Business opportunity

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

A business opportunity (or bizopp) involves sale or lease of any product, service, equipment, etc. that will enable the purchaser-licensee to begin a business. The licensor or seller of a business opportunity usually declares that it will secure or assist the buyer in finding a suitable location or provide the product to the purchaser-licensee. This is different from the sale of an independent business, in which there is no continued relationship required by the seller.

Eckhardt and Shane (2003) [1] argue that when taking the path of entrepreneurship, one of the most important indictors for future entrepreneurship is the skill of finding the business opportunity. This is seen as the lynchpin around which the promise of entrepreneurial venture is to be built.[2] Shane and state that individuals must possess prior knowledge and the cognitive properties necessary to value such knowledge in order to identify the new opportunity. This normally allows a triggering of the opportunity which can then move forward to scoping and validation.

Napoleon Hill provided advice on achievement as necessary for success and within anyone's reach; "The starting point of all achievement is desire. Keep this constantly in mind. Weak desires bring weak results, just as a small amount of fire makes a small amount of heat."[3] and Winston Churchill suggested similarly with a piece of inspiration; "Attitude is a little thing that makes a big difference.".

Concept[edit]

A common type of business opportunity involves a company that sells bulk vending machines and promises to secure suitable locations for the machines. The purchaser is counting on the company to find locations where sales will be high enough to enable them to recoup their expenses and make a profit. Because of the many cases of fraudulent biz-ops in which companies have not followed through on their promises, or in which profits were much less than what the company led the investor to believe, governments closely regulate these operations.

In the United States, the Federal Trade Commission receives complaints and helps coordinate enforcement action against fraudulent business opportunities.[4]

Makeup of a business opportunity[edit]

A business opportunity consists of four elements all of which are to be present most often within the same domain or geographical location, before it can be claimed as a business opportunity. These four elements are:

  • A need
  • The means to fulfill the need
  • A method to apply the means to fulfill the need and;
  • A method to benefit

With any one of the elements missing, a business opportunity may be developed, by finding the missing element. A desirable characteristic is for the combination of elements to be unique. The more control an institution (or individual) has over the elements, the better they are positioned to exploit the opportunity and become a niche market leader.

List of some Business Opportunities[edit]

There are lots of business opportunities, that are generating day by day. due to a lack of knowledge and information, people were hardly getting of it.

Reselling Business[edit]

A reselling business is one in which you purchase products from a manufacturer or wholesaler and then sell them to customers. This can be done online or offline, and there are a number of different business models you can use.

Digital Marketing[edit]

Digital marketing is the process of using digital technologies to promote or market products or services. It can be used to reach a wide range of potential customers and can be adapted to suit different budgets and business goals.

Digital Marketing Includes[edit]

  • Social Media Marketing.
  • Email marketing.
  • Affiliate Marketing.
  • SEO and PPC advertising.
  • Content Marketing.
  • Mobile Marketing

Franchise[edit]

Franchising is a business model in which businesses license their trademarks and business methods to third parties. Franchises are a popular option for entrepreneurs looking to start their own businesses.

References[edit]

  1. ^ Eckhardt, J.T. and Shane, S.A., 2003. Opportunities and entrepreneurship. Journal of management, 29(3), pp.333-349.
  2. ^ Shane, S. and Venkataraman, S., 2000. The promise of entrepreneurship as a field of research. Academy of management review, 25(1), pp.217-226.
  3. ^ "Think and Grow Rich". Napoleon Hill Foundation. 2015. Retrieved 2016-07-22.
  4. ^ What We Do, Federal Trade Commission, retrieved 11 July 2014

External links[edit]