Unit 1 - Entrepreneurial Opportunity Flashcards
1
Q
Who is an Entrepreneur?
According to Peter F. Drucker
A
“An Entrepreneur is the one who always searches for an Opportunity and initiates steps to produce and sell goods and services to make the best use of that Opportunity”
2
Q
What is a Business Opportunity?
A
A Business Opportunity is an attractive economic idea which could be implemented to create a business, earn profits and ensure future growth
3
Q
Elements of Business Opportunity
A
PRAC P
4
Q
The P in PRAC P
A
Practicability of the Idea
5
Q
The R in PRAC P
A
attractive and acceptable Rate of Return
6
Q
The A in PRAC P
A
Assured Market Scope
