Identifying Business Opportunities
questions with actual answers.
Internal sources of business opportunities ANS -Ideas for aspiring entrepreneurs:
1. Hobbies and Interests
2. Skills & Knowledge= what are you good at? what skills do you have? (e.g. cooking)
3. Personality= what type of work do you like? (e.g. physical work)
4. Frustrating experiences= not being able to find a particular product or service.
5. Inventions and unexpected occurrences(e.g. Percy LeBaron Spencer was walking past a radar tube
and he noticed that the chocolate bar in his pocket melted. He the investigated this and placed a small
bowl of popcorn in front of the tube and it quickly popped all over the room. The microwave was
invented!
6. Brainstorming=coming up with new ideas
Ideas for existing businesses:
1. Customer feedback (e.g. through market research)
2. Market trends
3. Staff suggestions (intrapreneurship)
4. Research and Development= investing in the development of new and improved products.
5. Supply substitution= if a firm's supplies are of poor quality, unreliable or too expensive, the may
prompt them to produce the product themselves.
Brainstorming ANS -is a creativity technique for coming up with new ideas. It can be done individually or
as a group to generate ideas. Brainstorming includes: 1. Setting a time limit (e.g.15mins)
2. Quickly write down as many possible business ideas.
3. Then you review the ideas
4. Select the best for further research.
questions with actual answers.
Internal sources of business opportunities ANS -Ideas for aspiring entrepreneurs:
1. Hobbies and Interests
2. Skills & Knowledge= what are you good at? what skills do you have? (e.g. cooking)
3. Personality= what type of work do you like? (e.g. physical work)
4. Frustrating experiences= not being able to find a particular product or service.
5. Inventions and unexpected occurrences(e.g. Percy LeBaron Spencer was walking past a radar tube
and he noticed that the chocolate bar in his pocket melted. He the investigated this and placed a small
bowl of popcorn in front of the tube and it quickly popped all over the room. The microwave was
invented!
6. Brainstorming=coming up with new ideas
Ideas for existing businesses:
1. Customer feedback (e.g. through market research)
2. Market trends
3. Staff suggestions (intrapreneurship)
4. Research and Development= investing in the development of new and improved products.
5. Supply substitution= if a firm's supplies are of poor quality, unreliable or too expensive, the may
prompt them to produce the product themselves.
Brainstorming ANS -is a creativity technique for coming up with new ideas. It can be done individually or
as a group to generate ideas. Brainstorming includes: 1. Setting a time limit (e.g.15mins)
2. Quickly write down as many possible business ideas.
3. Then you review the ideas
4. Select the best for further research.
