A sixth sense of entrepreneurs that allows them to see opportunities that others miss, is called entrepreneurial alertness which is defined as the ability to notice things without engaging in deliberate search. Alertness is largely a learned skill, and people who have more knowledge of an area tend to be more alert to opportunities in that area than others.
More from this Section
- Analytic process
Analytic process raw materials are broken down to form new products.
- Skills profile
A skills profile is a chart that depicts the most important skills that are needed and where skills gaps exist. Along with depicting where a firm’s most important skills gaps exists...
- Core strategy
Core strategy is the first component of a business model which describes how a firm competes relative to its competitors. It is the overall manner in which a firm competes...
- Venture capital
Venture capital is money that is invested by venture capital firms in start-ups and small businesses with exceptional growth potential.
- Nominal partner
Nominal partner is an individual who is neither a part-owner of the partnership nor an active participant in the firm’s affairs. Often this is a well-known person who lends a famous name to the company.
- Variable costs
Variable costs are the costs that are not fixed that a company incurs as it generates sales.
- Customer Advisory Boards
Customer advisory boards refers to the Panel of individuals set up by some companies to meet regularly to discuss needs, wants, and problems that...