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What is Opportunity in Entrepreneurship?

What is opportunity in entrepreneurship? This question has been boggling the minds of many an entrepreneur and business person. Opportunity in entrepreneurship defined as “existing or emerging as a potential outcome of successful action” has always fascinated me. I have often compared what is opportunity in entrepreneurship to the law of attraction. In my opinion, an entrepreneur just needs to take action to create an open road to prosperity.

Just take for example Tom Arnold, a successful entrepreneur who made millions by creating the Arnold Palmer brand. At the time he was so broke that he was unable to take any more loans to expand his business. He had to create new ways to get investors to trust him. Eventually, he learned how to create the opportunity himself. He took an honest look at his past performances and decided to reinvent himself.

There are many entrepreneurs who are not successful because they do not take advantage of what is opportunity in entrepreneurship. For instance, Sam Walton was once a poor blacksmith. However, with the help of his innovative thinking he transformed himself into the Wal-Mart fortune that he is today. His incredible vision and hard work are what got him where he is today. He did not sit around and wait for something to happen.

Similarly, Michael Jordan had to leave behind his dreams of being a basketball star before he could fulfill his potential as an entrepreneur. He had to learn the skill of patience and perseverance. His willingness to take that step before turning professional helped him build what is opportunity in entrepreneurship.

Another common example of what is opportunity in entrepreneurship is Mark Zuckerberg who founded Harvard University. There are people who are lagging behind him in technology and education. His personal character, intelligence and creativity made him who he is today.

Now back to what is opportunity in entrepreneurship. An entrepreneur has to be very clear about what opportunities are available in any given industry or opportunity. He or she should look to seize these opportunities to maximize their profits and minimize their risk. For instance, if an inventor designs a new product and it solves a major problem, then there are likely to be great opportunities for him or her to make money. However, if the problem is what to do with the product once it is out in the market, then an entrepreneur may not get paid for the invention. Either way, the entrepreneur is going to have to work at it until it is ready for sale.

Opportunity in entrepreneurship is present if an entrepreneur is willing to work at it. For instance, what is opportunity in television advertising if an online company can create a series of shows on the internet to compete with the big TV channels? Again, the key is that the entrepreneur is willing to work at it and see what is out there. Then he or she can create a business model that works well for her or him. Once the business is established, he or she can move on to other things.

So what is opportunity in entrepreneurship? It all comes down to being realistic about what is possible in any given industry. An entrepreneur needs to realize that there is never an easy answer because each industry is unique and offers a variety of obstacles to the would-be entrepreneurs. However, if an entrepreneur is willing to learn and work at it, then he or she can overcome any obstacle and come out on top. After all, that is what is opportunity in entrepreneurship.

What is Opportunity in Entrepreneurship?

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