Environmental scanning is a process that systematically surveys and interprets relevant data to identify external opportunities and threats that could influence future decisions. It is closely related to a SWOT analysis and should be used as part of taking the pulse of a good idea or opportunity. In this case it may help you narrow down your choices for a new business idea. Complete the checklist below and discuss how these components impact your decision to move ahead with your business idea, and discuss the opportunity gap that exists, and the trend or force contributing to this opportunity.
Provide a scan of three business ideas below and discuss what you learned by completing the scan. It is possible that not all components will apply to all your business ideas.
Three Business Ideas
- Daycare Business in Canada
- Couriers &Local Delivery Services in Canada
- Used Family Clothing Online Stores in Canada
- What trends are occurring in the marketplace or industry that could affect the organization either positively or negatively and the opportunity gap that exists, and the trend or force contributing to this opportunity
| Components | Business Idea 1 – Daycare Business | Business Idea 2 Courier & Local Delivery Services | Business Idea 3- Used Family Business Online stores | |
| Trends: What trends are occurring in the marketplace or industry that could affect the organization either positively or negatively?
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| Competition: What is your potential competition doing that provides them an advantage? Where can you exploit your potential competition’s weaknesses?
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| Technology: What developments in technology may impact your business idea in the future?
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| Customers: What would be your customer base? How is your customer base changing?
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| Economy: What is happening in the economy that could affect your future business?
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| Labor supply: What is the labor market like in the geographies where you operate? How can you ensure ready access to high-demand workers?
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| Political/legislative arena: What impact will election outcomes have on your business? Is there impending legislation that will affect your business?
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