5.6: Review Questions
What is entrepreneurial opportunity?
2 .What are five methods through which an entrepreneur can create new economic opportunities, according to Joseph Schumpeter?
3 .What are some factors that might indicate it is a good time to start a business?
4 .When should an entrepreneur explore opportunities?
5 .What should a potential entrepreneur research before starting a business?
6 .What kind of information is available in census data and how might that data be useful?
7 .Compare and contrast supply-based opportunities and demand-based opportunities.
8 .How can using a PEST analysis contribute to discovering new patterns of trends for recognizing entrepreneurial opportunities?
9 .What is a SWOT analysis and how is it useful?
10 .What is a unique selling proposition?
11 .What is a business model?