Final answer:
The correct term referring to the process of perceiving the possibility of a profitable new business, product, or service is 'Opportunity Recognition.'
Step-by-step explanation:
The term Opportunity Recognition refers to the process of perceiving the possibility of a profitable new business, product, or service. Option (b) from the choices provided is the correct answer. It is one of the main aspects of entrepreneurship where individuals identify untapped markets or needs and create innovative solutions to address them. This involves analyzing market trends, consumer demands, and competition to assess the viability and potential success of the opportunity. Entrepreneurship is fundamentally about the willingness to innovate and take risks in starting a business. Significant to the entrepreneurship process is the ability to recognize opportunities that others have not. This entails identifying a need or a demand within the market that can lead to the creation of a new or improved product or service.