John Michael Ferrer

Bsit-3B

1. Explain how “solving a problem” can create a business opportunity. Give an example.

A business opportunity can be created by identifying and meeting a prevalent issue or need in the
marketplace. Offering a practical and successful solution can draw clients and create a competitive edge.
An example is Gcash or Paymaya, These services were developed to solve the problem of limited access
to traditional banking services and the inconvenience of carrying cash. By providing an easy and secure
way to make transactions using a mobile phone, these services have created a new market for digital
payments and financial services.

2. In what ways does an extensive social network provide an entrepreneur an advantage in

recognizing business opportunities?

There are a number of ways that having a large social network can help entrepreneurs identify business
opportunities. It can, for instance, provide access to additional information regarding market trends,
customer requirements, and insights into the industry. Entrepreneurs may be able to develop innovative
solutions to market gaps with the assistance of this information. Additionally, entrepreneurs can gain
access to a wider range of resources, such as funding, talent, and partnerships, through a large social
network. These resources can be crucial to the success of a business idea.

3. Define creativity. How does creativity contribute to the opportunity recognition process?

Creativity is defined as the ability to generate novel and valuable ideas or solutions that are both unique
and innovative. It entails combining various perspectives, experiences, and knowledge to develop new
and unique approaches to problem solving or addressing challenges.

Creativity aids in the recognition of opportunities by allowing entrepreneurs to see potential business
opportunities that others may overlook. Entrepreneurs can use creative thinking to identify unmet
customer needs, new markets, and untapped resources that can be used to develop innovative products
or services.