The basic objective of knowledge acquisition is to develop a calculated knowledge base that may use in the organization when it is loaded in a knowledge based system. For this it involves a data collection activity, which has a base of informal knowledge from a variety of sources. The architecture of knowledge acquisition is based upon the integration of existing methodologies, techniques and tools developed within the organization. For any organization acquisition of knowledge is the most important and crucial thing to gain success in today’s world. However, for a new or learning organization gaining such knowledge is very important for their success. There are ample ways of knowledge acquisition. However, one more way of knowledge acquisition is through environmental scanning. Environmental scanning means gathering the information from external sources. The paper proposes a model which will focus on environmental scanning. This is a primary way of enhancing the knowledge of the entrepreneur. The model that we are going to define will examine the information gathered from the external sources, how the information is interpreted and what does an organization learn from that. We are also going to discuss about the implications of for entrepreneurship education and implications for practicing entrepreneurs.