Entrepreneurship: Business Ideas and Opportunities
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Questions and Answers

What is a business idea?

  • An outdated concept
  • A well-established business
  • A concept for something new addressing a problem or market gap (correct)
  • A product that is already in the market

    • How does a business idea differ from a business opportunity?

  • A business idea is always successful, while a business opportunity may not be
  • A business idea is the foundation for potential success, while a business opportunity emerges when conditions are right (correct)
  • A business idea only exists in the mind, while a business opportunity is tangible
  • A business idea is always related to technology, while a business opportunity is not

    • What significance do business ideas and opportunities hold in entrepreneurship?

  • They have no significance in entrepreneurship
  • They serve as the foundation for potential success and can turn into thriving ventures (correct)
  • They are only important if they are profitable
  • They are only important for large corporations

    • Why might many business ideas not become business opportunities?

    <p>Market conditions not being conducive</p> Signup and view all the answers

    What do Mary and John discuss in their conversation about the sources of business ideas?

    <p>The sources of business ideas</p> Signup and view all the answers

    What inspired Mary to think about potential business ideas?

    <p>Ads</p> Signup and view all the answers

    According to the conversation, what did John's cousin turn into a small business?

    <p>Photography</p> Signup and view all the answers

    What did Mary see while traveling that inspired her for a potential business idea?

    <p>Beautiful handmade jewelry</p> Signup and view all the answers

    What can family and friends help with when it comes to potential business ideas?

    <p>Suggesting potential businesses based on one's skills</p> Signup and view all the answers

    What did John express surprise about in the conversation?

    <p>The variety of sources for potential business ideas</p> Signup and view all the answers

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