Resource Mobilization — Entrepreneurship STD 11 Commerce — Question

Importance of Information for an Entrepreneur:
Entrepreneur is a person who conceives an idea, or who discovers the opportunity in the environment. This ability of an entrepreneur of perceiving and sensing an opportunity, makes him always, search "for knowledge/ need/ problem" in the environment.
He needs to, in depth scan "inquiry/ idea/ quest" so as to evaluate its feasibility and viability. A detailed investigation is a must, before an entrepreneur converts the idea into enterprise. The most common parameters to be investigated are:

1. Feasibility, viability, application and utility of the idea.
2. Prevailing market conditions viz. demand, supply, competitors.
3. Types of resources required and their supplies.
4. Expected profitability.
5. Prevailing environmental factors and their impact on idea's feasibility.

Thus, before any decision is taken an entrepreneur needs accurate, authentic and relevant information.