This document discusses the importance of assessing a venture's environment, including both external and internal factors. It identifies the key components of the external environment as the macro environment (politics/legislation, economy, socio-cultural, technology) and the micro environment (customers, competitors, suppliers, financial institutions, government agencies). The internal environment components are an organization's structure, culture, and resources. It also covers identifying business opportunities through recognizing needs in the industry/market, and evaluating the size and viability of opportunities.