entrepreneur do not easily give up in the face of obstacle

  Persistence
• Entrepreneur do their best to satisfy customers and deliver what is promised

  Commitment to work contract
• Known for taking calculated risk and doing task that are moderat challenging

  Risk- taking
• Entrepreneur see to it that the business meets or exceeds existing standards


  Demand for efficiency and quality
• Types of planning cluster

  Goal setting, Information seeking, systematic planning and monitoring
• knows how to set smart goals

  Goal setting
• Update themselves with new information

  Information seeking
• they develop and use logical step by step plans to reach their goals

  Systematic planning and monitoring
• Meaning of SMART

  Setting, Measurable, Alttainable, Realistic, Time-bound
• power cluster

  And persusasion and networking
• Knows how to use the right strategies to influence or persuade other people

  Persuasion and networking
• First step in identifying a good business opportunity

  Idea Generation
• second step in identifying a good business oppurtunity

  Screening Business Ideas
• Two types of Screening

  Personality and personal preference, characteristics of a good business
• third step in identifying a good business opportunity

  Swot analysis