Recognizing the need develop an idea or a product that can satisfy a need, and respond to the need by establishing a business action

Hi, you've asked an incomplete question. However, I inferred you meant knowing the term that describes this statement.

Explanation:

Problem definition is a term used in entrepreneurship when one (the entrepreneur) recognizes the need to develop an idea or a product that solves a problem (a need).

After establishing a business action that solves the identified problem, the entrepreneur begins to profer his solution to those with the identified need.

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

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