An entrepreneurial opportunity

Entrepreneurial opportunity is a gap in the market that can be fulfilled with a new venture. An entrepreneurial opportunity can emerge from many sources. For a startup, opportunities develop from present or past work experiences, hobbies that turn to business ideas and inventions, suggestions of family members and friends, or an event that creates a realization in the potential entrepreneur of an unmet need in the market.
Entrepreneurial opportunities can be thought of as the results of the interaction between a person’s ambitions and favorable social and economic conditions that promote the creation of products and services for the existing or new market. This is to say, an entrepreneurial opportunity is an event that an entrepreneur can explore to make some profits.
Opportunity recognition goes beyond the “aha” feeling one gets after identifying a new idea. While such moments are instrumental in the entrepreneurial process, opportunity recognition is characterized by two important phases of activity: discovery and evaluation. These phases lead to meaningful new business opportunities. The discovery phase occurs when the entrepreneur becomes aware of a new business idea. For a lot of entrepreneurs, this discovery phase occurred as an epiphany or insight that is supported by their existing knowledge. This discovery of opportunities for exploring usually occurs expectedly and spontaneously.
The ...