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Entrepreneurial Opportunity — Entrepreneurship STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceEntrepreneurshipEntrepreneurial Opportunity3 Marks
Question
What are the factors involved in sensing opportunities?
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Answer

Factors involved in sensing opportunities are as follows:
  1. Ability to perceive and preserve the basic ideas Spotting an idea often leads to identification of opportunities. Sources of emergence of ideas may be from problems, changes in environment, inventions, competitions and innovations.
  2. Ability to harness different sources of information Information can be gathered from various sources like magazines, journals, books, seminars, trade shows, family and friends, customers, etc.
  3. Vision and creativity Creativity is bringing out a solution. After solution is identified, vision of the entrepreneur converts the solution into business opportunity.

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