Entrepreneurial strategy depends not only on intuition, but on performing an exh
ID: 466825 • Letter: E
Question
Entrepreneurial strategy depends not only on intuition, but on performing an exhaustive environmental scan to spot trends and opportunities in the economic, political, technological, cultural, and competitive arenas. Refer to The 25 Hottest Startups in 2015 and determine generally what trends these startups are exploiting. How would you assess the current political, economic, technological, and cultural climates right now? Is it a good time to start up an entrepreneurial venture? Why or why not?
Explanation / Answer
Most of the startup is exploiting the technological based solution to make the things fast and simpler. Many of the startups are also providing solution around the established product in the market like facebook, twitter etc. Expansion by providing new services and integrating it in existing product so as to make it more viable acceptable by the consumers. E-commerce related industries also flourish but those are focusing toward providing technological solutions.
Political systems in many countries are providing support to in-house start-ups. There are many programs and assistance provided by the governments by starting incubation centers and linking it to famous institutes, offering financial assistance etc. Economically also the environment is good as there is positive growth rate in most of the countries. There are also enough demand in the market thus growth prospective is also good. Most of the start ups are based on new technologies and a great level of advancement is going on technological front to support new start-ups. A lot of research and its application are done in current environment. Culturally also the startups are being supported as most of the people in young generation are focusing creating something new by starting their own start-ups. There is a new culture where young generation is not feeling shy in taking risk and creating something that can solve the common problem existing in the society. Thus it is a good time to start up an entrepreneurial venture.
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