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Entrepreneurial Opportunity — Entrepreneurship STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceEntrepreneurshipEntrepreneurial Opportunity3 Marks
Question
Explain any three sources from which basic ideas emerge.
OR
Enlist the various sources which lead to the emergence of basic ideas and briefly explain them.
✓

Answer

Various sources which lead to the emergence of basic ideas are as follows:
  1. Problem Often a problem leads to the emergence of an idea, e.g. solar lamps due to problem of irregular electricity supplies in suburbs and villages.
  2. Change Changes in the environment in social, legal, technological aspects, lead to new opportunities.
  3. Invention Development of new products or services, etc., are sources of ideas.
  4. Competition It leads to emergence of ideas as the firms are always thinking in terms of beating the competition.
  5. Innovation Value addition to existing products and services through creative processes leads to an innovated product/ service.

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