Question

Environment scanning is required to convert an idea into an opportunity.
(True/False)

Answer 1

Answer:

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Answer 2

Answer:  

True. The environment screen is indeed required to convert an idea into an opportunity.  

Explanation:  

When an entrepreneur obtains a new business idea of a product or service, it is critical that he or she should conduct a thorough environmental scanning to understand the key forces that dominate a market and industry, the opportunities of such a business idea, whether the trade laws and regulations will allow that opportunity to flourish and whether at all the customers will accept the product and there is a latent demand of such in the market. The tools to utilize for environment scanning are, SWOT, PESTEL, Porter’s Five Forces and others.