Question

How will you identify entrepreneurial opportunities?

Hint:

Opportunity = Gap in the market + Entrepreneur’s ability to provide a solution.

Answer 1

Step 1: Meaning of entrepreneurial opportunities.
Entrepreneurial opportunities are favorable situations where new products, services, or processes can be introduced to satisfy demand and earn profit.
Step 2: Process of identification.
1. Market research: By analyzing consumer needs, demands, and supply gaps.
2. Environmental scanning: Observing economic, social, technological, and political changes to spot new possibilities.
3. Innovation and creativity: Finding unique solutions to existing problems.
4. Government policies: Identifying incentives, subsidies, and schemes for new businesses.
5. Global trends: Looking at international demand and opportunities that can be localized.
Step 3: Example.
When the demand for electric vehicles increased, entrepreneurs identified the opportunity to start EV charging stations.
Step 4: Conclusion.
Entrepreneurial opportunities are identified by analyzing the environment, spotting unmet needs, and using innovation to deliver solutions.