Management Notes

Reference Notes for Management

Identifying and Analyzing Opportunities – Fundamentals of Entrepreneurship | Management Notes

Identifying and Analyzing Opportunities

Identifying and Analyzing Opportunities

In simple way, ‘an opportunity’ refers to a favorable set of situations which creates a need for a new product and services in the term of business. One of the main reasons behind the success of business of the entrepreneurs is their ability to identify and recognize an opportunity for earning economic gain. When they identify and recognize the opportunity, they will be a step ahead to meet their desired goal. An opportunity has four essential qualities consisting of attractive, durable, timely and anchored in product or service that create value to the buyers. Similarly, one of the keys to recognize the opportunity is to identify a product or service that will fulfill need of the people and they are willing to buy.

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