Question

Ability to perceive and preserve basic ideas’ is an important factor involved in the process of sensing opportunities.

Identify and state any three sources that lead to emergence of these basic ideas.

Answer 1

Sensing possibilities requires the "ability to perceive and preserve basic ideas." Seeing an idea frequently starts the process of identifying an opportunity.

The following are the various sources which lead to the emergence of basic ideas:

1. Problems: A business opportunity arises when an idea for a solution to an existing problem is developed.
2. Change: A shift in social, legal, technological, etc. factors creates new business-starting prospects.
3. Inventions: New business prospects are brought about by new goods or services.
4. Competition: New and improved ideas that lead to new business prospects frequently arise as a result of competition.
5. Innovation: Producing valuable new items and innovative methods that enhance already-existing goods and services. For instance, tablets and PCs.