ENTREPRENEURIAL OPPORTUNITY

Which of the following best defines a business opportunity?

• Any random idea that an entrepreneur likes

• A social service with no focus on returns

• An economic activity that leads to business/trade and ensures profit

• A government policy that promotes new businesses

An entrepreneur ensures two key factors while identifying a business opportunity. What are they?

• Availability of raw materials and government subsidies

• Low production costs and high employee salaries

• Business registration and availability of loans

• Presence of a good market and return on investment

Which of the following is NOT an essential element of a business opportunity?

• Assured market scope

• Attractive and acceptable rate of return

• Personal interest of the entrepreneur

• Potential for future growth

Which of the following factors is essential for identifying a business opportunity?

• Practicability of the idea

• Random market trends

• Immediate high profits with no future growth

• Entrepreneur’s personal preferences only

Match the following - PERCEIVING AND SENSING OPPORTUNITIES

• •Observing market trends

• entrepreneurs perceive opportunities

• •Collect Information

  •Look for patterns

• synthesize the available information

• •businesses must embrace innovation

• Analyse emerging patterns

Why is environment scanning important for a business?

• It eliminates the need for strategic planning

• It helps in identifying opportunities for a first-mover advantage

• It ensures businesses never face competition

• It guarantees immediate success without effort

A food delivery company, QuickBite, observes a growing demand for late-night food delivery. It partners with night-time restaurants to expand its services and increase revenue..

• Sensitization to cope with rapid changes.

• Better performance.

• Tapping useful resources.

• Image building

A car manufacturer, AutoPro, studies global fuel prices and customer demand for electric vehicles. It invests in EV production, boosting its market share and profitability.

• Better performance.

• Tapping useful resources.

• Formulation of strategies and policies.

• Identifying opportunities to get a first-mover advantage.

Match the following- SWOT

• Strength

• Advances in cybersecurity and Internet technologies

• Threat

• Rising interest rates in the domestic economy

• Opportunity

• Low labor productivity in the organization

• Weakness

• Increased market share

Match the following - PESTEL

• Technological

• Changes in corporate governance laws require businesses to improve transparency.

• Political

• A country experiences a recession, reducing consumer spending and demand.

• Legal

• Rapid advancements in Artificial Intelligence (AI) disrupt traditional industries.

• Economic

• A government imposes new tax regulations, affecting business profitability.

• Social

• Shifting cultural preferences towards eco-friendly products influence businesses.