Entrepreneurial Opportunity — Entrepreneurship STD 12 Commerce — Question

The given diagram depicts that there are innumerable ideas present and spotted by an entrepreneur. The basic ideas may emerge from problems, changes in the environment, inventions, competition and innovations taking place.
An entrepreneur through his vision and creativity, identifies an idea to generate a solution to a problem. This solution is converted into an opportunity.
Here, what is important is that, the ideas have to assessed in terms of its potentiality of the opportunity. Thus, investigation of ideas has to be done for opportunity assessment.
Idea and opportunity assessment Steps are as follows:

1. Product identification.
2. Application and use.
3. Level of operation.
4. Cost.
5. Competition.
6. Technical complexity.
7. Annual turnover and assessment.

Finally, market assessment in terms of demand of the product, supply and nature of competition, cost and price of the product and prevailing product innovations have to be done to move into a direction of setting up of successful venture.