Practicing Success

Target Exam

CUET

Subject

Entrepreneurship

Chapter

Entrepreneurial Opportunity

Question:
Aakriti runs a tuition centre where she teaches business studies to students of classes 11th and 12th.  Every year she gets a good number of students but she is looking out for ways to improve the enrollments even further. She came up with an idea of adding Entrepreneurship subject also in the tuition centre.  Identify which Idea field has Aakruti used to increase the number of students.
Options:
Market driven or  demand-driven
Existing products or services
Trading related ideas
Creative efforts
Correct Answer:
Existing products or services
Explanation:
Existing products or services: A great business idea combines skills with imagination and market demand. A business opportunity or idea often comes from everyday problems that someone solves. Successful businesses find a need and fill it by providing a service or product. Entrepreneurs who look at ways to make an existing product or service better can be as successful as those who create or invent products. There is a constant and consistent effort on the part of all entrepreneurs to improve the products and services already existing in the markets. Often, a company will improve or change its existing products. There are many reasons for doing this. It can make a substantial difference in the success of the company and even take it in a whole new direction. However, it can also spell disaster if not done correctly