Scribd
Upload
2 views

Module 2 -Objective 3 - Distinguishing Between an Idea & an Opportunity

The document explains the distinction between ideas and opportunities in entrepreneurship, noting that ideas are solutions to problems while opportunities can lead to viable businesses. Successful entrepreneurs identify which ideas can be transformed into opportunities by focusing on market demand, revenue generation, and available resources. It emphasizes the importance of creativity in developing business ideas that meet consumer needs and improve existing products.

Uploaded by

Antonia Pierre
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
2 views

Module 2 -Objective 3 - Distinguishing Between an Idea & an Opportunity

The document explains the distinction between ideas and opportunities in entrepreneurship, noting that ideas are solutions to problems while opportunities can lead to viable businesses. Successful entrepreneurs identify which ideas can be transformed into opportunities by focusing on market demand, revenue generation, and available resources. It emphasizes the importance of creativity in developing business ideas that meet consumer needs and improve existing products.

Uploaded by

Antonia Pierre
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

Entrepreneurship Unit 1

MODULE 2 – Objective 3
Lecture Notes – Distinguish between an Idea and an Opportunity

How are ideas linked to opportunity

Ideas are solutions to problems and are important to providing creative spark for your business.
Opportunities, on the other hand, are something (ideas, circumstances, situations) that can lead to
a desirable and viable business. They may or may not originate from an idea. Successful
entrepreneurs are good at figuring out which ideas can be opportunities. Then they turn them into
one.
An entrepreneur can see an opportunity in the market which can allow him to create a new idea
that is different from what the market already has.

Remember that we said earlier in the unit that good ideas are not necessarily good opportunities.
Opportunities are ideas that work, and that can be turned into successful businesses.
Good viable business ideas:

➢ Focus on the needs and wants of consumers;

➢ Must be able to provide consumers with the necessary goods and services, and

➢ Improve on the existing product and make it

➢ More attractive for consumers


Business ideas may come from problem situations, needs and wants, our interests and hobbies, as
well as the natural resources around us. Coming up with a good business idea or even just changing
old ideas into new ones, however, requires some creativity from the prospective entrepreneur.
How to Identify Business Opportunities
A business opportunity starts with a business idea. A prospective entrepreneur must look for a
creative idea that can be transformed into a business opportunity by scanning the business
environment. Working through the next part will help you to understand how to identify business
opportunities and generate business ideas much better.
Thus, some distinguishing features between an idea and an opportunity include, but are not limited
to:
(a) market demand;
(b) ability to generate revenues; and,
(c) availability of technology and resources (financial, human and physical).

You might also like