Opportunity

An Opportunity is a favorable set of circumstances that create a need for a new product, service, or business The key to opportunity recognition is to identify a product or service that people need and are willing to buy, not one that an entrepreneur wants to make and sell. Some might seem like good ideas, yet turned into failures in the marketplace. Note how many of them did so because they failed to address a real market opportunity. An Opportunity is characterized by four essential qualities. It is: 1. Anchored in a product, service, or business that creates or adds value for its buyer or end-user 2. Attractive 3. Timely 4. Durable