Recognizing Business Opportunities

What is a business opportunity?

• A need for water, food, clothing, or shelter

• A consumer need or want that can potentially be met by a new business

• An idea for a neighborhood restaurant

• A product or service that people desire

What is the difference between an idea and an opportunity?

• An idea is a concept, while an opportunity is a feasible business plan

• An idea is a good business opportunity, while an opportunity is a neighborhood restaurant

• An idea is a potential business opportunity, while an opportunity is a calculated risk

• An idea is a consumer need or want, while an opportunity is a product or service that people desire

What are the five questions to determine if a business idea is a good opportunity?

• Does the idea have commercial potential, will it attract customers, can it make a profit, do you have the necessary resources and skills, can it be put into action?

• Does the idea fill a need or want, will it work in the planned location, can it be put into action in time, do you have the necessary resources and skills, can it make a profit?

• Does the idea fill a need or want, will it work in the planned location, can it be put into action in time, do you have the resources and skills, can you provide it at a reasonable price?

• Does the idea have a window of opportunity, will it work in a different location, can it be put into action before someone else, do you have the necessary resources and skills, can it attract customers?

What are some sources of business opportunities?

• Problems, changes, trade resources, existing products and services, unique knowledge

• Problems, creative thinking, new discoveries, existing products and services, unique knowledge

• Problems, trade resources, critical thinking, existing products and services, unique knowledge

• Problems, changes, new discoveries, existing products and services, unique knowledge

Where can you look for business opportunities?

• Newspapers and magazines, business and governmental agencies, trade resources, critical thinking

• Newspapers and magazines, business and governmental agencies, creative thinking, the World Wide Web

• Newspapers and magazines, trade resources, creative thinking, the World Wide Web

• Newspapers and magazines, business and governmental agencies, trade resources, the World Wide Web

What is creative thinking?

• A thought process that involves looking at a situation or object in new ways

• A process of thinking outside the box and using imagination

• A process of generating ideas and recognizing opportunities

• A logical thought process that involves analyzing and evaluating a situation or object

What are some techniques to think more creatively?

• Challenge the usual, think backward, be flexible

• Challenge the usual, think forward, be rigid

• Challenge the usual, think backward, be rigid

• Challenge the usual, think forward, be flexible

What is critical thinking?

• A process of thinking outside the box and using imagination

• A process of generating ideas and recognizing opportunities

• A thought process that involves looking at a situation or object in new ways

• A logical thought process that involves analyzing and evaluating a situation or object

What is an example of a problem that could lead to a business opportunity?

• A need for a trade show

• A need for a new technology product

• A need for a neighborhood restaurant

• A need for water, food, clothing, or shelter

What can changes in laws and regulations or social customs create?

• New problems that need to be solved

• New needs or wants that no one is currently supplying

• New trade shows and conventions

• New opportunities for existing products and services