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Enlist the Various Sources Which Lead to the Emergence of Basic Ideas. - Entrepreneurship

Short Note

Enlist the various sources which lead to the emergence of basic ideas.

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Solution

The various sources which lead to the emergence of basic ideas.
(i) Problems: When a problem exists, an idea leads to a solution to resolve that problem, emerges as a business opportunity.
(ii)Change: A change in social, legal, technological aspects etc. leads to new opportunities to start a business,
(iii) Inventions: New products or services leads to new business opportunities.
(iv)Competition: Competition often results in emergence of new and better ideas that result in new business opportunities.
(v)Innovation: Creating new things of value as well as new and creative processes that add value to the existing products or services. For example, computers to tablets.

Concept: Factors Involved in Sensing Opportunities
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APPEARS IN

CBSE Class 12 Entrepreneurship Textbook
Chapter 1 Entrepreneurial Opportunity
Short Answers (exceed 75 words) | Q 1 | Page 27
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