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An Entrepreneur is Doing an Industry Analysis. While He/She is Analyzing His/Her Competitions in His/Her Line of Business, He Realises that the Competitors Are Far Better - Entrepreneurship

Answer in Brief

An entrepreneur is doing an industry analysis. While he/she is analyzing his/her competitions in his/her line of business, he realises that the competitors are far better in their business plans and their execution. Should the entrepreneur add unique selling point in the existing plan to get a creative niche above others or should he/she go for a completely different line of business where the competition is less and he/she is easily able to place his/her feet in the market? Give reasons. (creativity and problem solving)

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Solution

Entrepreneur should add unique selling point in the existing plan to get a creative niche above others. This is because of following reasons:
(i)This will indicate that the entrepreneur is creative and so want to solve the problem with creativity.
(ii)It also will mean that the entrepreneur has the ability to concentrate on the problem and have a suitable solution.
(iii)Here the entrepreneur will be a problem solver and is not afraid of competition.
(iv)It also reflects that the entrepreneur has got the quality of endurance which is an essential trait for a successful entrepreneur.

Concept: Business Plan
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APPEARS IN

CBSE Class 12 Entrepreneurship Textbook
Chapter 2 Enterprise Planning
Value Based Questions | Q 2 | Page 89
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