ENTREPRENEURSHIP

Detailed explanation-1: -Problem identification is a fundamental way of identifying the problem at hand so that we can comprehend the objective that we are trying to achieve or the issue we are trying to address. Problem identification allows us to go to the source of the issue, learn how it affects us or others, and develop a viable solution.

Detailed explanation-2: -The five stages of opportunity recognition process include getting an idea, opportunity identification, opportunity development, opportunity evaluation, and team assessment. An entrepreneur must follow these stages effectively for a successful business.

Detailed explanation-3: -The flash of recognition when the solution to a problem is seen or an idea is born. Sometimes called the ‘eureka’ experience. An idea is subjected to scrutiny and analyzed for its viability. Details of creative idea are worked out, idea is transformed into something of value e.g product, service or business concept.

Detailed explanation-4: -Entrepreneurs should observe at least four types of trends-economic, social, technological and regulatory-to identify business opportunities and grow their startups.