5.5.7: Review Questions

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What is entrepreneurial opportunity?

What are five methods through which an entrepreneur can create new economic opportunities, according to Joseph Schumpeter?

What are some factors that might indicate it is a good time to start a business?

When should an entrepreneur explore opportunities?

What should a potential entrepreneur research before starting a business?

What kind of information is available in census data and how might that data be useful?

Compare and contrast supply-based opportunities and demand-based opportunities.

How can using a PEST analysis contribute to discovering new patterns of trends for recognizing entrepreneurial opportunities?

What is a SWOT analysis and how is it useful?

10.

What is a unique selling proposition?

11.

What is a business model?