Question

“An opportunity may be derived from the needs and problems of the society.” Comment.

Answer 1

“An opportunity may be derived from the needs and problems of the society”. Yes, it is a correct statement.
An entrepreneur is one who perceive opportunities, synthesize the available information and analyse emerging patterns that escape the attention of other people. It is the first step of an entrepreneur to grab the opportunity and setup a business enterprise to offer the solution of various problems and needs that exist.
This involves awareness about the surrounding environment, determining and evaluating the needs of people, problems faced by the people in their day-to-day life related with any type of goods or services, etc.
A rational entrepreneur with a vision senses the opportunities present in the environment and finds creative solution to the problems coming in between him and the success through analysis and observation.
Entrepreneurs see and craft opportunities that other people miss, even though the opportunity manifests themselves. He uses his sharpened skills of observation, analysis and synthesis to identify an opening.
For example,
(i)Detergent Nirma captured the market by introducing a low priced detergent. Here the entrepreneur sensed the need of low priced product in the society.
(ii)With the increase in number of murders and other crimes taking place in big cities entrepreneurs can tap the niche of households for installing security systems like alarms, CCTVs, cameras and other safety gadgets, etc.