<div style='margin-bottom: 20px;'> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What defines a business opportunity in the context of entrepreneurship?</h2> <p style="font-weight: normal; font-size: 1.2rem;">An economic idea that can be implemented to create a business enterprise and earn profits.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">How does the case of La Opala illustrate the process of spotting and transforming an idea into a business opportunity?</h2> <p style="font-weight: normal; font-size: 1.2rem;">By identifying a market need for quality glassware and leveraging imported machinery to produce opal glassware, thus entering and capturing a significant share of the market.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">Why is problem identification crucial for entrepreneurs?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Problem identification is crucial because it helps entrepreneurs bring new products to market, understand market needs, foster creativity, increase employment, and boost national income.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What constitutes the business environment according to the text?</h2> <p style="font-weight: normal; font-size: 1.2rem;">The business environment consists of the micro environment (suppliers, customers, intermediaries, competitors, general public) and the macro environment ('PESTEL': Political, Economic, Social, Technological, Ecological, Legal).</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">How does idea generation in market research develop?</h2> <p style="font-weight: normal; font-size: 1.2rem;">It is knowledgeable, creative, and systematic, based on understanding of the consumer, market, technology, and environment.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What advantage does trading have over other types of businesses?</h2> <p style="font-weight: normal; font-size: 1.2rem;">It is easier to launch and less risky.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">How does the TravelKhana case study exemplify innovation in addressing market needs?</h2> <p style="font-weight: normal; font-size: 1.2rem;">By creating a platform that connects train passengers with restaurants, offering fresh food delivery to their seats, addressing a gap in the market.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What sector is experiencing significant growth due to advancements in knowledge and technology?</h2> <p style="font-weight: normal; font-size: 1.2rem;">The service sector.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">How can natural resources serve as a source of business ideas?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Natural resources can serve as a source of business ideas by exploring their potential uses beyond existing applications, leading to innovative products or services.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">Why is environment scanning crucial for businesses?</h2> <p style="font-weight: normal; font-size: 1.2rem;">It detects early signs of opportunities and threats, influencing current and future plans, ensuring adaptation and survival in a rapidly changing environment.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What are the essential elements that constitute a business opportunity?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Assured market scope, attractive rate of return on investment, practicability of the idea, competence of the entrepreneur, and potential for future growth.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">How do entrepreneurs identify new business opportunities?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Entrepreneurs employ observation, analysis, and synthesis skills to identify openings, using sources like problems, changes, inventions, competition, and innovation.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What does the PESTEL model analyze in the macro environment?</h2> <p style="font-weight: normal; font-size: 1.2rem;">The PESTEL model analyzes Political, Economic, Social, Technological, Ecological, and Legal factors affecting the macro environment.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What are the benefits of understanding the business environment?</h2> <p style="font-weight: normal; font-size: 1.2rem;">It helps in identifying opportunities for first mover advantage, formulating strategies, tapping resources, improving performance, and coping with rapid changes.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">How can existing products or services inspire business ideas?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Existing products or services can inspire business ideas through improvement, adaptation, or addressing unmet needs, leading to increased sales and competitiveness.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What role does environment scanning play in entrepreneurial success?</h2> <p style="font-weight: normal; font-size: 1.2rem;">It helps in identifying factors affecting the business environment and spotting trends, which can lead to the discovery of new opportunities.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What role does market research play in idea generation?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Market research plays a crucial role in idea generation by providing data on supply, demand, and consumer preferences, helping to identify market needs and opportunities.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What trend supports the growth potential of career counselling centres in India?</h2> <p style="font-weight: normal; font-size: 1.2rem;">The large number of students seeking higher education and vocational guidance.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What is the primary goal of sensing entrepreneurial opportunities?</h2> <p style="font-weight: normal; font-size: 1.2rem;">The primary goal is to convert an idea into an opportunity and then into an enterprise.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What is the primary focus of marketing research compared to market research?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Marketing research focuses on marketing processes, while market research focuses on markets.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">Why is market research crucial for maintaining competitiveness?</h2> <p style="font-weight: normal; font-size: 1.2rem;">It provides important information to identify and analyze market need, size, and competition.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">How can India's low labor costs benefit the repair and maintenance service industry?</h2> <p style="font-weight: normal; font-size: 1.2rem;">They provide a cost-effective solution for repairs, generating good returns for entrepreneurs.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What does the success of local fast food options in India suggest about consumer preferences?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Consumers prefer local fast food options over imported ones, indicating a strong market for indigenous fast food.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What opportunity exists in the food service industry despite previous failures?</h2> <p style="font-weight: normal; font-size: 1.2rem;">There is an opportunity for better conceptualized and executed food and beverage parlours.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What is a key factor for success in starting a chain offering Indian sweets and snacks?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Belief in the replicability and potential for improvement of successful business models like Haldiram's.</p> </div> </div>