Business opportunity and related factors.

Question 1

5) Explain the types of data collection.

Answer 1

1 - Primary data. First hand information through interviews and questionnaires.

2 - Secondary data. Second hand information obtained through books, references etc.

Question 2

6) Decompose SWOT in SWOT analysis. Indicate internal and external factors.

Answer 2

Used to see if a business idea is viable.

• Strengths. Internal.
• Weaknesses. Internal.
• Opportunities. External.
• Threats. External.

Question 3

What is a business opportunity?

Answer 3

An idea for a product / service that will meet the needs and can be sold to earn an income.

Question 4

3. Protocol for conducting research. Give 3 special points.

Answer 4

1 - Ensure research is in ethical standards of the industry.

2 - Information collected should be kept confidential.

3 - The interviewer should not influence the opinions of the interviewee.