INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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via combined focus groups and brainstorming sessions
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when people become frustrated because they can’t find a product or service that they need and recognize that other people feel the same way
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via studying industry reports
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by recognizing problems that need to be solved
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by observing changing environmental trends
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Detailed explanation-1: -If you can identify a gap in the market by offering something that’s not currently available in the marketplace your small business can achieve new levels of success. A gap in the market is an area that businesses don’t currently serve but that there is customer demand for.
Detailed explanation-2: -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-3: -A local restaurant opening that offers a different type of cuisine than existing restaurants or a store opening that sells refills for household cleaning materials and food to help cut down on waste packaging opens in new window are examples of market gaps.