Opportunity Recognition

Opportunity Recognition

Opportunity recognition is one of the vital steps in starting a new business. It is during this stage that an opportunity is to be recognized and evaluated. From the opportunity recognition process, it will be a direct result if the decision is to go on to a new business venture. Opportunity recognition is profitable business ideas that surround people on a everyday life but it is only recognized by someone with an entrepreneurial way of thinking. People that predisposed to opportunity recognition process is usually someone whose characteristics that are open to new experience and through this it allows to recognize opportunities when others do not (What Is Opportunity Recognition, 2012). It is also stated by (Mark Walker, 2012), when someone is given an opportunity, it should take it. If it somehow changes the life in a positive way then let it happen.

An entrepreneur needs to know when an idea is an opportunity. Ideas are common and easy to find. It may come up while standing at the bus stop or even while showering. However viable opportunities are not that easy to be found. An opportunity has the qualities to be eye-catching, strong and well-timed and it is anchored in a product or service that creates or adds value to its buyer or user (Timmons and Spinelli, 118). In order for this to happen, it needs a “window of opportunity” that is opening and to be remain open in long period of time. Other than that, a viable market entry and the right group of people to do it, a venture with the capacity for competitive advantage and a venture with the right economics for it to reward and to forgive and that allows profit and also growth potential. Even though the idea is a failure but that does not mean the business fail. An entrepreneur should not give up and keep on trying.

An entrepreneur needs to know how to differentiate between just a normal idea and a feasible opportunity. To be able to tell the difference the entrepreneur...