Ongoing Environmental Monitoring In order to incorporate innovation and entrepreneurship ongoing environmental monitoring needs to occur. This helps to monitor the competition, economic conditions, legal limitations, and other aspects that can affect the success of a small business (South University Online, 2016a). Environmental scanning can be done with both internal and external environments. This strategy can help to forecast the profitability of the venture (South University Online, 2016a). In order to achieve environmental monitoring there different forecasting strategies can be employed. The Delphi method entails using a panel of experts to discuss the issue in throughout …show more content…
In order to develop more innovative ideas entrepreneurial behavior must be encouraged in order for employees to feel motivated. This can be done by providing employees with the resources that are needed in order to create innovative ideas and display entrepreneurial behaviors (Hisrich & Kearney, 2014, p.74). This is also done by generating an entrepreneurial climate within the work place. The encouragement of entrepreneurial behavior can also be done by using a rewards system. When a member or a team of the firm creates an innovate idea some type of reward or recognition can be