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1. Business Opportunity Identification

Entrepreneurship is all about business opportunity. Business
opportunities are the favourable conditions or situations that are
seen in external environment. They are the scope through which
entrepreneurs can get benefits. If they take advantage of the
opportunities, they will get success. For instance, the continuous
increase in the demand for the goods produced by the venture is an
opportunity.
Business opportunities are everywhere. Alert and smart
entrepreneurs can find opportunities everywhere. They must
understand business opportunities. The business opportunities
influence performance and outcomes of entrepreneurs. Good
entrepreneurship is the art of finding, developing and profiting from
business opportunities.
It is the business opportunity that allows entrepreneurs to
enhance their interest and also allows to growth and fulfills their
objectives. It enables them to strengthen their position. Business
opportunities are located in the external environment such as
economic, socio-cultural, political-legal, technological factors, etc.
They cannot be controlled by entrepreneurs. However, the
entrepreneurs need to spot opportunities in these factors and forces
in changing environmental context.
The entrepreneurs should identify and fully utilize business
opportunities. They should reap strategic benefits through utilization
of such opportunities. They need to prepare various strategies on
the basis of emerging opportunities and they can capitalize strategic
advantages from them.
Good business opportunities are elusive. The imagination,
sensitivity to environmental change and realistic evaluation
regarding what the entrepreneurs can do is needed for identifying
such opportunities.