ENTREPRENEURIAL OPPORTUNITIES
IDENTIFYING AND EVALUATING BUSINESS OPPORTUNITIES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -1) False. Not every business idea is proved to be a business opportunity. A business idea would be a business opportunity when it can make a profit. Besides, the product or services must need to create value for the customers.
Detailed explanation-2: -Many budding entrepreneurs believe that an idea alone will guarantee them success and wealth. What they ignore, however, is that it takes time, effort and resources to turn a venture idea into a venture opportunity – and that not every idea will automatically turn into an opportunity.
Detailed explanation-3: -What makes a business idea successful? The best business ideas provide a product or service that address an ongoing need for an identifiable customer base. A good business opportunity is also scalable, meaning that you can expand production or serve more customers without a negative impact on quality or revenue.