1b) sources of business opportunity: part 1

Question 1

creating and implementing new ideas or significantly improving existing goods, services of a way of doing something is …

a) entrepreneurship
b) a market opportunity
c) innovation
d) changing customer needs

Answer 1

c) innovation

Question 2

taking a risk to develop, start and manage a profitable business is …

a) entrepreneurship
b) a market opportunity
c) innovation
d) changing customer needs

Answer 2

a) entrepreneurship

Question 3

a need or want that is not currently being met by any business is …

a) entrepreneurship
b) a market opportunity
c) innovation
d) changing customer needs

Answer 3

b) a market opportunity

Question 4

the transitions in the desires of consumers is …

a) entrepreneurship
b) a market opportunity
c) innovation
d) changing customer needs

Answer 4

d) changing customer needs

Question 5

4 factors that can create market opportunities

Answer 5

1) changing demographics
2) changing social attitudes and norms
3) changing laws and regulations
4) advancements in technology

Question 6

what are norms?

Answer 6

norms are behaviours which are commonly accepted by the society

Question 7

what is demographics?

Answer 7

demographics is statistical info about the characteristics of a population, such as age, ethnicity, gender and income