1. Explain the meaning of entrepreneurial opportunity in 2 paragraphs.
2. Discuss the various forms of entrepreneurial opportunities and give examples.
3. Describe the two approaches of opportunity identification
4. Explain the opportunity recognition process
5. Discuss the environmental factors that influence identifying opportunity gaps.
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Answer:
ANSWER:
1.Entrepreneurial opportunities are usually defined as situations where products and services can be sold at a price greater than the cost of their production. An 'entrepreneurial opportunity', thus, is a situation where entrepreneurs can take action to make a profit.
2.•Types of Business Opportunities. There are many entrepreneur opportunities you could choose. ...
•Buy a Franchise. Many entrepreneurs like to have a business going full speed right off the bat. ...
•Distributorship or Dealership. ...
•Network Marketing. ...
•Licensing. ...
•Filling a Niche. ...
•Get Free Business Opportunity Ideas.
3.There are two ways to recognise opportunities. You can discover them or create them yourself. Entrepreneurs discover opportunities when they search for them in the existing markets. ... Other entrepreneurs create opportunities.
4.Opportunity recognition is a process wherein individuals and organizations actively seek out, as well as perceive, opportunities for new products and services. It could be likened to a constant state of brainstorming, where businesses are always on the lookout for ways to innovate or improve.
5.•Family and work patterns (for example, the number of single parents with two jobs or the number of double-income households with flexible hours)
•Health issues (for example, people living longer with more active lives)
•Use of computers and the Internet.
Explanation:
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