Opportunity can be seen as exploitable set of circumstances with uncertain outcome, requiring commitment of resources and involving exposure to risk. A Business Opportunity can be seen as a proven concept that generates on-going income. It is a conceived business idea that goes through the stages of being researched on, redefined and re-packaged into a promising venture that is ready to gain the trust of the market forces.
A Business Idea is a conceived concept that can be built and used to make money. Usually it centers on a product or service that proffers solution to customers’ problems and can be offered for money. However, having an idea is the first mountain to climb in the process of birthing a business opportunity. Every successful business did pass through the oven of idea.
Although a conceived business idea has the potential to make money, one should not be too excited that it would definitely have a commercial value from onset. The assurance carries a big ‘NO’. In fact, most business ideas exist in abstract form; usually in the mind of its creator or investor and not all business ideas, no matter how brilliant they may seem, would end up being profitable.
A promising business idea should possess the following attributes;
- Relevance in solving problems or providing needs
- Clarity of Focus
- Potential for long term profitability.
Also, the acceptability and profitability of a business idea totally depends on the degree of innovation the idea is padded with.
Don’t get too excited about your idea without allowing it to be refined first.