Which factors should be studied by entrepreneur to conduct-01109

The entrepreneur should first conduct an environmental analysis to identify trends andchanges occurring on a national and international level that may impact the new venture.Examples of environmental factors are:

1. Economy
2. Culture
3. Technology
4. Legal concerns

Economy

The entrepreneur first wants to know the economic situation of country wherehe wants to start the business because this has great impact on its success. If economicalsituation is not stabilizes then investors will not willing to invest with us, which is thefirst step for every beginning of business.

Culture

It has too much influence on our products which we made. If we produce suchthing which is not familiar to people where the business operate there should be loss for.For example; if Bonanza will start to produce Shalwar & Kameez suits in Arab countrieswho will buy, because in Arab countries there culture is different from us. So,entrepreneur must first look about the culture trends.

Technology

Now a day's technology changes day to day. Every day or week newinventions is there in market, which help us to make business easy for us. We shouldkeep update ourselves in technology perspective to save more money and produce more.

Legal Concerns

These are important issue for every entrepreneur. As every countryhave its own and different laws there. Therefore, he/she must be having knowledge about the limitations and permissions from government of that country where he/she want to dobusiness.