A sole trader running a bakery wants to expand. She identifies a gap in the market for gluten-free products with no local competitors. Which entrepreneurial skill is she demonstrating?

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Question

A sole trader running a bakery wants to expand. She identifies a gap in the market for gluten-free products with no local competitors. Which entrepreneurial skill is she demonstrating?

Accepted Answer

Identifying a business opportunity by spotting a gap in the market — Identifying a gap in the market — a customer need that is not currently being met — is a key entrepreneurial skill. Record-keeping is an administrative function, not an entrepreneurial one. Managing staff rotas is an operational management task. Negotiating with suppliers is a purchasing skill, not specifically an entrepreneurial one tied to spotting new opportunities.

Answer

Identifying a business opportunity by spotting a gap in the market

Answer

Negotiating lower prices with her existing flour suppliers

Answer

Keeping detailed financial records of all past transactions

Answer

Managing existing staff rotas to improve daily efficiency

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