BUSINESS IDEA VS BUSINESS OPPORTUNITY

Business idea and opportunity are two inevitable concepts consistently used in the business and entrepreneurial word. While used interchangeably by some individuals, it must be noted that they are quite different. An understanding of their differences is crucial especially for persons venturing into the business world, as it forms a basis for success.

Oxford English dictionary defined idea as “a plant formed by thinking”. Ideas are products of thoughts and exclusive reserve of addictive thinkers,

A business idea is therefore a thought resulting from business reasoning which involves risk-taking, with potentials of profitability. Although a business idea has no commercial value initially as it exists in abstract form, dwelling solely in the mind of the creator; it is the first milestone required in the process of founding a business.

A Business opportunity on the other hand is based on a “product/service offering- reward” framework. It is an enticing investment proposition, predicted on the potency of a return.

A business opportunity in other words, is a business idea that has been researched upon, refined and packaged into a promising venture. Using KFC (Kentucky Fried Chicken) as an example; Colonel Sanders tried for several years to sell his chicken recipe idea, but got no attention until he repackaged it into the birth of KFC.

In summary, business idea and business opportunity are tightly interwoven. A business idea gives rise to a business opportunity when it passes the innovative content and feasibility check.

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