5. Business environment
Analyzing macro environment of business - PESTEL Analysis – Opportunity and Threats
Analyzing industry environment – 5 Forces, or SCP model - Intensity of Competition within industry
Analyzing internal environment – resource, capability, competitive advantage – Strengths and Weakness
6. Entrepreneurship is the process of starting a business, typically a startup company offering an innovative product, process or service. The entrepreneur perceives an opportunity and often exhibits biases in taking the decision to exploit the opportunity.