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Physical Environment

The natural elements that are inherent in the earth.

Climate

The prevalent climatic condition of the area that entrepreneurs must consider before opening a business.

Physical Resources

The availability of raw materials in the locality that entrepreneurs must assess before opening a new business.

Wildlife

The ecological system that entrepreneurs must ensure their business contributes to the preservation of.

Political Forces

The elements that substantially influence the political stability of the country, such as trade regulations, taxation, and government stability.

Cultural Forces

The integrated characteristics of a group of people or ethnic group in a particular society, such as religion, language, beliefs, and customs.

Economic Forces

Factors primarily caused by changes or movements in the PH economy that have direct or indirect effects, such as interest rates, inflation rates, and employment.

Legal Forces

The elements and bodies directly involved in the legislation and interpretation of laws and ordinances, such as product control, health and safety of workers, and advertising and promotion.

Technological Forces

The trends and developments in computer and information technology that have an impact on business, such as the internet, social media, and e-commerce.

Environmental Scanning

The gathering, critical evaluation, and utilization of information on events and activities and their relationships with the entrepreneurial environment.

PESTEL Analysis

A tabular framework of the trends and developments in the different forces, including PEST analysis, STEEPLE analysis, and STEEPLED analysis.

Environmental Forces Matrix

A classification of the various environmental forces into their frequency of occurrence and level of effect on the business.

Industry Environment

The environment where a venture conducts entrepreneurial acts, including the immediate environment and the macro environment.

Government

The system of institutions that handle the affairs of a particular country, which can be democracy, autocracy, republican, monarchy, or dictatorship.

Suppliers

Individual persons or companies that provide the required materials, parts, or services to the business.

Customers

The buyers of goods and services produced by the business.

Competitors

The producers, sellers, or renderers of products or services that are similar to those of the business.

Employees

The individuals responsible for the production of goods or delivery of services to the customers.

Creditors

Banks, financial institutions, and financial intermediaries engaged in the lending of money to the borrower.

Industry Analysis Scanning Tools

Tools used to determine the strategic position of the business, such as the SWOT Model and the Five Forces of Competition Model.

Barriers

Factors that pose a threat to the business, including threats of new entrants, bargaining power of buyers, bargaining power of suppliers, rivalry among existing firms, and threats of substitute products.

Internal/Micro Environment

The environment within the business where the firm operates.

Business Resources

The properties owned by the business, including tangible resources (current and noncurrent) and intangible resources.

Capability

The ability of the business to utilize available resources.

Business Culture

The values, beliefs, and principles learned or shared by employees, including the culture of the business/organization and the culture of employees.

Business Structure

The formal organizational arrangement of the business in terms of hierarchy, communication flow, relationship of functional areas, and production and marketing process.

SWOT Analysis/ SWOT model

A tool used to analyze the internal and external factors of the business, including strengths, weaknesses, opportunities, and threats.

BCG Analysis Matrix

A matrix used when several products are produced or rendered, categorizing them as stars, cash cows, question marks, or dogs based on market share and market growth.

Business Competency

The combination of entrepreneurial concepts and principles, entrepreneurial skills, and characteristics.

Business Core Competency

The harmonious coordination of business structure, resources, and culture.

Distinctive Business Competency

The ability of the venture to perform better than competitors in the industry.

social forces

resulting from human interactions that can influence thoughts, behavior, attitude, actions, beliefs, and customs of people

entrepreneurial venture

created out of business opportunities which the entrepreneur should seek to exploit