'It is also to be decided as to whether the business will be organised as a proprietary concern/partnership firm/ company or cooperative entity.'

Which role of entrepreneurship is highlighted in the given lines?

Feasibility Analysis

The correct answer is option 3- Feasibility Analysis.

Feasibility Analysis is highlighted in the given lines.

Feasibility Analysis: The product offering idea must be technically feasible, that is it should be possible with the available technology to convert the idea into a reality. And this should be possible at a cost that can be covered by the price it will fetch; in other words, the idea must be economically feasible too. The project cost should be within the resources available and the resource providers should be reasonably sure of an appropriate return on (profit) and return of (safety and liquidity) of their investments. That is, the idea must be financially viable as well. There should be enough sales in the immediate and the prospect of growth in the foreseeable future; there should be adequate assurance on the commercial viability of the chosen product offering. Now a day, it is also important to be sure that there aren’t any environmental and other legal restrictions/necessity of prior approvals for setting up the business. It is also to be decided as to whether the business will be organised as a proprietary concern/partnership firm/ company or cooperative entity. Clearly the chosen product offering must be feasible from the diverse perspectives.

OTHER OPTIONS

• Opportunity Scouting: Entrepreneurial opportunities have to be actively searched for. One may rely on personal observation, discovery or invention. Personal/professional contacts/networks and experience or may also help in identifying business opportunities. Alternatively, one may rely on published reports, surveys and the like.

• Identification of Specific Product Offering: While the environment scan leads to the discovery of more generalised business opportunities, there is a need to zero in on to a specific product or service idea.

• Identification of general product offering: This is not any role. Specific product offering is the role not general product offering.