Explain the process of opportunity recognition and typical sources of opportunit

Question

Explain the process of opportunity recognition and typical sources of opportunities (From the below link and actual word ecperience and examples 3 to 4 )

This learning objective and assignment is imperative to beginning the lean approach to customer discovery. Explaining how to recognize opportunities will aid you when selecting an entrepreneurial opportunity to research.

https://www.forbes.com/2009/11/11/identify-new-opportunities-entrepreneurs-wharton.html#65f0da6d642c

https://www.entrepreneur.com/article/42940

Explanation / Answer

Business opportunities help to better the financing options. There are wide range of options and marketing activities used for analyzing the business opportunity. The process of recognizing business opportunity is carefully making an analysis of self and understand business carefully. Make market evaluation and understand the buyers in the market. Understand the company's market ratio, sales and financial strength.

Opportunities have an important part to play in Entrepreneurship. The sources of opportunities are categorized in several ways. This includes different disciplines like psychology, sociology, economics, management.

There are two different ways of interaction which includes Schumpeter and Israel Kirzner view.

Opportunities by Schumpeter are seen as creation of new means. These are innovative and beautiful opportunities and kirzner views as ever present opportunities which should be discovered. market disequilibria gives rise to it.  

Opportunities is recognized through careful monitoring of the market environment. There are several factors that can be taken into account for the same like the demand, export possibilities etc.

There are various formal and informal sources that serve as basis for finding opportunities. This includes real life situations, market condition, product demand and need, personal reasons. Growth lessons, technological changes and condition in the market also forms important part for recognizing opportunities.

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