The Importance Of Ongoing Environmental Monitoring

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The need to increase efforts to incorporate innovation and entrepreneurship is rising. In order to do this specific requirements must be followed. The firm must use ongoing environmental monitoring. An entrepreneurial climate must be created and maintained. When entrepreneurial behavior occurs it must be encouraged. A strong emphasis of customer and or stakeholder focus must occur. Each of these requirements are important to increasing innovation and entrepreneurship in their own ways and have different forms of implementations. Once all of these requirements are met the firm can increase innovation and entrepreneurship.
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
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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

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