May 12, 2014
A huge difference lies between the business idea and a business opportunity. The only thing in command is the word chance. Business ideas are thoughts, concerts, or inspirations that have a chance of developing into an opportunity. Business opportunities are a development of favorable circumstances or combination of conditions that offers chances to advance.
A business idea starts with the entrepreneur and is only an idea that has not evaluated or transformed into reality. This idea usually a product of one person that must be analyzed, measured, introduced, and valuated before it can develop into a business opportunity. Business ideas do not require much effort or labor and are without merit until proven to have value. “Developing a successful business idea
includes opportunity recognition, feasibility analysis, writing a business plan, industry analysis, and the development of an effective business model.”
Business opportunities are considerately more valuable. They incorporate the management team, industry potential, market potential, the competitive advantages, and economics. Opportunities happen after the idea was analyzed and tend to generate income plus resources of achieving a business success. One business opportunity does not fit every entrepreneur’s business; when exploring business opportunities, an entrepreneur needs to focus on finding the right mix between the business potential and the ability to reach that potential. A realistic knowledge of ability, resources, strengths, and weaknesses of the business and person will assist in finding that mix.
An example of a business idea is an “imagine it telegrams service”. The idea is to create funny home or office delivered telegrams for special occasions like birthdays, promotions, holidays, or other special events. The customer would provide information about the receiver and a team would find the right costume, poem, song, or...