ENTREPRENEURSHIP

Detailed explanation-1: -Also called the critical window, a window of opportunity is the short period of time within which some action can be taken that will achieve a desired outcome. Once this period is over, or the “window is closed, ‘’ the chance to take the opportunity is no longer possible.

Detailed explanation-2: -The five stages of opportunity recognition process include getting an idea, opportunity identification, opportunity development, opportunity evaluation, and team assessment. An entrepreneur must follow these stages effectively for a successful business.

Detailed explanation-3: -Some examples of a window of opportunity in business include: Offering a limited time deal to customers at the end of the fiscal year before they lose the remainder of their budget for the year. Marketing a seasonal product and capitalizing on the seasonality of timeframe.