MASTERY

• SOURCES OF ENTREPRENEURIAL IDEAS

  • Changes in the environment
  • Technological discovery and advancement
  • Government’s thrust, programs, and policies
  • People’s interests
  • Past experiences
• Changes in the environment (under)

  • External environment
  • Physical environment
  • Social environment
  • Industry business
• External environment

  • Refers to the outside influences and factors that affect business operations.
• External environment factors include competitive, political, technological, and economic factors. The factors affect a business owner's decision and have particular characteristics.
• Physical environment

  • Refers to the external surroundings and conditions in which we live and which influence a person's health.
• Physical environment (subtopics)

  • Climate is the general weather over a long period. This can include rainfall, temperature, snow or any other weather condition.
• Physical environment (subtopics)

  • Natural resources are materials from the Earth that are used to support life and meet people's needs. Any natural substance that humans use can be considered a natural resource.
• Physical environment (subtopics)

  • Wildlife refers to all living organisms, plants, and animals, that exist and thrive in their natural habitats, outside of human control or domestication.
• Social environment

  • Refers to the immediate physical and social setting in which people live or in which something happens or develops.
• Social environment (subtopics)

  • Economic forces are the factors that help to determine the competitiveness of the environment in which the firm operates.
• Social environment (subtopics)

  • Sociocultural factors influence people's feelings, values, beliefs, behaviors, attitudes, and interactions.
• Social environment (subtopics)

  • Political factors include the external constraints linked to governmental activities and political conditions that affect a business' area of operation.
• Social environment (subtopics)

  • Technological environment refers to external factors in technology that impact business operations.
• Industry business

  • Is a group of manufacturers or businesses that produce a particular kind of goods or services.
• Industry business (subtopics)

  • Government is a group of people that have the power to rule in a territory, according to the administrative law.
• Industry business (subtopics)

  • Competitors are other businesses who can offer the same or similar goods and services.
• Industry business (subtopics)

  • Supplier is a person or organization that provides something needed such as a product or service.
• Industry business (subtopics)

  • Customer is an individual or business that purchases another company's goods or services.
• Industry business (subtopics)

  • Creditor or lender is a person or company to whom money is owed.
• Industry business (subtopics)

  • Employee is a worker that performs a specific job for an employer in exchange for payment.
• TECHNOLOGICAL DISCOVERY AND ADVANCEMENT

  • a person with entrepreneurial interests looks at the possibility of business opportunities in any new discovery or advancement in technology.
• GOVERNMENT’S THRUST, PROGRAMS, AND POLICIES

  • The priorities, projects, programs, and policies of the government are also good sources of entrepreneurial ideas.
• PEOPLE’S INTERESTS

  • The interests, hobbies, and preferences of people.
• PAST EXPERIENCES

  • The expertise and skills developed by a person who has worked in a particular field may lead to the opening of a related business expertise.