INTRODUCTION TO ENTREPRENEURSHIP
ENTREPRENEURIAL PROCESS
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Question
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The process of systematically scanning for technological, political, regulatory, social and demographic changes in order to discover opportunities to produce new goods and services.
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Entrepreneurial discovery
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Circumstantial discovery
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Environmental scanning
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Scientific discovery
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Explanation:
Detailed explanation-1: -Environmental scanning is a process that systematically surveys and interprets relevant data to identify external opportunities and threats that could influence future decisions. It is closely related to a S.W.O.T.
Detailed explanation-2: -An entrepreneur scans the environment by carefully monitoring the internal and external environment to discover the potential opportunities and threats that have an impact on the enterprise’s present and future plans.
Detailed explanation-3: -The Entrepreneurial Discovery Process is about prioritising investments based on an inclusive and evidence-based process driven by stakeholders’ engagement and attention to market dynamics.
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