What is a Business Opportunity?
A Business Opportunity consists of four integrated elements that should be considered at the same timeframe and within the same domain or geographical location. These four elements are:
- A need
- The means to fulfill the need
- A method to be applied to the means to fulfill the need
- A method to benefit from it
If any one of the elements is missing, a business opportunity could be developed by finding the missing element. The more unique the combination of the elements is, the more unique the business opportunity.
However, it is important to consider the differences between a business opportunity and a business idea, and not to confuse them:
A Business Opportunity requires both an attraction and the possibility of being sustainable. It corresponds to a need and it reaches the market in a propitious moment. It also covers a product or service, and therefore represents an additional value for the consumer. The discovery of a business opportunity usually arises from one or several substantial ideas that can fit into the market reality.
The idea or concept does not have to be perfect to begin with, it can be either a particular product or a new and innovative processing method. Your original idea or concept will probably change several times as you develop your business plan and get to know the business.
Technipedia offers you the possibility of discovering new Business Opportunities, as well as the possibility of sharing information on this topic to help you to start your business.