What is a ‘Business Opportunity’? List any two elements of Business Opportunity.

Question

After completion of his training of cutting, tailoring and embroidery from a skill development institute, Sujit wanted to start his own business. He discussed this idea with his mother who advised him to identify the new trends in this area. She also advised him to take the help of professional trend spotters for this. When Sujit contacted some of the best professional trend spotters, he found that their fee was too high. So he decided to do this work himself, started reading the leading publications and visited websites related to the type of business he wanted to start. This way he was able to spot related trends. Identify and explain the method used by Sujit to spot the trends. Also list two other ways in which trends can be spotted.

Answer 1

A business opportunity represents an economic concept or scenario with the potential to be leveraged for the establishment of a new, profit-generating enterprise. Such opportunities emerge from the recognition of deficiencies or desires within the market. Key Components of a Business Opportunity:
Market Need: A requirement or desire for the proposed product or service must exist.
Supply Capacity: The entrepreneur must possess the requisite skills and resources to fulfill this identified need.

What is a ‘Business Opportunity’? List any two elements of Business Opportunity.

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Solution and Explanation

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