Entrepreneur's Handbook

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Entrepreneur's Handbook

INTRODUCTION

One of the most important factors that will determine the success of all business ventures in the short, medium and long term is the near and distant environmental conditions that the enterprise will face. In particular, the expectations regarding the economic, social and political environmental conditions that make up the broader environment of the enterprise and the significant changes that may occur in them can have very significant positive or negative effects on the processes related to the demand, costs and profitability of the enterprise. Likewise, the industry or sector in which the venture is located will be critically important for the success or failure of the business idea. Some sectors have a much higher growth rate than others. The conditions of the targeted markets in some sectors may be much more moderate and support the success of the venture. Depending on the structures of the target markets, the nature and severity of competition in some sectors may be more destructive than others, or the reactions of customers in the market to the product and the firm may be more moderate and constructive. Moreover, such differences may undergo very rapid changes over time, depending on processes that are difficult to predict. Entrepreneurs have to closely monitor the close and distant environmental conditions in question while developing and implementing the business idea, as well as in the following stages of the enterprise, determine the changes that may occur in them in a timely and accurate manner and calculate their possible effects and form the necessary competitive responses. In this section, the near and far environmental conditions will be examined, with a focus on economy, industry, competition and customer analyzes, which can be critically important for new entrepreneurs.