WorksheetsENTREPRENEURIAL OPPORTUNITY
Total questions: 10
Worksheet time: 8mins
Which of the following best defines a business opportunity?
Any random idea that an entrepreneur likes
A social service with no focus on returns
An economic activity that leads to business/trade and ensures profit
A government policy that promotes new businesses
An entrepreneur ensures two key factors while identifying a business opportunity. What are they?
Availability of raw materials and government subsidies
Low production costs and high employee salaries
Business registration and availability of loans
Presence of a good market and return on investment
Which of the following is NOT an essential element of a business opportunity?
Assured market scope
Attractive and acceptable rate of return
Personal interest of the entrepreneur
Potential for future growth
Which of the following factors is essential for identifying a business opportunity?
Practicability of the idea
Random market trends
Immediate high profits with no future growth
Entrepreneur’s personal preferences only
Match the following - PERCEIVING AND SENSING OPPORTUNITIES
entrepreneurs perceive opportunities
•Observing market trends
synthesize the available information
•Collect Information
•Look for patterns
Analyse emerging patterns
•businesses must embrace innovation
Why is environment scanning important for a business?
It eliminates the need for strategic planning
It helps in identifying opportunities for a first-mover advantage
It ensures businesses never face competition
It guarantees immediate success without effort
A food delivery company, QuickBite, observes a growing demand for late-night food delivery. It partners with night-time restaurants to expand its services and increase revenue..
Sensitization to cope with rapid changes.
Better performance.
Tapping useful resources.
Image building
A car manufacturer, AutoPro, studies global fuel prices and customer demand for electric vehicles. It invests in EV production, boosting its market share and profitability.
Better performance.
Tapping useful resources.
Formulation of strategies and policies.
Identifying opportunities to get a first-mover advantage.
Match the following- SWOT
Increased market share
Strength
Rising interest rates in the domestic economy
Threat
Advances in cybersecurity and Internet technologies
Opportunity
Low labor productivity in the organization
Weakness
Match the following - PESTEL
A government imposes new tax regulations, affecting business profitability.
Political
A country experiences a recession, reducing consumer spending and demand.
Economic
Rapid advancements in Artificial Intelligence (AI) disrupt traditional industries.
Technological
Shifting cultural preferences towards eco-friendly products influence businesses.
Social
Changes in corporate governance laws require businesses to improve transparency.
Legal
