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What are the entrepreneur's basics in seeking opportunities, according to the text?
What are the entrepreneur's basics in seeking opportunities, according to the text?
- Entrepreneurial mindset, emotional passion, and strategic thinking
- Entrepreneurial mind frame, heart flame, and gut game (correct)
- Networking, negotiation skills, and marketing prowess
- Market research, financial analysis, and risk assessment
How can opportunities be sourced by entrepreneurs?
How can opportunities be sourced by entrepreneurs?
- Relying solely on personal experiences
- Ignoring the external environment completely
- Through social media platforms only
- By looking at changes in the environment, technological advancements, and government initiatives (correct)
What does the term 'substitute' refer to as mentioned in the text?
What does the term 'substitute' refer to as mentioned in the text?
- Government programs that support entrepreneurship
- New business ideas
- Anything that replaces or functions similarly to another product (correct)
- New entrants in the market
What does 'rivalry' mean?
What does 'rivalry' mean?
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What is meant by 'new entrants' based on the text?
What is meant by 'new entrants' based on the text?
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How can entrepreneurs identify sources of opportunity in the external environment?
How can entrepreneurs identify sources of opportunity in the external environment?
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What does 'competition' entail in entrepreneurship?
What does 'competition' entail in entrepreneurship?
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'Buyers' are characterized as individuals who:
'Buyers' are characterized as individuals who:
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'Suppliers' in the context of entrepreneurship are those who:
'Suppliers' in the context of entrepreneurship are those who:
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What is the significance of external environment for businesses?
What is the significance of external environment for businesses?
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