News Topics

Assume that you are an entrepreneur who has an ...

Assume that you are an entrepreneur who has an intense desire to get into the business. What...

Assume that you are an entrepreneur who has an intense desire to get into the business. What types of information relating to macro environment would you need to determine external opportunities and threats?



0
Chiranjibi Chapagain Mar. 22, 2018

Macro environment mainly consists of economic, technological, political, legal and socio-cultural elements. For an entrepreneur it is important to identify those factors that are likely to affect the new business. Each of the elements can have a bearing on the opportunities and the threats.

Let's say an entrepreneur wants to get into the business world.

Particularly, he should scan the relevant changes that have happened in recent past that can provide competitive edge. For example, a technological innovation in the production process can be opportunity. Incentives such as cheaper land, tax free periods can be other form of opportunities.

Entrepreneur has to identify such opportunities that can be capitalized to enter markets or provide an edge over the competitors. Entrepreneur has to also take care as these opportunities can also act as threats when competitors are able to exploit them.

Assume that you are an entrepreneur who has an intense desire to get into the business. What types of information relating to macro environment would you need to determine external opportunities and threats?



Hi' there!

Would you like to receive a free callback in

Yes
×