Entrepreneurship is something very significant. If it is taken in its real context, we will find that there is a lot that makes an individual a true entrepreneur. There has been a lot of debate about who needs to be called a true entrepreneur and who is the true entrepreneur meeting all the needs and the entire criterion of entrepreneurship among other factors.
The General Perception
There has been a general perception about entrepreneurship that has been prevalent in the masses for a very long time. This perception deals with the idea of entrepreneurship being a constituent of business. However, in the previous articles, this myth is cleared a number of times that entrepreneurship is not a part of business, yet it is a dimension of business. It is a dimension which not only deals with the idea of getting profit at the end but deals with the identification and creation of opportunities as an integral part of entrepreneurship.
Opportunities and Entrepreneurship
The term opportunity is an umbrella term standing for a number of facts altogether. It involves the creation of new entities by the use of previous ones to ensure growth and productivity.
Entrepreneurship is not just an act of setting up a business for the sake of monetary growth. It is also a mechanism through which an individual can explore the hidden talents to nourish them in a better way making personal growth an absolute fact other than just the financial growth.
Significance of Opportunity
An opportunity is the starting and ending point of a successful entrepreneurial venture. It is the point from where the whole journey starts. You find that many entrepreneurs who are now running the world at the tips of their fingers always ascribe their success to their quest for the opportunity which brought them closer to the grandeur they enjoy now. It is because of the opportunity that an individual can get a practical ground on which all the experiments of potential can be done for the sake of individual welfare as well as business growth.
Examples Following the Fact
Most grand events of the world resulted when the right opportunity was at the door. You can go back to the times of Newton when gravity was discovered to the time when penicillin was identified. Every historical event closely followed one such opportunity that served as an incubation center for the never-ending ideas and these people made their names in history.
This is no exception to the entrepreneurial sphere where you find Bill Gates seeking out the opportunity for Microsoft’s creation rightly and becoming an ideal for many. It is extremely important for individuals who are into entrepreneurship that they form their journey right where the tales of opportunity begin.
This is because you might find a number of businesses working for the sake of monetary profit in today’s business arena however those who are ruling the business world are the ones for whom opportunity costs more than the overall profit they make at the end.
How Can an Entrepreneur Identify the Right Opportunity?
This question often circulated in the entrepreneurial world where individuals are keen to find out the significance of a true opportunity and the first chance to grab it. The new members of the world are more or less ignorant about the basics of grabbing it right when they find it, so they often pose a question over the genuineness of the right kind of opportunity.
The answer lies right in their own potential. Every time, there are a number of business changes going across the business world.
Some of them are right up to the aptitude of a particular skill. All an entrepreneur needs to have is a sense of individual skills. If you know that your personal skills match up with a certain kind of effort, then don’t wait for the right time but create the right time by yourself.
The Right Time to Access an Opportunity
You know you are ready to avail an opportunity when;
- You are fully positive about your individual skills.
- You are not afraid of taking the extra mile for the sake of learning.
- You want to polish your skills further by exposing them to real-world situations.
- You are not reluctant to take the risks.
- You are observing the patterns of the successful lot in the field for quite some time.
- You have started creating a fixed idea in your mind.
- You are observing the trends of the market in association with the idea in your head.
- You have obtained a certain degree of command over the market research.
- You are extending your social relations to those who are already in the field and know a number of things about the business sector in general.
- You have reviewed your finances and you find them in accordance with the need for the venture.
Approaches Towards an Opportunity
An opportunity no matter how efficient it is can only fulfill one area at a time i-e you only find the scope of one single talent to incorporate as your business plan. Thus, it is very essential for you to identify that specific potential of yours so that you can approach the opportunity correctly when it involves that specific talent within its boundaries.
As an entrepreneur, it is essential for you to learn that a good opportunity has five different approaches:
The best part about entrepreneurship is that it compels you to create on the basis of several ideologies which are already feeding up in your mind. As a creator, you learn to take both major and minor things into account because both of them would be ultimately contributing towards success.
You can never leave the minor tiles and adopt the major ones because a perfect business plan has all the risks under hindsight. This means that thinking alone about the major agendas which might be there making up a large part of your plan is not just enough to guarantee you success in the field. You must consider all the minute and minuscule details as well because only then your plan could be referred to as the most dynamic of all.
The right opportunity can also help you become the finest business planner because once you plan the venture for the first time, things will get cleared to you on their own. At this level, you will be able to identify the right steps you need to take for creating a flexible plan of your own.
The plan which should equally analyze all the risks and benefits attached to a certain venture is the specialty at this point. A fine entrepreneur is always the finest planner who knows how to handle situations because he/she has the reaction already planned for it.
The third dimension is developing solutions instantly. There are decisions that are tough in the business field especially when the coin turns towards the entrepreneurial perspective. You have to get ready for all the calamities right before they knock at the door.
This is essential because it might be possible that when they knock at the door for real, the reaction is not there developed under concentration and the hasty decisions can never make a business prosper. So, always stay ready to develop the solution to every possible hurdle that you think might try to obstruct your path to success.
Perhaps, the most essential part of the business is communication. You have to persuade a number of people about various affairs. You cannot expect to win their confidence and hearts with the help of the influential words you utter out of your mouth, until and unless you have complete command over your expression.
You have an idea about the way the specific set of news could turn out to the people who are receiving it. This is why active speaking is considered a charismatic principle to win many hearts in no time because it brings one closer to the agenda of bearing the communication skills that can become a fine helping source for the gravest of all business problems.
An active entrepreneur who serves as the communicator knows all of this and therefore the main goal is not to impress but to capture the attention fully.
An innovator is one who is very practical in the business field. He/She is the one who doesn’t believe in the sole domination of ideas over the market but they know that sole ideas can never stand alone for a long time until they are being converted into the plans and then successful ventures which can never be removed from the pages of the entrepreneurial book.
This is why their focus is upon the construction of new modes. These are the ones who introduce innovation in the entrepreneurial regime, so, you can also think of them as trendsetters. It’s because of the innovative skills that they eventually become leaders.
Opportunities are various in the entrepreneurial world however the real talent is to look for them because they only appear when they are searched for. A number of entrepreneurs want to get successful in the business world however they are too lazy to look for the opportunities that can grant them the chance to lead. Their only concern is to become successful in terms of monetary benefits. This is why the whole concept of entrepreneurship without entrepreneurship opportunities remains void somehow.
The author is an M.Phil scholar conducting her thesis in Literature. As a sucker for literature, she swoons over Greek and South Asian fiction while reviewing books in her spare time. Her love for writing has made her expand her subject matter and now she pens her opinions frequently on business, finance, entrepreneurship, lifestyle, history, and literature. For a special connection with entrepreneurship, she opens up the details occasionally about it.