Test: Entrepreneurial Opportunities- 1 - Commerce MCQ

Magazines: A print periodical containing miscellaneous pieces (such as articles, stories, poems) and often illustrated a fashion magazine a gardening magazine also: such a periodical published online.
Shows: Trade shows are important because they offer you a platform to market to your customers and then sell your product to those exact same customers.
Family Members: A family-owned business may be defined as any business in which two or more family members are involved and the majority of ownership or control lies within a family. Family-owned businesses may be the oldest form of business organization.

Talk Trends: talking to people is equally important trend spotting activity which helps the entrepreneur to get inputs on the needs of the customer. This can be done both online and offline.

Eco-technology is defined as the use of technological means for ecosystem management based on deep understanding of principles on which natural ecological systems are built and on the transfer of such principles into ecosystem management in a way to minimize the costs of the measures and their harm to the global environment. Seven basic ecosystem principles are outlined in agreement with Jørgensen. Basic rules of ecotechnology are derived from these ecosystem principles. As the rules are fairly general, the implementation of these ecotechnological rules for ecosystem management is given. Some applications of the general rules particularly as related to watershed and regional management are specified.
Examples of eco-techniques used for watershed and lake/reservoir management are given. It is shown that to be effective in the ecotechnological sense the eco-techniques have to be used in particular instances with the help of mathematical optimization models. Such models are constructed to select a combination of the options which result, for the given ecosystem situation, in the least cost and least secondary harm to the global environment.

Environmental scanning is the ongoing tracking of trends and occurrences in an organization's internal and external environment that bear on its success, currently and in the future.
Examples: Gathering data deliberately through market research studies; Having informal conversations with other executives; Reading secondary sources such as web articles, newspapers, magazines and journal literature; Monitoring demographic data;

The rate of return on the investment has to be attractive to be accepted by him.
Return on investment (ROI) is calculated by subtracting the initial value of the investment from the final value of the investment (which equals the net return), then dividing this new number (the net return) by the cost of the investment, and, finally, multiplying it by 100.

Correct Steps are:
(iii) Opportunity spotting by analysing the needs and problems that exist in the environment
(i) Evaluating the ideas received from different sources to find a creative solution
(ii) Identifying a product or service through innovation
(iv) Setting up a project and nurturing it to success

The GDP of a country tends to increase when the total value of goods and services that domestic producers sell to foreign countries exceeds the total value of foreign goods and services that domestic consumers buy. When this situation occurs, a country is said to have a trade surplus.

An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.

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.

Problem-focused projects must first determine the cause of the problem then determine how to solve it. Opportunities, on the other hand, are initiatives that will assist the organization in reaching business goals and objectives if implemented appropriately.

Some skills you need to have as an entrepreneur:

• Time management: Careful priority planning, defining milestones, execution, and iteration are all important. None of that would lead toward progress without the right project management and time allocation methodology that gets the work done.
• Strategic thinking: Learning to decompose a problem to its core and reveal opportunities for growth. Figuring out creative solutions and identifying the low-hanging fruits. Defining the scope for an MVP and testing concepts within limited time and with a low budget.
• Communication: Crisp and concise communication is paramount for each and every interaction with clients, partners, peers, clients, prospects.
• Networking: Growing a network facilitates business opportunities, partnership deals, finding subcontractors or future employees. It expands the horizons of PR and conveying the right message on all fronts.
• Branding: Building a consistent personal and business brand tailored to the right audience. Igniting brand awareness in new verticals.
• Sales: Being comfortable doing outreach and creating new business opportunities. Finding the right sales channels that convert better and investing heavily in developing them. Building sales funnels and predictable revenue opportunities for growth.

The Correct Answer is D: All of the Above

Social behavior encompasses various aspects and can be influenced by multiple factors. The options listed in the question cover different dimensions of social behavior:

• Fulfillment of social obligations: Social behavior often involves adhering to societal norms, values, and obligations. This can include fulfilling responsibilities, following social conventions, and maintaining interpersonal relationships.
• Production of public goods: Social behavior can involve actions that benefit the larger community or society as a whole. This can include acts of cooperation, contribution to public goods, and engaging in pro-social behaviors that promote the well-being of others.
• Ignorance of unethical behavior: Social behavior can also involve recognizing and avoiding unethical or immoral actions. This can include behaving in a manner that respects the rights and well-being of others, avoiding harm, and adhering to ethical standards.

Therefore, all the options mentioned in the question are valid and can be related to different aspects of social behavior. Hence, the correct answer is 4. All the above.

An entrepreneur is one who perceive opportunities, synthesize the available information and analyse emerging patterns that escape the attention of other people. It is the first step of an entrepreneur to grab the opportunity and setup a business enterprise to offer the solution of various problems and needs that exist.

An economic policy is a course of action that is intended to influence or control the behavior of the economy. Examples of economic policies include decisions made about government spending and taxation, about the redistribution of income from rich to poor, and about the supply of money.

The micro-environment consists of customers, partners, and competitors. The most important aspect of micro-environment is the customer market. There are different types of customer markets include consumer markets, business markets, government markets, Globalization international markets, and reseller markets.

Talk trends:

• Talking to people is an equally important trend-spotting tactic. They get involved in specific industry's trade association and attending events both online and offline.
• From social networking tools like social network websites and forums.

Creativity enables entrepreneurs to find some of the path-breaking discoveries. As such, it's essential to allow collisions and blur to take place to transcend boundaries set by disciplines. That way, it's easier for an entrepreneur to get new perspectives towards solving a financial or operational problem.

Market or demand-driven research is any organized effort to gather information about target markets or customers as it is one of the important components of business strategy. competitors and it provides important information to identify and analyze the market need, market size and competition.

Watch trends: Trend spotting refers to identification of new trends which helps an entrepreneur to understand the market and produce goods or provide services in sync with the market trends.
Trendspotting means identifying trends on a local, regional and/or global level, understanding those trends, identifying best practices surrounding those trends and identifying innovation opportunities regarding those trends.

Employees and the research & development department of the company are great internal sources. Whereas, external sources are also very helpful. These are customers, suppliers, competitors, distribution channels, government, educational institutions, and focus groups.