Question

1.Please list and describe three ways to generate entrepreneurial opportunities.

2. Please list and describe four criteria you would use to evaluate business ideas (hint: "window of opportunity")

Answer 1

1) Three ways to generate entrepreneurial opportunities are -

i) Meeting the new peoples - Meeting the new people will give entrepreneur new ideas and perspective. Specially, meeting with experienced people will enhance his knowledge and will help to generate entrepreneurial opportunities.

ii) Research online - Instead of wasting time around, you can just spend time online on trending communities and see what people are doing, what's trending hashtags etc to generate new ideas.

iii) Market Research - If you already have an idea and you want to see if it fits in market condition then you should do market research to understand environment and consumer behavior and capture opportunities.

2) four criteria you would use to evaluate business ideas are as follows -

i) Examining the market - Before implementing the idea, it is important to do research on the market regarding the size of the market and if there is any demand in the market of that product.

ii) Risk involvement - Another aspect to evaluate while implementing a business idea to verify the extent of risk involved in it and the capability of the firm to bear the risk.

iii) Financial position - Another aspect is to evaluate your financial position and match it with the financial resources required to implement the business idea.

iv) Required management and skills - It is important to match your management skills with the skills required for the project. It is waste of time if you don't have sufficient skillset for the project.

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