Question

An entrepreneur is doing the industry analysis. While he is analyzing his competitions in the line of business, he realises that the competitions are far better in their business plans and their *****. Should the entrepreneur add unique selling point in the existing plan to get a creative niche above others or should he go for a completely different line of business where the competition is less and he is easily able to place his feet in the market? Give reasons. (Creativity and problem solving)

Answer 1

Entrepreneur should add unique selling point in the existing plan to get a creative niche above others.

This is because of following reasons:

(i) This will indicate that the entrepreneur is creative and so want to solve the problem with creativity.

(ii) It also will mean that the entrepreneur has the ability to concentrate on the problem and have a suitable solution.

(iii) Here the entrepreneur will be a problem solver and is not afraid of competition.

(iv) It also reflects that the entrepreneur has got the quality of endurance which is an essential trait for a successful entrepreneur.