Question

QUESTION 1 Every business idea is a business opportunity True/ False

QUESTION 2 A business concept which is feasible is a business opportunity True/ False

QUESTION 3 A business concept resales to a gap in the market which is to be filed by an entrepreneur True /False

QUESTION 4 An innovation which is continuous marginally destroys the previous product True /False

QUESTION 5 An innovation which is dynamically continuous substantially destroys the previous product True /False

QUESTION 6 An innovation which is discontinuous completely destroys the previous product True /False

QUESTION 7 After preparing business plan you have to prepare opportunity assessment plan True/ False

QUESTION 8 After preparing the business plan you have to prepare opportunity assessment plan True/ False

QUESTION 9 Business idea is a concept before ascertaining the feasibility as a business oportunity True/ False

QUESTION 10 Market research is to ascertain the dissatisfied wants of customers True /False

Answer 1

ANSWER :

1. False.

Every business idea may not be feasible. Only feasible idea is an opportunity.

2. True.

If idea is feasible, it can be adopted and pursued for implementation and thus an opportunity. 

3. True.

Market gaps bring forward certain business concepts. Entrepreneurs exploit the situation to fill the gap.

4. False.

Previous product is not destroyed. It is improved and modified.

5. True

Dynamic continuous innovation may bring substantial changes in the product which may become obsolete.

6. Fase

Discontinuous innovation will not cause the product to be destroyed, but competitors may bring new products and the exiting product may vanish from the market.

7. False.

It is the other way . 

8.

It is repetition of Q7.

9. True.

Business idea is to be evaluated for its feasibility.

10. Fase. 

It is unsatisfied wants and not dissatisfied wants that is to be ascertained.

Answer 2

Q. 1) False.

Not every business idea is proved to be a business opportunity. A business idea would be a business opportunity when it can make a profit. Besides, the product or services must need to create value for the customers. Thus it would be a business opportunity when it can have a money-making opportunity.

Q. 2) True.

A business concept that is feasible creates a business opportunity but a feasible business concept needs to have a good market demand. As a business opportunity needs to solve a problem, so with a feasible business opportunity it would be quite smooth.

Q. 3) True.

When there is a gap in the market, there creates an opportunity for companies to expand their customer base. A gap in the market is formed when a consumer's needs are unmet or who are seeking to purchase a good product or service. This gap is being fulfilled by the entrepreneurs.

Q. 4) False.

This is actually not true as when a product improved itself with continuous improvement, it is actually developing and modifying itself from its base version. So, whether innovation is a one time or it is a continuous process, it doesn't destroy the previous product.

​​​​Hope this helps :)