INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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identify business opportunity
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identify company opportunity
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identify business entrepreneur
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identify company entrepreneur
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Detailed explanation-1: -topic we will concentrate on three approaches namely: Observing trends. Solving a problem. Finding market gaps.
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: -– A third approach to identifying opportunities is to find a gap in the marketplace. – A gap in the marketplace is often created when a product or service is needed by a specific group of people but doesn’t represent a large enough market to be of interest to mainstream retailers or manufacturers.
Detailed explanation-4: -Answer and Explanation: 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.