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Question
What is required to convert an idea into opportunity?
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Solution
Sensing entrepreneurial opportunities is only a process of converting an idea into an opportunity and then into an enterprise.
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RELATED QUESTIONS
What are the factors an entrepreneur has to keep in mind while assessing the market?
Discuss the steps involved in the investigation of ideas.
“If you don’t adapt, you don’t endure”. Evaluate the validity of the statement.
Vinay was a young entrepreneur who wanted to start a new business with an initial investment of 25 lakhs. He was not sure of what business he has to undertake. His friend suggested seeking the help of professionals who would spot the latest trends in the market and give him an idea, but Vinay decided to do it by himself. Suggest the various ways by which he can do it.
Given below are the factors necessary for developing a successful idea.
Identify the correct combinations from the given options.
| Pooja after finishing her catering course wanted to start her pastry shop in her home town - Jaipur. She knew that there were a lot of national and international tourists who visit the place whom she considered as her target customers. She also planned to have a centralised kitchen to make the pastries and then use vans to transport to various shops all around Jaipur. For the same, she also decided to rent a warehouse near to her centralised kitchen. |
From the above case study, identify and explain the factors which Pooja has paid attention whilst doing market assessment.
Explain the first five steps involved in idea and opportunity assessment.
