ENTREPRENEURSHIP

Detailed explanation-1: -A theory that the creation of entrepreneurship ideas is based on the approach of benefit from opportunities.

Detailed explanation-2: -An idea is rarely worth anything, whereas an opportunity is based on a more elaborate concept of a potential future venture. So make sure to test your idea with your environment in order to fill in the missing gaps and get a feeling for market receptiveness.

Detailed explanation-3: -Entrepreneurial opportunities are usually defined as situations where products and services can be sold at a price greater than the cost of their production. An ‘entrepreneurial opportunity’, thus, is a situation where entrepreneurs can take action to make a profit.

Detailed explanation-4: -Opportunities are independent of entrepreneurs – they exist regardless of whether or not they are discovered. The phrase “Opportunities are created, not discovered.” refers to the exploitation of a previously untapped market, or a current market which is not being completely penetrated.