ENTREPRENEURSHIP

Detailed explanation-1: -– An opportunity is a favorable set of circumstances that creates the need for a new product, service, or business idea.

Detailed explanation-2: -In the same vein, business opportunity means a good or favourable change available to run a specific business in a given environment at a given point of time.

Detailed explanation-3: -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-4: -An opportunity has four essential qualities. It is (1) attractive, (2) durable, (3) timely, and (4) anchored in a product, service, or business that creates or adds value for its buyer or end-user.

Detailed explanation-5: -Entrepreneurs should observe at least four types of trends-economic, social, technological and regulatory-to identify business opportunities and grow their startups.