ENTREPRENEURSHIP

Detailed explanation-1: -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-2: -The definition of a business opportunity is closely tied to the ability to make money, but there needs to be a broader consideration of whether the idea is a good goal fit for the team that will bring the idea to life. A true business opportunity definition considers financial, lifestyle, and purpose goals.

Detailed explanation-3: -Simply put, without customers, there is no business opportunity. You must find out if people would actually be willing to pay for your product idea and determine if there is any demand for it. Beyond that, it’s also important to determine how much people would be willing to pay for your product.

Detailed explanation-4: -In the Identify stage, you’ll identify a business opportunity and decide whether it is a good fit for you personally. The Plan stage is when you research your business idea and prepare a written business plan.