﻿Learning Objectives:
1. Define Business Opportunity
2. Explain the importance of business opportunity.
3. Mention Characteristics of Business opportunity.
4. Explain the various types of business opportunity.

Business Opportunity
An opportunity is a chance to take advantage of a situation. It can relate to several situations in career, sports, business, etc. It is what makes the difference between real leaders, winners, and quitters.

A business opportunity is the chance to take advantage of an occurrence in the market for business gain. It is what makes some businesses succeed while others fail.
A business opportunity, also called bizopp, is the chance to take advantage of an occurrence in the market to begin a business. It involves some kind of favourable condition which exists in the market.

Importance Of A Business Opportunity

1. Business opportunities helps the business to expand and succeed.
2. Business opportunities results in profit and business growth.
3. Business opportunities brings innovations and improve performance.
4. It hinders business failure: 
5. Business opportunities allow businesses to create and implement ideas and innovations.
 
Characteristics of a good Business Opportunity:
1. Clarity: Good opportunities are clear, well defined, and straightforward. 
2. Relevance: Good opportunities are relevant to the scenario in which they exist. They provide added value to customers, markets, and industries. 
3. Feasibility: Good opportunities are realistic and feasible. They help businesses achieve their goals while making them more efficient and productive.
4. Profitable: A good opportunity is capable of providing returns on investment.
5. Scalable: A good opportunity is scalable. This means it can be expanded to a big or a wide scale. 

Types Of Business Opportunities

1. New market opportunity: A new market opportunity involves an untapped market, which gives businesses the chance to create and implement ideas and innovations without facing much competition.
2. Untapped resource opportunity: An untapped resource opportunity is a type of business opportunity that involves underutilised or unexploited resources that can be used to create added value.
3. Repressed demand opportunity: A repressed demand opportunity capitalises on existing demands that the current offerings don’t cater to. 
4. Technology opportunity: A technology opportunity is a type of business opportunity that allows businesses to introduce new technologies that can be used in existing markets.
5. Competitive opportunity: A competitive opportunity allows businesses to introduce new products or services that can provide more value than their competitors while solving the problems of the target market better.
Business Opportunity Examples: Uber found a business opportunity in the unorganised transportation industry by introducing an on-demand cab system.
TikTok: TikTok saw an opportunity in the music and video streaming market by introducing a unique take that allows users to create 15-second videos set to music. It found a repressed demand of getting recognised and untapped technology of user-generated video content.
