Question

State any four sources of business ideas that can be used by an entrepreneur.

Answer 1

1. Problems: Identifying people’s problems and finding solutions can lead to new business ideas.
2. Change: Social, technological, or economic changes create new needs and opportunities.
3. Inventions: New inventions can be turned into commercial products or services.
4. Competition: Studying competitors helps find gaps or improvements in existing products.
5. Innovation: Improving existing products or processes can create new market opportunities.