As an entrepreneurship student, you have gained the necessary skills and knowledge to start and manage a business successfully. However, the current business environment is rapidly changing, and the digital economy is disrupting traditional business models, necessitating the identification of new and profitable business ideas appropriate for this era. The digital economy has transformed how people live, work, and conduct business. Technology and the internet have given entrepreneurs new opportunities to start and grow businesses. You have several options as an entrepreneurship student for identifying a profitable business idea in the digital economy. One approach is to use emerging technologies to develop innovative solutions to new and existing problems. Another approach is identifying underserved markets and developing products or services to meet their requirements. Several factors must be considered to identify a profitable business idea in the digital economy, such as Market demand, competition, profitability, and scalability. As an entrepreneurship student, you must conduct extensive research to identify a business idea compatible with your skills, passion, and resources.

Question 1
Appraise the relationship between the sources of business opportunities and the types of those business opportunities in the context of the digital economy.

Question 2
Evaluate how you, as an entrepreneur, can leverage technology by implementing the Timmons model. Thus, show how digital tools and platforms can be used to identify opportunities (through creativity), acquire resources, build a strong team (through leadership), and develop a business plan (through communication).