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Entrepreneurial Opportunity — Entrepreneurship STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceEntrepreneurshipEntrepreneurial Opportunity5 Marks
Question
Elaborate the factors involved in sensing opportunities.OR
Explain ability to harness different sources of knowledge and information' and vision and creativity' as important factors involved in the process of sensing opportunities.
✓

Answer

To sense an entrepreneurial opportunity, an entrepreneur employs his sharpened skills of observation, analysis and synthesis to identify an opportunity.
The factors involved in the process are as follows:
  1. Ability to perceive and preserve the basic ideas: Perceiving an opportunity might come from different sources.
Ideas may be spotted from the following:
  1. Problem: Often a problem leads to emergence of an idea, e.g. solar lamps due to problem of irregular electricity supplies in suburbs and villages.
  2. Change: Changes in the environrent in social, legal, technological aspects, etc., lead to new opportunities.
  3. Invention: Development of new products or services, etc, are the sources of ideas.
  4. Competition: It leads to emergence of ideas as the firms are always thinking in terms of beating the competition.
  5. Innovation: Value addition to existing products and services through creative processes leads to an innovated product/ service.
  1. Ability to harness different sources of knowledge and information: Information can be gathered from various sources like magazines, journals, books, seminars, trade shows, family and friends, customers, etc.
  1. Vision and creativity: The entrepreneur should be able to creatively identify an idea to generate a valuable solution to a problem. Once the solution is identified, the vision of the entrepreneur converts the solution into business opportunity. For this, they constantly:
  1. Overcome adversity.
  2. Exercise control over the business.
  3. Make a significant difference.

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