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Unit 5

Identifying Opportunities

QuestionAnswer
Potential entrepreneurs engage with potential business partners or family and friends to write down different problems and ideas to think up new products and services Brainstorming
Potential entrepreneurs come up with ideas from positive or negative personal ? Experiences
An external source that you follow trends from ? Media
Other businesses who can offer the same or similar goods and services to your customers Competitors
This is when a product that is currently imported into Ireland is replaced by a home-produced product Import substitution
The essence of what makes your product or service better than competitors USP
What stage do you create a small batch of a product and sampling it in the market Test marketing
The stage when businesses can use cash flow forecast to show revenue and costs Feasibility study
Created by: katieslye
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