Question

With the help of any two points, state how problem identification helps the entrepreneur.

Answer 1

1. Opportunities for Innovation: Identifying issues might result in creative fixes and fresh business prospects. It assists business owners in developing original goods or services that address pressing problems in order to obtain a competitive edge and possibly increase their market share.
2. Focus on Market Needs: By recognising issues, business owners can focus their offerings to fill niches in the market or meet certain demands. This raises the possibility of success and guarantees that their products are worthwhile and pertinent to clients.