Commerce Exam > Commerce Notes > Sensing Entrepreneurial Opportunities - Entrepreneurial Opportunity, Entrepreneurship, Class 12
Sensing Entrepreneurial Opportunities - Entrepreneurial Opportunity, Entrepreneurship, Class 12 - Commerce PDF Download
• A business opportunity is an attractive economic idea that could be implemented to create a business, earn profits and ensure further growth.
• Entrepreneurs perceive opportunities quickly, synthesize the available information and analyse emerging patterns that escape the attention of other people.
• Entrepreneurs are themselves responsible for the success and failures of the enterprise.
• Entrepreneurship is the function that involves grabbing an opportunity, organizing the resources and undertaking the production and other activities.
• Sensing Entrepreneurial Opportunities is a process of perceiving the needs and problems of people and society and arriving at creative solutions, converting these solutions into Opportunities and then into an enterprise.
An Entrepreneur has two basic roles :
(1) Opportunity.
(2) Spotter and Project Champion.
Question for Sensing Entrepreneurial Opportunities - Entrepreneurial Opportunity, Entrepreneurship, Class 12Try yourself: What is the role of an entrepreneur in sensing entrepreneurial opportunities?View Solution
Sensing Opportunities Factors :
(1) Ability to perceive and preserve basic ideas.
(2) Ability to harness different sources of information.
(3) Vision and Creativity.
• Creativity is the ability to develop new ideas and to discover new ways of looking at a problem and opportunities.
It refers to “thinking new things” or “doing things differently”.
There are five sources to obtain ideas :
(1) Problems.
(2) Change.
(3) Inventions.
(4) Competition to encash it.
(5) Innovation.
• One of the most striking behavioural characteristics of an entrepreneur is his creativity.
It does not necessarily mean that he should be an inventor.
Elements of business opportunity :
(1) Assured market scope.
(2) An attractive and acceptable rate of return on investment.
(3) Practicability of the idea.
(4) Competence of the entrepreneur.
(5) Potential of future growth.
Question for Sensing Entrepreneurial Opportunities - Entrepreneurial Opportunity, Entrepreneurship, Class 12Try yourself: What is the role of an entrepreneur in sensing opportunities?View Solution
Various stages in the Enterprise Process Diagram :
(1) Spotting an opportunity by analyzing the needs and problems that exist in the environment.
(2) Evaluating the ideas received from different sources to find a creative solution.
(3) Identifying a product or service through innovation.
(4) Setting up a project and nurturing it to success.
FAQs on Sensing Entrepreneurial Opportunities - Entrepreneurial Opportunity, Entrepreneurship, Class 12 - Commerce
| 1. What is an entrepreneurial opportunity? |  |
Ans. An entrepreneurial opportunity refers to a potential business idea or situation that can be exploited for profit. It involves identifying a gap in the market or a problem that needs solving, and creating a new product, service, or business model to address it.
| 2. How can one identify entrepreneurial opportunities? | |
Ans. There are several ways to identify entrepreneurial opportunities. Firstly, one can observe trends, changes in consumer behavior, or emerging technologies that can create new market demands. Secondly, conducting market research and analyzing customer needs and preferences can help identify gaps in the market. Additionally, networking with industry professionals, attending trade fairs or conferences, and brainstorming with others can also lead to identifying entrepreneurial opportunities.
| 3. What role does creativity play in identifying entrepreneurial opportunities? | |
Ans. Creativity plays a crucial role in identifying entrepreneurial opportunities. It involves thinking outside the box, being innovative, and coming up with unique solutions to problems or needs. Creative individuals are more likely to spot opportunities that others might overlook, and they can turn their ideas into successful businesses by offering something novel and valuable to the market.
| 4. How can one evaluate the feasibility of an entrepreneurial opportunity? | |
Ans. Evaluating the feasibility of an entrepreneurial opportunity involves assessing its viability, profitability, and sustainability. This can be done through market research, analyzing the target market size, competition, and potential demand for the product or service. Additionally, conducting a financial analysis, considering the required resources, and assessing the potential risks and challenges can help determine the feasibility of the opportunity.
| 5. What are some common challenges faced by entrepreneurs when seizing entrepreneurial opportunities? | |
Ans. Entrepreneurs often face various challenges when seizing entrepreneurial opportunities. These can include financial constraints, lack of experience or expertise, difficulty in accessing resources or funding, competition from existing businesses, and uncertainty in the market. Additionally, managing growth, adapting to changing market trends, and dealing with potential failures or setbacks are also common challenges faced by entrepreneurs.
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