The term opportunity implies a good chance or a favourable situation to do something offered by circumstances. 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.
The term ‘opportunity’ also covers a product or project. Hence, the identification of an opportunity or a product or project is identical and, therefore, all these three terms are used as synonyms.
Every business comes out of an idea. Businesses are started by men and women who see that people want to buy a particular product or service. A good business idea is essential, or even a prerequisite, for a successful business venture.
A business idea is the response of a person or persons, or an organization to solving an identified problem or to meeting perceived needs in the environment (markets, community, etc). Finding a good idea is the first step in transforming the entrepreneur’s desire and creativity into a business opportunity.
However, good business ideas do not usually just occur to an entrepreneur. Rather, they are the result of hard work and effort on the part of the entrepreneur in generating, identifying and evaluating opportunities.
How to Select the Right Opportunity
Step 1: Identify Business and Personal Goals
Step 2: Research Favourite Industries
Step 3: Identify Promising Industry Segments
Step 4: Identify Problem Areas and Brainstorm Solutions
Step 5: Compare Possible Solutions with Objectives and Opportunities in the Marketplace
Step 6: Focus on the Most Promising Opportunities