Question

Explain the 'Ability to harness different sources of information' factor involved in sensing opportunities.

Answer 1

This factor refers to an entrepreneur's skill in collecting, analyzing, and utilizing information from various sources to identify potential business opportunities. These sources can include:

1. Market Trends: Observing consumer behavior, industry developments, and economic changes to spot emerging demands.
2. Competitor Analysis: Studying competitors' strategies and products to identify gaps or areas for innovation.
3. Feedback and Insights: Leveraging customer feedback, surveys, or reports to understand unmet needs or preferences.