A business opportunity is an outlet through which the entrepreneur expresses his new found knowledge or skill. It’s a chance that an entrepreneurs utilizes after a thorough research through which he can manifest his ideas. There are many types of business opportunities that range from simple straightforward ventures to very complex setups. There are advantages and disadvantages that come along with any kind of business opportunity. An entrepreneur needs to know how to identify a viable business opportunity if he sees one. This knowledge is crucial to the future of his business. An entrepreneur needs avenues where he can link up with relevant stakeholders in the industry he has chosen. This can be achieved through Networking.
A business opportunity is a viable business potential to create something new by engaging new technologies in the industry. Entrepreneurship is a thought process. Once the entrepreneur has established in his mind what direction he wants to take for his venture, he will necessarily need to identify a specific gap that has not previously been tapped in the industry he has chosen.
This requires that the entrepreneur brainstorms on the areas he is best suited. This does not disregard the fact that what he may be good at is not available for him to capitalize on at that particular moment. In this case, he will therefore consider also what is out there and can be used.
Remember we mentioned earlier that entrepreneurship entails coming up with a new process that has not previously been devised, that will enable the production of goods and services in a manner that adds value to all concerned, and not just the entrepreneur himself.
A business opportunity, also involves the sale or lease of any product, service, equipment, etc. that will enable the purchaser-licensee to begin a business. This involves no effort on the part of the buyer to come up with a new idea, product or process. The inventor here is the licensor/seller.
The seller of a business opportunity declares that he will assist the buyer in finding a suitable location or provide the product to the purchaser-licensee. This is different from the sale of an independent business, in which there is no continued relationship required by the seller From the above, we can define a business opportunity as a gap that is available in the current economic set up, for the entrepreneur to utilize in an attempt to execute an idea borne out of extensive brainstorming and after a lot of thought.