Question

A. To identify the nature and the context of the business opportunity

b. To outline the approach the entrepreneur plans to use to exploit the opportunity
c. To recognize factors that will determine whether the venture will be successful

Answer 1

The three objectives of identifying a business opportunity in entrepreneurship are to understand the nature and context of the opportunity, outline the approach to exploit it, and recognize factors for success.

Step-by-step explanation:

The subject of the question is Business. The question is asking about the three objectives or purposes for identifying a business opportunity in the context of entrepreneurship.

1. To identify the nature and context of the business opportunity: This involves understanding the market, customer needs, and potential competition. It's important to analyze the environment in which the opportunity exists and determine the potential demand and growth.
2. To outline the approach the entrepreneur plans to use to exploit the opportunity: Once the opportunity is identified, the entrepreneur needs to plan how they will capitalize on it. This includes determining the business model, marketing strategy, operational plans, and financial projections.
3. To recognize factors that will determine whether the venture will be successful: It's crucial to assess the feasibility and viability of the venture. This involves considering factors such as market demand, competitive advantage, financial resources, and the entrepreneur's capabilities.