ENTREPRENEURSHIP

Detailed explanation-1: -Entrepreneurs should observe at least four types of trends-economic, social, technological and regulatory-to identify business opportunities and grow their startups.

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: -An opportunity has four essential qualities. It is (1) attractive, (2) durable, (3) timely, and (4) anchored in a product, service, or business that creates or adds value for its buyer or end-user.

Detailed explanation-4: -These trends provide opportunities for new businesses to accommodate the changes. Examples of Social Trends • Retirement of baby boomers (born between 1946 and 1955) • The increasing diversity of the workplace. Increasing interest in health, fitness, and wellness. Emphasis on alternative forms of energy.