Question
Explain how the process of a basic idea becoming an opportunity?
OR
Explain the transformation of ideas into opportunity.
OR
Explain the transformation of ideas into opportunity.
✓
Answer
The given diagram shows how the process of a basic idea becoming an opportunity:
The above given diagram explains that it is just a process of conversion of basic idea into opportunity. Business idea arises from an opportunity in the market. It originates from any need or wants of any product or services that an entrepreneur can identify. In this process all basic ideas have to undergo a vigorous process of close examination, evaluation, analysis and synthesis to become viable opportunities. This diagram explains an entrepreneur utilize the skills, knowledge, creative thinking and competency needed to develop an idea which is backed up by various political economical, social, technological, ecological and legal factors in the existing competitive market. By this process an entrepreneur convert ideas into viable business opportunities.
The above given diagram explains that it is just a process of conversion of basic idea into opportunity. Business idea arises from an opportunity in the market. It originates from any need or wants of any product or services that an entrepreneur can identify. In this process all basic ideas have to undergo a vigorous process of close examination, evaluation, analysis and synthesis to become viable opportunities. This diagram explains an entrepreneur utilize the skills, knowledge, creative thinking and competency needed to develop an idea which is backed up by various political economical, social, technological, ecological and legal factors in the existing competitive market. By this process an entrepreneur convert ideas into viable business opportunities.
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