ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -It is the time when the entrepreneur generates the innovative idea, identifies the market opportunity, and look for information. Also, it begins to see the feasibility of ideas, the ability to get value from it and how to generate the development of the product or service .

Detailed explanation-2: -Entrepreneurs discover opportunities when they search for them in existing markets. This means they observe technological, economic or social trends. Recognising opportunities is a cognitive process. It relies on the ability of people to recognise patterns and connect the dots.

Detailed explanation-3: -In the entrepreneurial context, innovation is any new idea, process, or product, or a change to an existing product or process that adds value to that existing product or service.

Detailed explanation-4: -It is useful to break the entrepreneurial process into five phases: idea generation, opportunity evaluation, planning, company formation/launch and growth.

Detailed explanation-5: -This indicates that it is possible that entrepreneurial opportunities are not just created, but they can also “be discovered and exploited by unusually alert individuals” Alvarez (2007). The third method of entrepreneurial opportunity realization is widely known as opportunity recognition.