Entrepreneurial Opportunity Identification Quiz
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Questions and Answers

What is the concept of a business opportunity?

  • An attractive and accessible economic idea that can be implemented to create a business (correct)
  • A simple idea about what to do
  • A vague notion about potential customer needs
  • A random thought about innovative processes

    • Which of the following is an example of a source for generating business opportunity?

  • Watching emerging trends/changes in the market
  • Learning about the success stories of known entrepreneurs
  • Making visits to trade fairs and exhibitions
  • All of the above (correct)

    • How can knowledge of potential customer needs contribute to entrepreneurial opportunity?

  • It only leads to the solution of problems, not opportunities
  • It can be known through customer feedback about existing products and services they have been using (correct)
  • It has no impact on entrepreneurial opportunity
  • It is not a reliable source for generating business opportunity

    • What role do emerging trends/changes play in creating new business opportunities?

    <p>They create new business opportunities by influencing social, legal, technological, and political aspects</p> Signup and view all the answers

    How does innovation contribute to the generation of business opportunities?

    <p>It involves creating new things as well as new and creative processes that add value to existing products</p> Signup and view all the answers

    Which of the following conditions is NOT required for an idea to become a business opportunity?

    <p>Availability of venture capital funding</p> Signup and view all the answers

    What does the concept of 'business opportunity vs business idea' imply?

    <p>Business idea refers to an attractive and accessible economic idea, while business opportunity is simply an idea about what to do</p> Signup and view all the answers

    What is the process of transformation of idea into opportunity shown in the diagram?

    <p>Skills, Idea, Knowledge, Processing, Competencies</p> Signup and view all the answers

    Which factor is NOT summarized by the PESTEL model for macro environments?

    <p>Consumer behavior</p> Signup and view all the answers

    What does environmental scanning help an entrepreneur to do?

    <p>All of the above</p> Signup and view all the answers

    What does the business environment include?

    <p>Political, Economic, Social, Technological, Ecological, Legal</p> Signup and view all the answers

    What type of factors are included in the micro environment of a business?

    <p>Suppliers and Customers</p> Signup and view all the answers

    Which factor can lead to the generation of a business opportunity?

    <p>Availability of inputs at cheaper rates</p> Signup and view all the answers

    What is the primary purpose of business opportunity?

    <p>To satisfy customer needs and earn profit</p> Signup and view all the answers

    How can environmental scanning contribute to identifying new business opportunities?

    <p>By observing emerging trends and changes in the external environment</p> Signup and view all the answers

    What distinguishes a business opportunity from a business idea?

    <p>The focus on customer satisfaction and profit potential</p> Signup and view all the answers

    In what way does the knowledge of potential customer needs contribute to entrepreneurial opportunity?

    <p>It guides the creation of products and services to satisfy customers</p> Signup and view all the answers

    What role do success stories of known entrepreneurs play in generating business opportunities?

    <p>They inspire innovation and creativity in product development</p> Signup and view all the answers

    What is the primary role of environmental scanning for an organization?

    <p>Facilitate quick action for entrepreneurs</p> Signup and view all the answers

    Which of the following is not considered a condition for an idea to become a business opportunity?

    <p>Potential of future growth</p> Signup and view all the answers

    What does the business environment include?

    <p>Economic, social, political, and legal forces that influence a business</p> Signup and view all the answers

    Which of the following is NOT included in the micro environment of a business?

    <p>Political factors</p> Signup and view all the answers

    Which factor is NOT summarized by the PESTEL model for macro environments?

    <p>Business cycle</p> Signup and view all the answers

    What type of factors are included in the macro environment according to the PESTEL model?

    <p>Political, economic, social, technological, ecological, legal</p> Signup and view all the answers

    How can knowledge of potential customer needs contribute to entrepreneurial opportunity?

    <p>By identifying unmet needs that can be addressed with innovative solutions</p> Signup and view all the answers

    What is the process of transformation of idea into opportunity shown in the diagram?

    <p>Skills -&gt; Idea -&gt; Knowledge Processing -&gt; Competencies</p> Signup and view all the answers

    What does the concept of 'business opportunity vs business idea' imply?

    <p>'Business opportunity' refers to a fully developed plan while 'business idea' refers to initial thoughts</p> Signup and view all the answers

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