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Friday, December 2, 2022

Is It a Business Opportunity or Just a Good Idea? Here’s How You Can Tell | Entrepreneur

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Although they have been used interchangeably, opportunities and ideas are not the same things. 

Opportunities are tested concepts with worth whereas ideas are unverified thoughts. Ideas are not always opportunities. IGI Global estimates that only 6% of ideas are commercial successes. An excellent concept needs to be a market innovation or an enhancement of an existing product. It’s not simple to turn a concept into an opportunity; I can assure you of that. It requires a lot of time, persistence, resources, hard work, and patience. Most significantly, it requires self-assurance and complete faith in your abilities. You must be able to convince your target audience that they would find your proposal to be very useful.Here are a few ways you can identify if a business idea can become a business opportunity:

 

Does your idea solve a problem?

Is there a gap in the marketplace regarding your idea?

Will people pay for your idea?

Research your competitor

Source:https://www.entrepreneur.com/starting-a-business/how-to-know-if-your-idea-is-actually-a-business-opportunity/437306

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