Entrepreneurship is dependent upon several economic, social, political, legal and other environmental factors. Careful monitoring of the environment for detecting early signs of opportunities and threats may influence current and future plans. This process is known as:
Solution
✅ Correct Option: 3
Option 1 -> Opportunity Recognition refers to identifying specific business opportunities but is a narrower concept focused on spotting potential ventures rather than the broader monitoring process. Option 2 -> Problem Solving is about finding solutions to existing issues, not about systematically monitoring the environment for future opportunities and threats. Option 3 -> Environmental Scanning is the systematic process of monitoring economic, social, political, legal, and other environmental factors to detect early signs of opportunities and threats that influence planning. Option 4 -> Feasibility Analysis involves evaluating the viability of a specific business idea or project, not the continuous monitoring of environmental factors. Hence, Option 3: Environmental Scanning -> This is the process of continuously monitoring and analyzing the external environment across multiple dimensions (economic, social, political, legal, technological) to identify emerging opportunities and threats that can impact organizational strategy and planning. It is a proactive approach that helps entrepreneurs stay informed and adapt to changing conditions. -> correct