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Questions and Answers
What is the difference between an opportunity and an idea?
An opportunity is a favorable set of circumstances with proven commercial value, while an idea is just a thought that may or may not meet the criteria of an opportunity.
Which of the following are characteristics of an opportunity? (Select all that apply)
An idea always guarantees business success.
False
What question helps determine if an idea could be a real opportunity?
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There was no increase in online shopping during the pandemic.
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What was one business opportunity that arose during the pandemic?
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What consulting sessions were conducted during the initial phase of the pandemic?
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Study Notes
Opportunity vs Idea
- An opportunity is a situation where a new product, service, or business is needed.
- A business idea is a concept that could be used to make money.
- An opportunity has proven commercial value while an idea might not.
Essential Qualities of an Opportunity
- Opportunity should solve a fundamental consumer or business want or need.
- Opportunity should have a demand.
- Opportunity should not have too much competition.
Examples of Business Opportunities During the Pandemic
- Online reseller - online shopping rose by 44% in 2020.
- Consulting business - Franklin University and Colleges of Technology offered online teaching consultations at the start of the pandemic.
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Description
Explore the critical differences between business opportunities and ideas, particularly during challenging times like a pandemic. Understand what makes an opportunity valuable and recognize examples of successful ventures that have emerged. This quiz will test your knowledge on essential qualities and market demands for business success.
