INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Unmet demand/need in the market
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Creation of existing value
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Potential for change, improvement or advantage from our actions
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None of the above
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Detailed explanation-1: -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-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 industry example of opportunity creation He got the idea of selling pet rocks that were sold in cardboard boxes that looked like the kinds of carriers that you would take a dog or cat to the veterinarian in.
Detailed explanation-4: -According to Peter F. Drucker “opportunities are of three types: additive, complementary and break-through”.