Turning Ideas Into Opportunnities

Turning Ideas Into Opportunnities

1. A business opportunity is a consumer need or want that can potientally be met by a new business

2. M

   • In economics is defined as something that people must have to survive
   • In whereas is a product or service that people strongly desire

3. Usually you start a business beacause you see a business oportunity

4. You can ask yourself five questions to begin the proces of determining if a business idea migh be a real business opportunity

   • . Does this idea fill a need or want that is not currently being met?
     • .Will the idea work in your chosen location or in the way that you plan to sell it?
       • .Can you put the ideas into action within a reasonable amount of time? That is before someone else does, or while resources are still available? This concept is called the window of opportunity. This period of time you have to act on a business opportunity before it dessapears
         • .Do you have the resources and skills to create the business (or know someone else who could help you do it)?
           • Can you provide the product or service at a price that will attract customers but still earn a reasonable profit?

5. We have to help ourselves from our internal sources of opportunity

   • Like
     • . Hobbies . Interest . Talents .Skills

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