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Difference between Business Idea and a Business Opportunity

Describe the difference between a business idea and a business opportunity. Provide one example of an idea and one example of an opportunity. Why are these good examples of ideas and opportunities?

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All business opportunities start with a business idea but not all ideas lead to opportunity. Opportunities are driven by customer need. It is important to have a need for the service or product in which a company will provide in order for there to be a market. In addition, there must be the ability to develop and act upon the idea economically and within one's available skill set and ability. Furthermore, the timing to the opportunity must correspond with the market forces. According to Ryan Allis, the difference between an idea and an opportunity is whether you can take an idea and build it into a service or product. At that point you must evaluate the idea to determine if bringing the service or product to market will result in customers buying it, and ...

Solution Summary

This solution discusses the difference between a business idea and a business opportunity. It includes examples and references.

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