Spotting A Business Opportunity Flashcards
What is a business opportunity?
A business opportunity is a set of circumstances that makes it possible to start a new business or expand an existing one.
True or False: A business opportunity must be profitable.
True
Fill in the blank: A business opportunity is often identified through _____ analysis.
market
What are the key components to consider when spotting a business opportunity?
Market demand, competition, and potential profitability.
Which of the following is NOT a source of business opportunities? A) Market trends B) Customer feedback C) Random chance D) Competitor analysis
C) Random chance
What is market research?
Market research is the process of gathering, analyzing, and interpreting information about a market.
True or False: Identifying a gap in the market can lead to a business opportunity.
True
What does SWOT analysis stand for?
Strengths, Weaknesses, Opportunities, Threats.
Short answer: Name one method for identifying business opportunities.
Surveys or focus groups.
What is the purpose of a business plan?
To outline the strategy for a new business and attract investors.
Fill in the blank: A _____ is a potential customer who has an unmet need.
target market
True or False: All business opportunities are equally viable.
False
What role does competition play in spotting a business opportunity?
Competition helps identify market saturation and areas for differentiation.
Multiple choice: Which of the following is a qualitative research method? A) Surveys B) Focus Groups C) Sales Data D) Market Trends
B) Focus Groups
What is a niche market?
A niche market is a specific, defined segment of the market that is addressed by a specific kind of product or service.
True or False: Innovation can lead to new business opportunities.
True
What does the term ‘market saturation’ refer to?
Market saturation occurs when a product has become so widespread that there is little room for new businesses.
Short answer: What is a trend?
A trend is a general direction in which something is developing or changing.
Fill in the blank: _____ analysis helps businesses understand their competitive environment.
Competitor
What is the significance of customer feedback in spotting business opportunities?
Customer feedback provides insights into needs and preferences that can lead to new opportunities.
Multiple choice: Which of these is a quantitative research method? A) Interviews B) Observations C) Surveys D) Case Studies
C) Surveys
What is a business model?
A business model outlines how a company creates, delivers, and captures value.
True or False: A successful business opportunity must appeal to all demographics.
False
Short answer: What is an entrepreneur?
An entrepreneur is a person who starts and runs a business, taking on financial risks in the hope of profit.
Fill in the blank: _____ represents the potential for growth in a business opportunity.
Scalability
What is the role of networking in identifying business opportunities?
Networking can provide access to information, resources, and potential partners or investors.
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
C) Clear target market
