How Entrepreneurs Identify New Business Opportunities

1375 Words6 Pages
Dictionary.com defines an entrepreneur as “a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.”(Dictionary.com) Entrepreneurs are people who see opportunities in everyday situations. Entrepreneurs discover opportunities in areas others do not. Entrepreneurs additionally envision the possibilities the future brings that others do not recognize. Similarly, Dictionary.com did a good job in defining what an entrepreneur is. Again, dictionary.com describes an entrepreneur as “a person who organizes and manages “any” enterprise, especially a business, usually with considerable Initiative and risk.” (Dictionary.com). An entrepreneur recognizes “any” need, and satiates it. There are many variables that influence my personal decisions on entrepreneurial opportunities. Some of these are opportunity recognition, information processing, and entrepreneurial risk propensity. In understanding entrepreneurial opportunities, defining what opportunity is, is indispensable. Dictionary.com defines an opportunity as “an appropriate or favorable time or occasion”; it also defines opportunity as “a situation or condition favorable for attainment.” (Dictionary.com)Therefore, an opportunity is when resources can be vended at a greater value than the cost of packaging and distribution of the resource. Ideas that are generated must be evaluated. This is called opportunity evaluation. It is the determining factor for an “idea” to become an “opportunity”. Evaluation should be made in conditions of uncertainty and multifaceted conditions. Assessing and evaluating entrepreneurial risk propensity influences my personal decision on entrepreneurial opportunity. If I were to discover an o... ... middle of paper ... ... making life easier. Last week I went to Costco and saw some of the newest technologies such as a soup maker. One would just put certain ingredients in and it makes soup within a few minutes. A huge time saver when considering making soup can range from 45 minutes to a few hours. Also, as this technology makes soup, it also makes smoothies! There are so many inventions and technology made to meet the needs of people. That is why technology is one of the best industries because problems are always present and opportunities are always present when problems exist. Works Cited • Dictionary.com. Dictionary.com, n.d. Web. 10 Mar. 2014. • "Examples of Heuristics." Examples of Heuristics. N.p., n.d. Web. 11 Mar. 2014. • "Ideas and Opportunities." Ideas and Opportunities. N.p., n.d. Web. 11 Mar. 2014. • Entrepreneurship Theory and Practice. N.p., n.d. Web. 11
Open Document