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Analysis of Environment

Environment analysis is the process of monitoring the economic and non-economic environment o determine the opportunities of rand treats to a enterprise. Such an analysis involves data collection, information processing and forecasting to provide a rational basis for developing goals an strategic of business can set his future direction only when he has visualized and perceived the opportunities and constraints that lie ahead. Environmental analysis would enables the entrepreneur to predict future developments and take timely actions to make a constructive use of these developments.

Information for environmental scanning can be collected from several sources. These include : (a) verbal information from customers, wholesalers, retailers, distributors, consultants, etc; (b) records of companies; (c) publications of government, financial institutions and international organizations; (d) formal studies conducted by the strategic planners. The data so obtained is processed and analyzed with the help of quantitative techniques such as time series analysis and operations research and qualitative techniques such as Delphi method and panel consensus. These will help in making forecasts about economic, social, political, legal and market forces in future.

Environment scanning is crucial for spotting a business opportunity, identification of product or service to the produced and in raising resources for launching the project. There is an interface between spotting an opportunity and translating it into a sustainable and profitable project as shown.

Opportunity Project Interface

The ideas generated by an entrepreneur are evaluated to judge their viability is terms of a potential opportunity. The ideas are tested against important environmental parameters so that only sound business ideas are chosen by the entrepreneur for starting a project or enterprise.
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