Define Entrepreneurial Opportunity

question 23

Essay

Define entrepreneurial opportunity.Using one of the three success stories in Section 1-2b,explain how the owners identified their opportunity.

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Definitions:

Sunk Costs

Costs that have already been incurred and cannot be recovered.

Avoidable Costs

Expenses that can be eliminated if a particular decision is made or if a particular activity is discontinued.

Irrelevant Costs

Costs that should not influence decision-making because they will not change regardless of the outcome.

Sunk Costs

Past expenditures that have already been incurred and cannot be recovered or altered by current or future actions.