Name: Ahmad Minhas

Enroll: 01-111182-186
Question 1: How does ‘prior experience’ help an entrepreneur in identifying
business opportunities. Can this trait be helpful during the current Covid
Crises? Elaborate with an example.
Answer:
Yes it is true that prior experience in an industry helps a lot in identifying new business
opportunities like when you are working in an industry and you find out that there is a product
whose demand is more than the supply then this means you have found an opportunity for
yourself to increase the product line and start a new venture for that product to fulfill the supply
requirement. In short it means by working in an industry an individual works and make enough
contact who provide insights through which he is able to find an opportunity other than that by
his experience he learns how to run something and find something that is useful and utilizes it.
This can imply on Covid 19 situation because when the Covid hit us at start no one took it
seriously and didn’t get worried about the supplies which were needed for the treatment, but
individuals who were sensible and new that this will give us a hard time so we must work on
something to help these are the people who learn from their prior experience, so when the covid
was at its peak and we were running out of supplies because we were relying on china so many
individuals opened their own small industries and started manufacturing face masks, sanitizers,
Anti-radiation suits and many more things that are being used to prevent Covid 19 they saw an
opportunity and availed it. As the demand for these product was rising and the supply was
running short many entrepreneurs saw this as an opportunity and started their own small
industry.

Question 2: Mr. Abbasi, a friend of yours, just told you an interesting story.
He was at his parents’ house over the weekend and his father saw an
entrepreneurship book lying next to his backpack. He picked it up and read
the chapter of ‘feasibility analyses. He told Abbasi, “When you were growing
up, I started and sold three successful businesses and never completed a
feasibility analysis once. I wonder what the authors of your entrepreneurship
book would say about that.” If you could advise Abbasi about how to respond
to his father, what would you tell him to say?
Answer:
Feasibility analysis is used so that you can check that your business is feasible or even possible.
By evaluating your management team, assessing the market for your concept, estimating
financial viability, and identifying potential pitfalls, you can make an informed choice about the
achievability of your entrepreneurial endeavor. It ultimately tests the viability of an idea, a
project, or a new business. There are many startups that are successful without feasibility
analysis but still it is the most important aspect of a business and help an entrepreneur assess the
potential feasibility of a business idea before a substantial amount of time and effort is expended.
For example I started an entrepreneurial venture manufacturing of neon light boards I did I by
doing a complete feasibility analysis of it like wheather it will provide me any profits in near
future? What if the market crashes after 2 to 3years will there be Sany chances of growth for me?
So after getting all the answers I didn’t even hesitated to invest in this because I knew what will
be the outcome and by the help of the analysis it is going good. Moreover, Kelly's dad may have
finished a considerable lot of the means in a conventional plausibility examination—he just did
them casually instead of officially. For instance, he most likely did a great deal of finding out
about the organizations he began before he began them and conversed with believed companions
about whether he was settling on the correct choices. He most likely additionally penciled out
whether the organizations were monetarily practical. A plausibility examination formalizes these
means and is comprehensive enough that a key advance isn't disregarded. In the event that Kelly
nailed her dad down he would presumably concede that there isn't anything in an achievability
examination that is definitely not a decent utilization of a business person's an ideal opportunity
to finish before another undertaking is started.