This allows the entrepreneur to see things in a
very positive and optimistic way in the midst of difficult situation
entrepreneurial mind frame
Entrepreneur’s driven passion, they are
attracted to discover satisfaction in the act and process of discovery.
Entrepreneurial heart flame
This refers to the ability of the entrepreneur of
being intuitive. This also known as intuition.
Entrepreneurial gut game.
refers to the physical environment, societal environment, and
industry environment where the business operates.
external environment
The physical environment includes
climate, natural, wildlife
the weather conditions.
climate
such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.
natural resources
includes all mammals, birds, reptiles, fish, etc., that live in
the wild.
wildlife
The Societal environment includes the various forces like
Political forces
Economic forces
Sociocultural forces
Technological environment
includes all the laws, rules, and regulations that
govern business practices as well as the permits, approvals, and
licenses necessary to operate the business.
Political forces-
such as income level and employment rate.
Economic forces
customs, lifestyles and values that
characterize a society
Sociocultural forces
New inventions and technology
innovations
Technological environment
The industry environment of the business includes
a. Competitors
b. Customers
c. Creditors
d. Employees
e. Government
f. Suppliers
A person with entrepreneurial interest sees possibility of business
opportunities in any new discovery or because of the use of latest technology
Technological discovery and advancement
A person with entrepreneurial interest sees possibility of business
opportunities in any new discovery or because of the use of latest technology
Technological discovery and advancement
The priorities, projects, programs, and policies of the government are also
good sources of ideas.
Government’s thrust, programs, and policies
The interest, hobbies, and preferences of people are rich source of
entrepreneurial ideas.
People’s interest
The expertise and skills developed by a person who has worked in a
particular field may lead to the opening of related business enterprise.
Past experiences
it is the act or process of trying to get or win something.
Competition
These are the five forces competing within the industry:
• Buyers
• Potential new entrants
• Rivalry among existing firms
• Substitute products
• Supplier
The _______ are the one that pays cash in exchange to your goods and
services.
buyers
A ____ _____ is defined as the one who enters something.
Potential New Entrants
______ is a state or situation in which people or groups are competing with
each other.
Rivalry, rivalry among existing firms
