Essay Sample on Business Idea and Business Opportunity

Introduction

Various misconceptions have already been developed on the differences between business ideas and business opportunities. Although the two tend to sound similar, there are two entirely different things. One tries to develop something that has never been tested before in the marketplace to great success. At the same time, the other focuses on taking advantage of some of the things that may be existing in the marketplace. The paper, therefore, provides in-depth clarification on the differences between a business idea and business opportunity.

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Business Ideas

A business idea generally focuses on making money, and it is mainly tied around products and services. The business idea is always the first step that most entrepreneurs would want to focus on whenever developing a prospective profitable industry. Most of such entrepreneurs would want to venture into a business mainly because of the success that others have already found in it (Martins et al., 2019). A business idea can be considered as an abstract and always remains in the mind of an entrepreneur. It must include various concepts for its growth. Some of such concepts include solving the customer's problems, being unique in the market place, and always remaining innovative.

Business Opportunities

A business opportunity, on the other hand, is a concept that has already been proven to work in the marketplace mainly because one or several entrepreneurs have already ventured into it and succeeded. Unlike a business idea, business opportunity does not require one to start conceptualizing from the get-go. All entrepreneurs need to find means of playing a role alongside other existing businesses that have been in existence for many years and have been successful all along (Poblete et al., 2019). A concept can only be considered a business opportunity when it has met various criteria, including the business's gross margins being high.

Conclusion

Business ideas and business opportunities are both concepts, and that is the only similarity they share. The key difference existing between the two concepts is the fact that the business idea is unproven. In contrast, business opportunity, on the other hand, is proven. Understanding their differences is, therefore, important for investors.

References

Martins, D., Assis, R., Coelho, R., & Almeida, F. (2019). Decision Support System for Business Ideas Competitions. Journal of Information Systems Engineering and Management, 4(3), em0093. https://www.jisem-journal.com/article/decision-support-system-for-business-ideas-competitions-5892

Poblete, C., Sena, V., & Fernandez de Arroyabe, J. C. (2019). How do motivational factors influence entrepreneurs’ perception of business opportunities in different stages of entrepreneurship?. European Journal of Work and Organizational Psychology, 28(2), 179-190. https://www.tandfonline.com/doi/abs/10.1080/1359432X.2018.1564280