Question

Choose a market for a product or service sold to individuals. Use the six-step problem-solving model to identify a possible opportunity for an entrepreneur in that market.

Options:
a) Analyze the market
b) Identify the problem
c) Develop potential solutions
d) Implement the solution

Answer 1

To identify a business opportunity in the market for sustainable personal care products, an entrepreneur would analyze the market, identify consumer needs, brainstorm and evaluate solutions, design and test a prototype, and then communicate the results, potentially revealing a viable business opportunity.

Step-by-step explanation:

Identifying a business opportunity involves a structured approach to problem-solving. Suppose we choose a market for sustainable personal care products sold to consumers. Here is how we would use the six-step problem-solving model:

1. Analyze the market: Understand current offerings, consumer trends, and environmental impacts of products.
2. Identify the problem: Recognize the need for eco-friendly, affordable, and effective personal care items.
3. Generate ideas: Brainstorm solutions that balance sustainability, cost, and product performance.
4. Evaluate solutions: Assess ideas against the needs of consumers, market trends, and ecological considerations.
5. Prototype design: Develop a sample product that meets the criteria.
6. Test and improve: Evaluate the prototype, gather feedback, and make necessary modifications to finalize the product.

After these steps, the entrepreneur would communicate the results and plan the next steps for production and marketing.