Entrepreneurship: Opportunity Spotting and Assessment
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Questions and Answers

What is the first step for any start-up venture according to the text?

  • Opportunity Seizing
  • Opportunity Seeking (correct)
  • Analyzing Demographics
  • Opportunity Screening
  • What is the main focus of Opportunity Screening in entrepreneurship?

  • Developing new business ideas
  • Analyzing market competition
  • Seizing all available opportunities
  • Identifying the best opportunity available (correct)
  • Which of the following is a Macroenvironmental Source for seeking business opportunities?

  • Demographic forces (correct)
  • Market competition
  • Personal interests
  • Technological advancements
  • What role do demographics play in entrepreneurship according to the text?

    <p>They help understand purchasing behavior and identify business opportunities</p> Signup and view all the answers

    In which step of opportunity spotting does decision-making about business opportunities occur?

    <p>Opportunity Seizing</p> Signup and view all the answers

    What is the purpose of DESTEP as mentioned in the text?

    <p>To identify business opportunities from the general environment</p> Signup and view all the answers

    What factors are intertwined with the purchasing power and spending behavior of consumers?

    <p>GDP real growth rate and VAT</p> Signup and view all the answers

    Why is it crucial for entrepreneurs to carefully study the preferences and behavior of foreign cultures?

    <p>To avoid business blunders</p> Signup and view all the answers

    What type of forces relate to the natural resources needed as inputs by any entrepreneur?

    <p>Ecological forces</p> Signup and view all the answers

    Which political and legal forces may affect the operations of a business?

    <p>Government regulations</p> Signup and view all the answers

    What do internal sources in microenvironmental analysis refer to?

    <p>Resources controlled by the management</p> Signup and view all the answers

    Which is considered the most crucial microenvironmental source of opportunity for a business?

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

    Study Notes

    Start-Up Venture

    • Identification of a viable business opportunity is the first step for any start-up venture.

    Opportunity Screening

    • The main focus is to evaluate the viability and potential of identified business opportunities to ensure alignment with market needs and entrepreneur capabilities.

    Macroenvironmental Sources

    • Economic trends, sociocultural shifts, technological advancements, and environmental changes are primary macroenvironmental sources for seeking business opportunities.

    Role of Demographics

    • Demographics significantly shape market demand, influencing consumer behavior, preferences, and potential target markets.

    Decision-Making in Opportunity Spotting

    • Decision-making about business opportunities occurs during the opportunity evaluation stage where options are assessed and prioritized.

    DESTEP Purpose

    • DESTEP analyzes Demographic, Economic, Sociocultural, Technological, Ecological, and Political factors to identify external influences affecting business opportunities.

    Purchasing Power and Consumer Behavior

    • Factors intertwined with purchasing power and spending behavior include income levels, consumer confidence, economic stability, and cultural influences.

    Importance of Cultural Preferences

    • Studying the preferences and behaviors of foreign cultures is crucial for entrepreneurs to tailor products/services to local markets and enhance competitive advantage.

    Natural Resource Forces

    • Economic forces relate to natural resources, impacting availability, cost, and sustainability of inputs necessary for business operations.
    • Business operations may be affected by regulations, policies, trade agreements, and political stability that govern market conditions and operational constraints.

    Internal Sources in Microenvironmental Analysis

    • Internal sources refer to the resources and capabilities within the business, including human resources, financial assets, and existing customer relationships.

    Crucial Microenvironmental Source

    • Customers are considered the most crucial microenvironmental source of opportunity, as they directly influence demand and business focus.

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    Description

    This quiz covers the 3 steps of opportunity spotting and assessment in entrepreneurship: seeking, screening, and seizing opportunities. It discusses the importance of having a business idea, using analytical skills to select the best opportunities, and taking action to seize them.

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