10 Questions
Theresources, skills, and technology available in the community are to be evaluated if the search is not fully or efficiently utilized
tobe
In discovering business opportunities, the following ______ors or resources have to be evaluated:
fact
The number of prospective buyers, competitors, the price, and the quality of goods and services that have to be analyzed are referred to as
markets
In selecting a business, options should not be based on luck and immature thinking, but on a thorough evaluation and systematic process. Start by developing long and short lists of potential business opportunities. Likewise, the resources, skills, and technology available in the community are to be evaluated if the search is not fully or efficiently utilized.
theresources,skills,andtechnologyavailableinthecommunityaretobe
As a smart entrepreneur may decide to have a small or large business, but it is important to follow the process of identifying and evaluating the various options in generating ideas that can be transformed into a profitable business endeavor.
importanttofollowtheprocessofidentifyingandevaluatingthevariousoptionsingeneratingideasthatcanbetransformedintoprofitablebusinessendeavor
What is the first step in discovering business opportunities according to the text?
Evaluating the resources, skills, and technology available in the community
What does it mean to be a smart entrepreneur, according to the text?
To follow a thorough evaluation and systematic process in business selection
Where do business opportunities exist, according to the text?
In areas with weak or incomplete consumer satisfaction
What should be evaluated when discovering business opportunities?
The resources, skills, and technology available in the community
How should business options be selected, according to the text?
By following a systematic process and thorough evaluation
Study Notes
Evaluating Resources for Business Opportunities
- Resources, skills, and technology within a community must be assessed to ensure effective utilization.
- Evaluating prospective buyers, competitors, pricing, and quality of goods/services is crucial in identifying opportunities.
Process for Selecting a Business
- Business selection should be based on thorough evaluation rather than luck or immature thinking.
- Develop comprehensive long and short lists of potential business opportunities.
Characteristics of a Smart Entrepreneur
- A smart entrepreneur considers the scale of the business, whether small or large, based on systematic evaluations and idea generation.
- Following a structured process in identifying and assessing options is vital for transforming ideas into profitable ventures.
Identifying Business Opportunities
- Business opportunities can exist within community resources and require systematic analysis.
- Factors to evaluate include market demand, competition, pricing strategies, and service quality.
Choosing Business Options
- Business options should be selected based on detailed evaluation and analysis rather than spontaneous decision-making.
- Effective selection contributes to the likelihood of turning ideas into successful business outcomes.
Explore the concepts of business opportunities, ideation, innovation, and creativity. Learn how these factors play a crucial role in entrepreneurial endeavors and the development of new ventures.
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