ENTREPRENEURSHIP

Detailed explanation-1: -The ongoing process of considering, evaluating, and pursuing market-based activities that are believed to be advantageous for the firm. Prior experience informs the process, but it may also limit it: opportunity seeking calls for continuous reconsideration and adaptive learning.

Detailed explanation-2: -A market opportunity assessment is the process of synthesising market research and client data to identify opportunities for growth in a specific market or business area and formulate an actionable strategy to realise this growth.

Detailed explanation-3: -Entrepreneurial opportunity is the point at which identifiable consumer demand meets the feasibility of satisfying the requested product or service. In the field of entrepreneurship, specific criteria need to be met to move from an idea into an opportunity.

Detailed explanation-4: -What is the importance of opportunity seeking? If you actively seek opportunities, you will find new products for old markets or customers. The successful entrepreneurs seek to find new ways to please old customers. Each new need or new want exhibited by your market is an opportunity which you can take advantage of.