The following are the various sources of information that will help the entrepreneur to perceive the basic idea.
Entrepreneurs usually depend on the following sources of information to perceive an idea
– Problems: Problems prevailing in the society will lead to ideas to resolve the problems. These ideas can become economically viable entrepreneurial opportunities.
– Change: Changes that occur in the political, legal, trend-set of the consumer, technology will be good sources to perceive new business ideas.
– Inventions: New inventions will help the entrepreneurs to perceive new ideas to start a new product or service.
– Competition: The urge to overcome the competition help the entrepreneurs to perceive new ideas.
– Innovation: Innovation is the process of creating something of value or improve the existing product or service to improve its value.
– Ability to exploit multiple sources of information:
The entrepreneurs should consult various sources of information like
– Family members
to help them perceive preliminary idea. They should be able to gather all the knowledge and information from these sources and scrutinize it. The process will help to recognize an economically viable business opportunity.
For more content on this topic, please visit www.eduxir.com/curriculum/cbse/class-xii/entrepreneurship/entrepreneurial-opportunity/