Environment and market

Identifying the needs of the community, its resources, available raw materials, skills, and appropriate technology can help a new entrepreneur in seizing business opportunity.

1. Environment and Market Prepared by: EILLEN IVY A. PORTUGUEZ Teacher III Siari JHRMNH Module 2

2. Environment and Market People who aspire to start a business need to explore conditions prevailing in an area. Needs and wants of people should be considered as business opportunities. Identifying the needs of the community, its resources, available raw materials, skills, and appropriate technology can help a new entrepreneur in seizing business opportunity.

3. To be successful in any kind of business venture entrepreneurs should always: Look closely to the environment and market Watchful on the existing opportunities and constraints.

4. The opportunities in the business environment are those factors that provide possibilities in the business to expand and make more profits.

5. Constraints, are those factors that limit the business to grow, hence reduces the chance of generating profit.

6. SWOT ANALYSIS (Strengths, Weaknesses, Opportunities and Threats ) One of the best way to evaluate the opportunities and constraints Gathers important information which in turn is used in strategic planning