What is An Opportunity?
An opportunity is a favorable set of circumstances that creates a need for a new product, service or business.
An opportunity has four essential qualities:
Three Ways to Identify an Opportunity:
observing trends, solving a problem, and finding gaps in the market place
● Observing Trends:
○ Trends create opportunities for entrepreneurs to
pursue.
○ The most important trends are:
■ Economic forces.
■ Social forces.
■ Technological advances.
■ Political action and regulatory change.
○ It’s important to be aware of changes in these areas.
● Solving a Problem:
○ Sometimes identifying opportunities simply involves
noticing a problem and finding a way to solve it.
○ These problems can be pinpointed through
observing trends and through more simple means,
such as intuition, serendipity, or change.
● Gaps in the marketplace:
○ A third approach to identifying opportunities is to find
a gap in the marketplace
○ A gap in the marketplace is often created when a
product or service is needed by a specific group of
people but doesn’t represent a large enough market
to be of interest to mainstream retailers or
manufacturers.
