Entrepreneurship and Business Management

Entrepreneurship and Business

• Entrepreneurship has been prioritized in schools to promote entrepreneurial mindset among youth in the country.

Government Support for Entrepreneurs

• Government has taken initiatives to protect entrepreneurs in five ways, which are to be discussed.

Determining Product Demand

• Faiza, an entrepreneur, can determine product demand for her chemist shop in five ways:
  • Conducting market research and analysis
  • Analyzing competitors' sales data
  • Identifying target audience and their needs
  • Conducting surveys and gathering feedback
  • Analyzing trends and seasonal demand

Selecting and Validating a Business Activity

• Five methods to select and validate a business activity are:
  • Conducting a feasibility study
  • Conducting market research and analysis
  • Analyzing competitors and identifying gaps
  • Creating a business model canvas
  • Creating a minimum viable product (MVP)

Characteristics of a Good Business Opportunity

• A good business opportunity has five characteristics:
  • Uniqueness and innovation
  • Market demand and growth potential
  • Competitive advantage
  • Scalability and flexibility
  • Alignment with personal values and skills

Entrepreneurial Skills

• Five essential entrepreneurial skills are:
  • Risk-taking and adaptability
  • Innovation and creativity
  • Strategic thinking and planning
  • Leadership and communication
  • Financial management and resource allocation