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Entrepreneurial Opportunity — Entrepreneurship STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceEntrepreneurshipEntrepreneurial Opportunity5 Marks
Question
'The process of generation of ideas' can be streamlined by developing an awareness about it and these work as the convenient frames of references for this'.
  1. Identify the concept stated in the above lines.
  2. Explain any three sources of the concept identified which are used by an Entrepreneur.
✓

Answer

  1. Idea fields.
  2. (Any three)
  1. Natural Resources: Ideas can be generated based on natural resources. A product or service may be desired from forest resources, agriculture, horticulture, mineral, animal husbandry, wind, sun, and human resource.
  2. Existing products or service: A business opportunity or idea often comes from everyday problems that someone solves. Successful businesses find a need and fill it by providing a service or product. Entrepreneurs who look at ways to make an existing product or service better can be as successful as those who create or invent products.
  3. Market driven or demand driven Market research is any organised effort to gather information about target markets or customers. Ideas can be generated based on existing demand in the market. It is a very important component of business strategy.
  4. Trading related: Trade is buying goods and services and selling them to consumers at a profit. One big advantage that trading has over other types of businesses is that it is easier to launch and less risky. It is, however, necessary for a prospective trader to be aware of the trends in an economy.
  5. Service sector: Service sector is the most growing fields these days due to emerging knowledge societies and advances in Information and Technology. So new opportunities can be identified by understanding the linkages to different business activities.
  6. Creative efforts: There are basically five ways in which creative ideas can be generated:
  1. Develop a new product or service.
  2. Improve an existing product or service.
  3. Find a new process or resource for manufacturing a product.
  4. Find new markets for existing products or services.
  5. Find a new use for a product or service.

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