An entrepreneur takes the initiative to start the business activities, by exploring and analyzing or Identification of business opportunities. He also bears the related risks. The real entrepreneur is not risk centered, rather he is opportunity centered. The entrepreneurs explore economic and business opportunities and remain ready to take advantage of those … [Read more...] about Identification of Business Opportunities: Objectives, Challenges, Factors
Entrepreneurship
Top 10 Key Functions for Establishing A New Business Unit
Establishing a new business unit is the last process in the series of process for promotions of an entrepreneurial venture, which is like giving birth to a baby, the reason is that just as a mother has to bear various types of pains and problems, before and after the birth of the child, similarly an entrepreneur has also to perform various entrepreneurial functions for … [Read more...] about Top 10 Key Functions for Establishing A New Business Unit
6 Methods and Techniques of External Environmental Analysis
In the external environmental analysis, the entrepreneur evaluates various factors to determine opportunities, threats, reactions, neglects, investigations for his enterprise and adjusts his strategies and objectives, according to them. He uses the following methods and techniques through which he carries out external environmental analysis: To Collect … [Read more...] about 6 Methods and Techniques of External Environmental Analysis
External Environmental Analysis: Meaning, Features, Need & Importance
Meaning of External Environmental Analysis, The word "External Environment Analysis" has been made up of two words 'External Environment' and 'Analysis'. The first word 'External Environment' Means elements or factors outside the institution of the entrepreneur, like - economic, social, cultural, political, physical, educational, technical, religious, ethical and international, … [Read more...] about External Environmental Analysis: Meaning, Features, Need & Importance
6 Main Aspects of External Environmental Analysis (Explained)
Administrative and organizational environment and formal relations of the enterprise have sufficient effect on decision making or its method. This effect may be of internal or external environments. Internal environment includes factors, like - labour management relations, organizational structure, the approach of Management, the position of trade unions, etc. whereas external … [Read more...] about 6 Main Aspects of External Environmental Analysis (Explained)