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Question
Given below are the factors necessary for developing a successful idea.
Identify the correct combinations from the given options.
Options
Skills and Knowledge
Trends and demand
Skills, Knowledge and competencies
Trends, demand and change
Solution
Skills, Knowledge and competencies
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What is required to convert an idea into opportunity?
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“If you don’t adapt, you don’t endure”. Evaluate the validity of the statement.
Vinay was a young entrepreneur who wanted to start a new business with an initial investment of 25 lakhs. He was not sure of what business he has to undertake. His friend suggested seeking the help of professionals who would spot the latest trends in the market and give him an idea, but Vinay decided to do it by himself. Suggest the various ways by which he can do it.
| Pooja after finishing her catering course wanted to start her pastry shop in her home town - Jaipur. She knew that there were a lot of national and international tourists who visit the place whom she considered as her target customers. She also planned to have a centralised kitchen to make the pastries and then use vans to transport to various shops all around Jaipur. For the same, she also decided to rent a warehouse near to her centralised kitchen. |
From the above case study, identify and explain the factors which Pooja has paid attention whilst doing market assessment.
Explain the first five steps involved in idea and opportunity assessment.
