1- Your textbook defines the external environment as the forces, institutions and people outside the boundary of the firm. The external environment is further
divided into the general and task environment. Identify one or more sectors in the task environment which helps to create opportunities for entrepreneurs in
the United States. Support your choice with a specific example.
2- In this unit, the DQ and the assignment are closely linked. The readings and slides for Unit 2 should have enabled you to identify an idea for a new small
business venture.
Share your business idea with your classmates and discuss 2 to 3 factors that led to making your choice.
Review the postings of at least three of your classmates and give them feedback regarding the feasibility and desirability of their business idea.
The feasibility study consists of five major sections:
Descriiption of the Business;
Product or Service (benefits, limitations, legal restrictions, insurance needs, trends, and production/delivery costs);
Industry and Market (Current industry, market potential, competition, customers, and market penetration);
Financial Requirements (Pricing, sales revenue, cost forecast, gross profit, operating expenses, and profitability);
Future Action Plan (Sources of start-up capital, further information needed, writing the business plan, and support needed). Support your opinion by citing
specific criteria that are listed on the Feasibility Study Outline.
You will be receiving valuable feedback from your classmates, so make sure you choose an idea which you intend to develop into a business plan.