ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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observing trends, solving problems, and dreaming.
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observing trends, solving problems, and finding gaps in the marketplace.
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planning, observing trends, and finding gaps in the marketplace.
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solving problems, observing trends, and planning.
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Detailed explanation-1: -The correct answer is A) Observing trends, solving a problem, and finding gaps in the marketplace. This is a process through which a firm identifies potential areas for business operations and development in the market to sustain higher growth and improve its margins.
Detailed explanation-2: -He identified these methods for finding new business opportunities: Develop a new market for an existing product. Find a new supply of resources that would enable the entrepreneur to produce the product for less money. Use existing technology to produce an old product in a new way.
Detailed explanation-3: -1.Observing Trends Economic and social factors, political action, technology advances and regulatory statutes are the most important trends to monitor.
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
Detailed explanation-5: -Speak to prospects you’ve lost. or potential prospects full stop. Talk to current customers. Competitor analysis. Understand the market. Explore indirect opportunities. Look at environmental factors. Analyse foreign markets. Investigate other industries. 05-Sept-2019