Identifying Business Opportunities is one of 9 topics in the Grade 10 Business Studies CAPS syllabus, covered across 3 lessons on Study Vault. Below are real practice questions from this topic with full worked answers.
Sample practice questions
Easy
1. A business opportunity is best described as:
A gap in the market where a consumer need or want is not currently being met well
A guarantee that a new business will succeed
A government grant given to new businesses
A type of business that requires no customers
Answer: A gap in the market where a consumer need or want is not currently being met well — A business opportunity is a gap in the market -- a need or want that is not currently well met -- that a business could satisfy profitably.
Easy
2. A person who is skilled at baking turns this skill into a small home bakery business. Which source of business ideas does this best illustrate?
Hobbies and personal skills
Changes in the wider economy only
Observing a completely unrelated community problem
Copying an existing large company exactly
Answer: Hobbies and personal skills — Hobbies and personal skills, such as baking, sewing, or fixing electronics, can become the basis of a business idea when someone turns that skill into a service or product others will pay for.
Medium
3. Besides an interesting idea, what must a genuine business opportunity ultimately involve, according to the lesson?
Answer: Real customers willing and able to pay — A genuine business opportunity must involve real customers who are willing and able to pay for the product or service; an idea nobody will pay for is not yet a viable opportunity.
