People have ideas for new businesses every day. A new business is often referred to as a start-up.
IDENTIFYING A BUSINESS OPPORTUNITY
We will learn more about the steps of developing a new product or service in chapter 14
The idea for a business could begin in a number of ways. An entrepreneur might:
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• Have an idea for a completely new product or service. • Identify a product or service that is not currently available in their area. • Identify a product or service that could be offered at a lower price.
Whether they want to offer a new product or an existing product to a new group of people or in a new way, an entrepreneur is always seeking to satisfy a consumer want or need that is currently not being met.
THE CHARACTERISTICS AND SKILLS OF AN ENTREPRENEUR
When they have identified a business opportunity, an entrepreneur must have the characteristics and skills needed to make it a success.
• A characteristic is an aspect of your personality (e.g. being creative). • A skill is something that you can learn over time (e.g. how to manage a business). Entrepreneurs often have the following characteristics and skills.
