INNOVATION AND CREATIVITY
INNOVATION IN ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A whole in the market
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A nation’s lack of innovativeness
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An opportunity that can be exploited by an entrepreneur
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Shortage of funds in the innovation process
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Restriction in the flow of new products
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Detailed explanation-1: -A gap in the market is an opportunity to offer something that customers want but that businesses aren’t currently providing. The term “gap” refers to the difference between supply and demand for that offering.
Detailed explanation-2: -A gap in the market is a group of customers whose needs are not currently being met. There are many options for tapping into a new market and each one is based around fulfilling people’s latent needs in some way.
Detailed explanation-3: -According to Wiley Encyclopedia of Management, “opportunity exploitation refers to activities conducted in order to gain economic returns from the discovery of a potential entrepreneurial opportunity“.
Detailed explanation-4: -There four different types of gaps – Common Gaps, Breakaway Gaps, Runaway Gaps, and Exhaustion Gaps-each with its own signal to traders. Gaps are easy to spot, but determining the type of gap is much harder to figure out.
Detailed explanation-5: -Launching at the same time as you are. Aiming to fill the same gap or address the same customer pain point. Pursuing the same customer base with similar offerings, and. Aiming to capture a small share of the market.