entrepreneurship and external environement

External Environment

All factors outside the organization that could impact its operations and performance.

General Environment

Encompasses broad factors affecting all organizations, including technological advances, natural environment, socio-cultural factors, economic factors, legal/political factors, and international factors.

Technological Advances

Changes that can transform industries and render products obsolete, such as the rise of digital technology.

Natural Environment

Environmental considerations about resource use and sustainability, including the impact of climate change on operations.

Socio-Cultural Factors

Demographic shifts and changing consumer behaviors that influence market trends.

Economic Factors

Elements like purchasing power, unemployment rates, and interest rates that affect operational conditions.

Legal/Political Factors

Laws and regulations that govern operations and impact organizational compliance requirements.

International Factors

Global events, treaties, and economic trends that can affect domestic markets and strategies.

Task Environment

Involves specific external entities like customers, competitors, suppliers, and the labor market that directly impact the organization.

Management by Exception Principle

Focus on significant deviations from standards to allow managers to concentrate on outlier situations rather than all performance metrics.

Feedback

Constructive feedback helps to identify areas for improvement in a helpful and positive manner.

Entrepreneurs

Individuals who take on various roles, such as disruptors and opportunity identifiers, to bring new innovations and businesses to market.

Pull Entrepreneurship Motivation

Motivation stemming from the desire to pursue personal ideas, seek financial rewards, and be one's own boss.

Push Entrepreneurship Motivation

Motivation driven by necessity, often in regions with unstable employment conditions.

Core Principles of Māori Entrepreneurship

Include communalism, reciprocity, and prioritizing social gain over profit.

Three R's of Entrepreneurial Recovery

Respite (mental relief), Reappraisal (cognitive exercises), and Regimen (sleep hygiene and exercise).

Reasons Small Businesses Fail

Common reasons include lack of experience, expertise, effective strategy, poor financial control, rapid growth, and lack of commitment.