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An idea should eventually lead to success of the venture of an entrepreneur. Which among the following ideas will an entrepreneur have to select?
  • a)
    Basic idea
  • b)
    Any random idea
  • c)
    Idea developed before environmental scanning
  • d)
    Idea developed after environmental scanning
Correct answer is option 'D'. Can you explain this answer?
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An idea should eventually lead to success of the venture of an entrepr...
An entrepreneur is someone who starts a new business venture, and the success of that venture largely depends on the idea behind it. The idea is the foundation upon which the entire business is built, and it sets the direction and purpose of the venture. Therefore, it is crucial for an entrepreneur to carefully select the idea that they will pursue.

In order to choose the best idea, an entrepreneur should consider a variety of factors, including the potential market demand, the competition, the feasibility of the idea, and the resources and capabilities available to them. Environmental scanning, which involves analyzing the external environment and identifying opportunities and threats, is an important part of this process.

When it comes to selecting an idea, an entrepreneur should prioritize those that have been developed after environmental scanning. This means that the idea has been carefully researched and analyzed in the context of the business environment. This approach offers several advantages:

1. Identification of market opportunities: Environmental scanning helps entrepreneurs identify emerging trends, customer needs, and market gaps. By developing an idea after conducting this analysis, an entrepreneur can ensure that their venture is aligned with market demand and has a higher chance of success.

2. Competitive advantage: By taking into account the competition in the market, an entrepreneur can develop a unique selling proposition or a competitive advantage. This could be through offering a product or service that is superior to what is currently available, or by targeting an underserved niche in the market.

3. Risk reduction: Developing an idea after environmental scanning helps reduce the risks associated with starting a new venture. By understanding the market dynamics, an entrepreneur can anticipate potential challenges and develop strategies to overcome them.

4. Resource allocation: Choosing an idea after environmental scanning allows an entrepreneur to allocate their resources more effectively. They can focus on areas that have the highest potential for success, rather than wasting time and resources on ideas that are unlikely to be profitable.

In conclusion, an entrepreneur should select an idea that has been developed after environmental scanning. This approach ensures that the venture is aligned with market demand, offers a competitive advantage, reduces risks, and allows for effective resource allocation. By choosing the right idea, an entrepreneur can increase the chances of success for their venture.
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An idea should eventually lead to success of the venture of an entrepr...
Environment analysis is the process of monitoring the economic and noneconomic environment, to determine the opportunities and threats to an organisation. Successful scanning catches important changes, and an entrepreneur easily proceed to the next stage of product or service identification. Only environmental scanning makes a project viable and enterprise sustainable in the long run.
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An idea should eventually lead to success of the venture of an entrepreneur. Which among the following ideas will an entrepreneur have to select?a)Basic ideab)Any random ideac)Idea developed before environmental scanningd)Idea developed after environmental scanningCorrect answer is option 'D'. Can you explain this answer?
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An idea should eventually lead to success of the venture of an entrepreneur. Which among the following ideas will an entrepreneur have to select?a)Basic ideab)Any random ideac)Idea developed before environmental scanningd)Idea developed after environmental scanningCorrect answer is option 'D'. Can you explain this answer? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about An idea should eventually lead to success of the venture of an entrepreneur. Which among the following ideas will an entrepreneur have to select?a)Basic ideab)Any random ideac)Idea developed before environmental scanningd)Idea developed after environmental scanningCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for An idea should eventually lead to success of the venture of an entrepreneur. Which among the following ideas will an entrepreneur have to select?a)Basic ideab)Any random ideac)Idea developed before environmental scanningd)Idea developed after environmental scanningCorrect answer is option 'D'. Can you explain this answer?.
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