Entrepreneurship Development

Answer in paragraph, 120-180 words for each elements

Question 2) Hariharen has decided to initiate a textile business in a new area. He is confident that the business has potential to succeed. Unfortunately, he is not familiar with that business. His friends advised him to make an evaluation on the business prior to start-up. His friends also told him that entrepreneurs networking is an important component for the entrepreneurs to develop and establish their businesses.

Explain the SIX (6) elements below of the industrial environment to be assessed by Hariharen before starting his business.

i. Consumers

ii. Competitors

iii. Suppliers

iv. Financial institutions

v. Government agencies

vi. Non-government organisations