ENTREPRENEURSHIP

Detailed explanation-1: -The first step in creating and identifying opportunities is idea generation; the more ideas we generate, the greater the likelihood we will find a strong opportunity.

Detailed explanation-2: -Identifying business opportunities can allow companies to increase their revenue streams by providing unique products, services, or an innovative approach to a problem. Identification of business opportunities in entrepreneurship is an important step to kickstarting your career as an entrepreneur.

Detailed explanation-3: -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-4: -Identify Your Pain Points. When searching for potential market needs, start with yourself. Conduct Market Research. Another way to prove whether a business idea is viable is by conducting market research. Question Processes. 05-Apr-2022