Entrepreneurial Opportunity — Entrepreneurship STD 12 Commerce — Question

Problem identification: A problem is a roadblock in a situation, something that sets up a conflict and forces you to find a solution. When an entrepreneur identifies such a road block, he/ she is said to have identified the problem.
Uses of problem Identification

• Bring out new products in the market.
• Understand the problems and needs of the market.
• Be creative.
• Increase employment generation.
• Increase national income (of the country)

For example, in our everyday lives, we face a number of problems for which we wish sometimes for instant solutions. If we look carefully, there is an array of instant food products flooding the market on a daily basis.