what is the sensing of entrepreneurial opportunity?
Answers
Answer:
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Explanation:
A business opportunity is an attractive economic idea which could be implemented to create a business, earn profits and ensure further growth.
• Entrepreneurs perceive opportunities quickly, synthesize the available information and analyse emerging patterns that escape the attention of other people.
• Entrepreneurs are themselves responsible for the success and failures of the enterprise.
• Entrepreneurship is the function which involves grabbing of an opportunity, organizing the resources and undertaking the production and other activities.
• Sensing Entrepreneurial Opportunities is a process of perceiving the needs and problems of people and society and arriving at creative solutions, converting these solutions into Opportunity and then into an enterpreise.
Answer:
the sensing of entrepreneurial opportunity is called Scanning of the environment or SWOT analysis.
Explanation:
- SWOT Analysis is a strategy of entrepreneurs to scan the business environment,
- Swot basically means STRENGTH, WEAKNESS, OPPORTUNITY & THREATS.
- SWOT helps the owners to convert the organizational weakness into an organizational strength.
- it helps to grab opportunity at its fullest,
- It helps to take corrective actions at the time of threats.
- the business environment is very dynamic and changing environment it becomes very difficult to predict the future,
- Business environment consists of MICRO & MACRO environment,
- the micro environment includes all controllable forces and factors and on the other hand, the macro environment consists of all factors which are uncontrollable.
thus, the sensing of entrepreneurial opportunity is called Scanning of the environment or SWOT analysis.
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