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Getting It Right! |
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What’s a business idea. A business idea refers to a concept for a new product or service that has the potential to generate revenue and create value for your customers.
An idea is something that comes from our minds. It may or may not have a clear market or business model in mind.
What’s a business opportunity A business opportunity refers to a favorable set of circumstances or conditions that exist in the market or industry, which can be leveraged to create value and generate a profit.
An opportunity comes from observations and analysis. It’s based on identifying an unmet need, a gap in the market, or a change in consumer behavior, among other factors.
An idea is something that comes from our minds. It may or may not have a clear market or business model in mind.
What’s a business opportunity A business opportunity refers to a favorable set of circumstances or conditions that exist in the market or industry, which can be leveraged to create value and generate a profit.
An opportunity comes from observations and analysis. It’s based on identifying an unmet need, a gap in the market, or a change in consumer behavior, among other factors.
Business ideas vs. Business opportunities
As you understand, business ideas and business opportunities are different.
An idea is the spark of creativity that gives a vision for a business or product, while an opportunity is the a set of circumstances in which an idea can be turned into a successful business.
Here’s what it means for an entrepreneur:
It’s possible to have what seems to be a great business idea, but if you haven’t identified a good business opportunity, your idea won’t succeed. You won’t turn it into a strong business.
You could also stumble upon what seems to be a good opportunity, but if you can’t find a feasible and viable idea to go after it, it’ll be difficult to capitalize on the opportunity.
As you understand, business ideas and business opportunities are different.
An idea is the spark of creativity that gives a vision for a business or product, while an opportunity is the a set of circumstances in which an idea can be turned into a successful business.
Here’s what it means for an entrepreneur:
It’s possible to have what seems to be a great business idea, but if you haven’t identified a good business opportunity, your idea won’t succeed. You won’t turn it into a strong business.
You could also stumble upon what seems to be a good opportunity, but if you can’t find a feasible and viable idea to go after it, it’ll be difficult to capitalize on the opportunity.
Ideas vs. opportunities, which come first? In The Opportunity Lenses. you can make the point that an opportunity should be the first step to building a business or a product.
It is possible to reverse engineer finding an opportunity for an idea, but it is much harder than going after a well-identified opportunity.
Things can be more complex, though… Often, when someone has an idea, this is both the expression of a business idea and a business opportunity.
What to do then?
If you’re in that case, force yourself to make the distinction. Which part is the opportunity (the favorable circumstances)? Which part is the idea (the concept for a product or a service)?
It is possible to reverse engineer finding an opportunity for an idea, but it is much harder than going after a well-identified opportunity.
Things can be more complex, though… Often, when someone has an idea, this is both the expression of a business idea and a business opportunity.
What to do then?
If you’re in that case, force yourself to make the distinction. Which part is the opportunity (the favorable circumstances)? Which part is the idea (the concept for a product or a service)?
