How can “solving a problem” create a business opportunity
1. How can “solving a problem” create a business opportunity for an entrepreneur to pursue? 2. How..1 answer below »1. How can “solving a problem” create a business opportunity for an entrepreneur to pursue?2. How can finding a gap in the marketplace create a business opportunity?3. What is the meaning of the term opportunity recognition?4. In what ways does prior industry experience provide an entrepreneur an advantage in recognizing business opportunities?
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ANS = 1CONCEPT :Problem-solving is one of the most important aspects of entrepreneurship. As both the founder of your organization and the leader of your team, you'll be responsible for identifying and solving the problems of your customers, partners, employees and your company, in general.ANALYSIS :-In business environment, a problem means there is demand of product or service that is not yet addressed or firms lack capacity to cater the demand and solve the problem. Problem solving is a part of the important ways of getting new business ideas and opportunities. Being in a position to understand and study the problems facing people in their daily lives help create new and very unique ideas for entrepreneurs. Some of the people who have encountered these problems end up opening companies and firms in order to solve the problems they faced in life and those others are facing. Any solution faced on daily basis is a business opportunity. In any case to have a specific solution to any situation encountered is not an easy task therefore one should get methods on how parallel problem was solved and from there relate the method in solving there on problem.ANS = 2When developing a new product or service, it is critical to assess what need it will fill and what your competitors are offering.This so called gap in the market could be the difference between an astounding product launch or an equally impressive product flop.Here are six ways you can identify a gap in your market:1. Monitor Trends in Your Area of Expertise2. Elicit Feedback from Customers 3. Evaluate Competitors’ Offerings and Differentiate Yourself4. Think Globally5. Adapt an Existing Product or Service6. Hire Outside Resources to do the Legwork for YouANS = 3Opportunity recognition is a process wherein individuals and organizations actively seek out, as well as perceive, opportunities for new products and services. It could be likened to a constant state of brainstorming, where businesses are always on the lookout for ways to innovate or improve. Creativity is the way of coming up with an important and useful business idea.Creativity is easily seen in products, services and businesses and also having large number of entrepreneurs at a firm acts as a source of creativity to the firm. Creativity promotes the recognition process since the entrepreneur uses his or her skills to recognize a business opportunity. Through the creativity a new business idea is generated that becomes useful to many.ANS = 4Prior experience in industries assists an entrepreneur in knowing the kind of business opportunity. While an entrepreneur is working he or she is able to get new business ideas while he or she is still an employee for a company in the same industry like a hotelier getting an idea of a company within the hospitality industry. An entrepreneur discovers a market niche while working that is underserved. While working, the entrepreneur can establish social contacts and be in a well position to build up networks in the industry that might give insights leading to opportunities.
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