BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Opportunity recognition is a process through which entrepreneurs and businesses identify potential methods of growing their ideas or beginning new ventures. It gives entrepreneurs the chance to brainstorm for new and better ideas constantly.

Detailed explanation-2: -Recognising opportunities is a cognitive process. It relies on the ability of people to recognise patterns and connect the dots. People can make the links between the dots using their prior knowledge and experience. In doing so, they are able to link them into problems or to needs they or people around them have.

Detailed explanation-3: -Opportunity recognition is characterized by being alert to potential business opportunities, actively searching for and gathering information about them, communicating on them, addressing customer needs, and evaluating the viability of such potential entrepreneurial activities.

Detailed explanation-4: -In this regard, opportunity recognition is based on three important factors: (1) the active search for an opportunity, (2) the alertness to perceive an opportunity and (3) prior knowledge of and experience in an industry.

Detailed explanation-5: -Entrepreneurship is defined as the recognition of opportunities (i.e., needs, wants, problems, and challenges) and the use or creation of resources to implement innovative ideas for new, thoughtfully planned ventures.