What should the entrepreneur change focus to after evaluating the macro environment?
Understand the Problem
The question is asking about the steps an entrepreneur should take after assessing the macro environment. This involves understanding what areas of focus are most relevant after gaining a broad understanding of external factors.
Answer
The entrepreneur should focus on the immediate competitive environment.
After evaluating the macro environment, an entrepreneur should shift their focus to the immediate competitive environment to analyze the specific industry's attractiveness.
Answer for screen readers
After evaluating the macro environment, an entrepreneur should shift their focus to the immediate competitive environment to analyze the specific industry's attractiveness.
More Information
Michael Porter's Five Forces Model is a useful tool for analyzing a specific industry's attractiveness within the competitive environment. It considers the bargaining power of suppliers and customers, the threat of new entrants and substitute products, and the competitive rivalry within the industry.
Sources
AI-generated content may contain errors. Please verify critical information
