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What thought process should the entrepreneur apply in identifying a business opportunity?

What thought process should the entrepreneur apply in identifying a business opportunity?

Answers

Kavungya
Be able to identify his strength
This entails doing a self assessment and knowing his strong points. These strong points are
what he will utilize to get himself started on something new

Assess his surrounding
This means taking a step backwards and analyzing the industry of his choice to see who
else doing or attempting what he has in mind

Identify gaps that may be tapped
He will need to be very keen to spot the areas that have potential for invention and innovation
and plan to capitalize on them

Select one of he gaps identified based on his strengths.
The entrepreneur cannot do everything all at once, despite having the capabilities to do so.
He will select one specific area among many to invest in.

Identify the risks and constraints involved.
The entrepreneur will also need to carry out a risk assessment or appoint an expert to do this
for him. This will determine what kind of fall back plan he should have.

Lay out an execution plan
Planning is the most important part of this thought process. The entrepreneur should take
time to lay out a comprehensive plan for his venture
Kavungya answered the question on April 12, 2021 at 14:57

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