Spotting A Business Opportunity

Question 1

What is a business opportunity?

Answer 1

A business opportunity is a set of circumstances that makes it possible to start a new business or expand an existing one.

Question 2

True or False: A business opportunity must be profitable.

Answer 2

True

Question 3

Fill in the blank: A business opportunity is often identified through _____ analysis.

Answer 3

market

Question 4

What are the key components to consider when spotting a business opportunity?

Answer 4

Market demand, competition, and potential profitability.

Question 5

Which of the following is NOT a source of business opportunities? A) Market trends B) Customer feedback C) Random chance D) Competitor analysis

Answer 5

C) Random chance

Question 6

What is market research?

Answer 6

Market research is the process of gathering, analyzing, and interpreting information about a market.

Question 7

True or False: Identifying a gap in the market can lead to a business opportunity.

Answer 7

True

Question 8

What does SWOT analysis stand for?

Answer 8

Strengths, Weaknesses, Opportunities, Threats.

Question 9

Short answer: Name one method for identifying business opportunities.

Answer 9

Surveys or focus groups.

Question 10

What is the purpose of a business plan?

Answer 10

To outline the strategy for a new business and attract investors.

Question 11

Fill in the blank: A _____ is a potential customer who has an unmet need.

Answer 11

target market

Question 12

True or False: All business opportunities are equally viable.

Answer 12

False

Question 13

What role does competition play in spotting a business opportunity?

Answer 13

Competition helps identify market saturation and areas for differentiation.

Question 14

Multiple choice: Which of the following is a qualitative research method? A) Surveys B) Focus Groups C) Sales Data D) Market Trends

Answer 14

B) Focus Groups

Question 15

What is a niche market?

Answer 15

A niche market is a specific, defined segment of the market that is addressed by a specific kind of product or service.

Question 16

True or False: Innovation can lead to new business opportunities.

Answer 16

True

Question 17

What does the term ‘market saturation’ refer to?

Answer 17

Market saturation occurs when a product has become so widespread that there is little room for new businesses.

Question 18

Short answer: What is a trend?

Answer 18

A trend is a general direction in which something is developing or changing.

Question 19

Fill in the blank: _____ analysis helps businesses understand their competitive environment.

Answer 19

Competitor

Question 20

What is the significance of customer feedback in spotting business opportunities?

Answer 20

Customer feedback provides insights into needs and preferences that can lead to new opportunities.

Question 21

Multiple choice: Which of these is a quantitative research method? A) Interviews B) Observations C) Surveys D) Case Studies

Answer 21

C) Surveys

Question 22

What is a business model?

Answer 22

A business model outlines how a company creates, delivers, and captures value.

Question 23

True or False: A successful business opportunity must appeal to all demographics.

Answer 23

False

Question 24

Short answer: What is an entrepreneur?

Answer 24

An entrepreneur is a person who starts and runs a business, taking on financial risks in the hope of profit.

Question 25

Fill in the blank: _____ represents the potential for growth in a business opportunity.

Answer 25

Scalability

Question 26

What is the role of networking in identifying business opportunities?

Answer 26

Networking can provide access to information, resources, and potential partners or investors.

Question 27

Multiple choice: Which of the following is a characteristic of a good business opportunity? A) High risk B) Low demand C) Clear target market D) Uncertain return

Answer 27

C) Clear target market