environment scanning

• What is the purpose of conducting environmental scanning?

  To identify the needs and wants of people, the niche for your business mission, and to give attention to trends and issues.
• How does environmental scanning serve entrepreneurs?

  It helps evaluate the type of entrepreneurial activity appropriate in the community.
• What is environmental scanning defined as?

  A process of gathering, analyzing, and dispensing information for tactical or strategic purposes.
• What types of information does the environmental scanning process entail?

  Obtaining both factual and subjective information on the business environments.
• What aspects can the external environment in the community be viewed through?

  Technological, political, legal, environmental, economic, and social aspects.
• How did the community's use of personal computers illustrate a technological interruption?

  People were not satisfied with what they had and continued to look for changes in their lives and environment.
• Why must future entrepreneurs be well-versed in advancements in their environment?

  To secure the success of their future business.
• What should entrepreneurs think about when developing new products or services?

  They should think of something new, novel, and authentic, and consider reinventing existing products.
• How can an entrepreneur differentiate their product in the market?

  By creating a unique version of existing products, such as herbal hair straightening instead of synthetic chemicals.
• What impact do changes in products/services have on business principles?

  They can affect existing principles in business and industries, allowing adaptation to meet community needs.
• What steps should be taken in generating a business idea?

  • Identify the type of business suited to your idea.
  • Analyze and scan the potential environment.
  • Study the marketing practices and strategies of competitors.
  • Analyze Strengths, Weaknesses, Opportunities, and Threats (SWOT).
  • Ensure products/goods and services are accessible to target markets.