27 Questions
What is the concept of a business opportunity?
An attractive and accessible economic idea that can be implemented to create a business
Which of the following is an example of a source for generating business opportunity?
All of the above
How can knowledge of potential customer needs contribute to entrepreneurial opportunity?
It can be known through customer feedback about existing products and services they have been using
What role do emerging trends/changes play in creating new business opportunities?
They create new business opportunities by influencing social, legal, technological, and political aspects
How does innovation contribute to the generation of business opportunities?
It involves creating new things as well as new and creative processes that add value to existing products
Which of the following conditions is NOT required for an idea to become a business opportunity?
Availability of venture capital funding
What does the concept of 'business opportunity vs business idea' imply?
Business idea refers to an attractive and accessible economic idea, while business opportunity is simply an idea about what to do
What is the process of transformation of idea into opportunity shown in the diagram?
Skills, Idea, Knowledge, Processing, Competencies
Which factor is NOT summarized by the PESTEL model for macro environments?
Consumer behavior
What does environmental scanning help an entrepreneur to do?
All of the above
What does the business environment include?
Political, Economic, Social, Technological, Ecological, Legal
What type of factors are included in the micro environment of a business?
Suppliers and Customers
Which factor can lead to the generation of a business opportunity?
Availability of inputs at cheaper rates
What is the primary purpose of business opportunity?
To satisfy customer needs and earn profit
How can environmental scanning contribute to identifying new business opportunities?
By observing emerging trends and changes in the external environment
What distinguishes a business opportunity from a business idea?
The focus on customer satisfaction and profit potential
In what way does the knowledge of potential customer needs contribute to entrepreneurial opportunity?
It guides the creation of products and services to satisfy customers
What role do success stories of known entrepreneurs play in generating business opportunities?
They inspire innovation and creativity in product development
What is the primary role of environmental scanning for an organization?
Facilitate quick action for entrepreneurs
Which of the following is not considered a condition for an idea to become a business opportunity?
Potential of future growth
What does the business environment include?
Economic, social, political, and legal forces that influence a business
Which of the following is NOT included in the micro environment of a business?
Political factors
Which factor is NOT summarized by the PESTEL model for macro environments?
Business cycle
What type of factors are included in the macro environment according to the PESTEL model?
Political, economic, social, technological, ecological, legal
How can knowledge of potential customer needs contribute to entrepreneurial opportunity?
By identifying unmet needs that can be addressed with innovative solutions
What is the process of transformation of idea into opportunity shown in the diagram?
Skills -> Idea -> Knowledge Processing -> Competencies
What does the concept of 'business opportunity vs business idea' imply?
'Business opportunity' refers to a fully developed plan while 'business idea' refers to initial thoughts
Test your knowledge of entrepreneurial opportunity identification and the concept of business opportunity. Explore the sources and methods of sensing entrepreneurial opportunities.
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