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Entrepreneurial Opportunity — Entrepreneurship STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceEntrepreneurshipEntrepreneurial Opportunity4 Marks
Question
Explain demand driven ideas' and trading related ideas' as idea fields.
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Answer

Demand driven ideas: To carry out a market research is an important method of generating ideas. This study yields valuable data about trends of supply, demand, consumers' preferences, etc. Sometimes, information is also available with associations and organisations.
Trading related ideas: Trade in simple terms is buying goods and services and selling them to consumer at a profit. One big advantage that trading has over other types of business is that it is easier to launch and is less risky. However, it is necessary for a prospective trader to be aware of the trends in an economy.

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