ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Entrepreneurship
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Responsibility
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Either A or B
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None of the above
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Detailed explanation-1: -Ans. Sensing entrepreneurial opportunities is only a process of converting an idea into an opportunity and then into an enterprise.
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: -Opportunity recognition is the process of identifying and selecting entrepreneurial opportunities. It does not involve the development of those ideas. The evaluation phase of opportunity recognition occurs when an entrepreneur has an insight about a new business venture, often based on prior knowledge.
Detailed explanation-4: -Identify Your Pain Points. When searching for potential market needs, start with yourself. Conduct Market Research. Another way to prove whether a business idea is viable is by conducting market research. Question Processes. 05-Apr-2022