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Opportunities In The Environment

Entrepreneurship does not emerge and grow spontaneously. Rather it is dependent upon several economic, social, politic legal and other factors. An entrepreneur should understand the behavior of key environmental forces that have an implication on the enterprise and understand and get a grasp of the techniques available for environmental scanning. Last decade witnessed many of the insure titans losing their competitive advantage to relatively new entrants. For instance. Hindustan Motors and Primer Automobiles lost their pre-eminent positioning the Indian car Markey to maruti Suzuki Udyog Ltd., HMT lost its market to Titan, HLL’S Surf was cornered by ‘Nirma’. Television giants Crown, Bush, Weston, etc. lost to ONIDA, Videocon etc. All these cases, explain that sensitivity to the external environment consists of identification of opportunities and threats in the environment and then formulating appropriate strategies to succeed in the market.

Most of the business opportunities exist in the environment. When an entrepreneur looks outside for business ideas, he often finds them. mat be he notices that the people in his neighborhood are complaining bout the lack of advisable chemist steps, so he opens a chemist shop. It is the environment the decided his choice of business venture.

Sensing of environmental opportunities involves the following steps:
1.    Environmental scanning
2.    Generation of ideas
3.    Identification of goods and services to the produced and sold.

An overview of these steps is given below:

1.    Scanning of Environment. The world ‘scan’ means-to examine closely especially in search of something Scanning of environment means processes by which entrepreneurs monitor their relevant environment to identify opportunities ad threats affecting them. It also develops an understanding of social-culture, economic, political and other developmental factors in order to ensure that perceived entrepreneurial opportunity is compatible with them. It helps in knowing treads, issues and expectation form the environment changes.

2.    Generation of Ideas.
While scanning of environment, an entrepreneur can take up through study of different sauces of business ideas to explore it. These ideas can come from tailing to friend and other, customers, brainstorming, visiting shops etc. It is mainly a conscious effort solution to a problem or need of the society.

3.    Identification of Production or Service.
After evaluating the various ideas received from different sources, an entrepreure can select the products or services for launching an entrepreneurial venture.

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