Elaborate on the meaning of business opportunities.

Read the scenario below and answer the questions that follow:

Lindi wants to render a shuttle service for tourists who visit the township heritage sites. Lindi identified a good business idea that will make her business a success. She also determined the viability of her business idea by conducting market research.

1.2.1 Quote TWO steps for identifying business opportunities from the scenario above. (2)

1.2.2 Discuss other steps Lindi can use to identify business opportunities. (6)

1.2.3 Explain the importance of assessing needs and desires in identifying a business opportunity. (8)

1.2.4 Advise Lindi on the protocol for conducting research. Discuss TWO types of research instruments. (8)

Business opportunities refer to favorable circumstances where a person can start and run a successful business by identifying a gap in the market or a need that is not being addressed adequately. In the scenario provided, Lindi identified an opportunity in providing shuttle services for tourists visiting the township heritage sites. To identify business opportunities:

Conduct market research to assess the demand and feasibility of the business idea.
Analyze trends and consumer behavior to capitalize on emerging needs.

Lindi can further identify business opportunities by:

Networking with industry experts to stay updated on market trends.
Exploring untapped markets or niches.

Assessing needs and desires is crucial in identifying business opportunities as it helps in understanding consumer preferences, ensuring that the business idea aligns with market demands.

When conducting research, Lindi should follow a protocol involving:

Surveys to collect quantitative data.
Interviews to gather qualitative insights.

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