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Entrepreneurial Opportunity — Entrepreneurship STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceEntrepreneurshipEntrepreneurial Opportunity4 Marks
Question
Development in other nations provide an important base for spotting trends. Comment. What values are fulfilled in doing so?
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Answer

In developing nations, people often want to follow fashion trends of developed countries. They sought for products used there. e.g. ovens, washing machines, etc which have now become the important equipments for Indians daily life, were being used in the USA and European countries way ahead in 1980s. Therefore, an entrepreneur can discover good business ideas by keeping in touch with developments in other countries. e.g. in case study of La Opala 'Bull in a China Shop', Sushil Jhunjhunwala discovered the white glass called 'opal', during his visit to South Korea. Values that are fulfilled in doing so are:
  1. Increasing the standard of living in own country.
  2. Keeping country's pace of growth with developed nations.

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